This description of KfW and the Federal Republic of Germany is dated May 10, 2012 and appears as Exhibit (d) to the Annual Report on Form 18-K of KfW for the fiscal year ended December 31, 2011.

EX-99.D 2 d345227dex99d.htm EXHIBIT (D)

Exhibit (d)

This description of KfW and the Federal Republic of Germany is dated May 10, 2012 and appears as Exhibit (d) to the Annual Report on Form 18-K of KfW for the fiscal year ended December 31, 2011.

TABLE OF CONTENTS

		Page
PRESENTATION OF FINANCIAL AND OTHER INFORMATION			3
EXCHANGE RATE INFORMATION			3
RECENT DEVELOPMENTS			5
KfW			5
KfW’s Results for the Three Months Ended March 31, 2012			5
Other Recent Developments			7
The Federal Republic of Germany			8
Overview of Key Economic Figures			8
KFW			11
General			11
Overview			11
Ownership			11
Legal Status			12
Relationship with the Federal Republic			12
Corporate Background			14
Business			15
Introduction			15
Domestic Promotional Business			16
KfW Mittelstandsbank (KfW SME Bank)			18
KfW Privatkundenbank (KfW Private Client Bank)			20
KfW Kommunalbank (KfW Municipal Bank)			21
Export and Project Finance (KfW IPEX-Bank)			22
Promotion of Developing and Transition Countries			25
Capital Markets			28
Others			35
Capitalization			36
Management and Employees			37
Executive Board			37
Board of Supervisory Directors			37
Employees			40
Financial Section			41
Financial Statements and Auditors			41
Financial Review			41
Risk Report			52
Consolidated Financial Statements of KfW Bankengruppe			79
Notes to the Consolidated Financial Statements			87
Reprint of the Auditor’s Report			170
THE FEDERAL REPUBLIC OF GERMANY			G-1
General			G-1
Area, Location and Population			G-1
Government			G-1
Political Parties			G-1
International Organizations			G-2
The European Union and European Integration			G-2
Statistical Disclosure Standards of the International Monetary Fund			G-9
The Economy			G-10
Overview			G-10
Key Economic Figures			G-10
Economic Policy			G-12
Gross Domestic Product			G-14
Sectors of the Economy			G-15
Employment and Labor			G-16

---

Social Security Legislation and Social Policy			G-18
International Economic Relations			G-19
Monetary and Financial System			G-23
The European System of Central Banks and the Eurosystem			G-23
Monetary Policy Instruments of the ESCB			G-23
Monetary Policy Strategy and Prices			G-23
Official Foreign Exchange Reserves			G-24
External Positions of Banks			G-24
Foreign Exchange Rates and Controls			G-25
Financial System			G-25
Securities Market			G-27
Policy Responses to the Global Economic and Financial Crisis			G-27
Public Finance			G-30
Receipts and Expenditures			G-30
Germany’s General Government Deficit/Surplus, the General Government Gross Debt and the Excessive Deficit Procedure			G-31
Tax Structure			G-33
Government Participations			G-35
Direct Debt of the Federal Government			G-36
Tables and Supplementary Information			G-37
I. Direct Debt of the Federal Government			G-37
II. Guarantees by the Federal Government			G-42
III. Liabilities to International Financial Organizations

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The Elephant In The Room: Deutsche Bank's $75 Trillion In Derivatives Is 20 Times Greater Than German GDP

The number in question? €54,652,083,000,000 which, converted into USD at the current exchange rate, amounts to $75,718,274,913,180. Which is over $5 trillion more than JPM's total derivative holdings.