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Georg Fahrenschon (born 8 February 1968) is a German politician of the Christian Social Union (CSU). From 2008 to 2011, he served as finance minister in the Bavarian State Ministry of Finance. He was a member of the Bundestag of Germany until 2007.[1]
Early life and education [ edit ]
Fahrenschon graduated with a diplom in economics from the University of Augsburg in 1999.
Member of the German Bundestag, 2002-2007 [ edit ]
Following the 2002 federal elections , Fahrenschon became a Member of the German Bundestag, where he served on the Finance Committee. Within the Finance Committee, he was the CDU/CSU parliamentary group’s rapporteur on Germany's Transparency Directive Implementation Act (Transparenzrichtlinie-Umsetzungsgesetz , TUG), among others.
State Minister of Finance, 2008-2011 [ edit ]
Following the Bavarian state elections in 2008, Fahrenschon was made State Minister of Finance in the cabinet of Minister-President Horst Seehofer . During his time in office, he led the talks with his Austrian counterpart Josef Proell in 2009 about Austria nationalizing Hypo Alpe-Adria-Bank International , a local unit of BayernLB , after heavy losses tied to loans in Southeast and Eastern Europe had driven the overextended lender to the brink of collapse.[2] [3]
In the negotiations to form a coalition government following the 2009 federal elections , Fahrenschon was a member of the working group on taxes, national budget and financial policy, led by Thomas de Maizière and Hermann Otto Solms .
In 2011, Fahrenschon presented a proposal envisaging tax cuts of 5 billion euros ($6.5 billion) for lower- and middle incomes by 2013, the year of the subsequent federal election; this move put him in conflict with federal Finance Minister Wolfgang Schäuble , who wanted to delay tax cuts to cut Germany’s budget deficit.[4]
President of the German Savings Banks Association, 2012-2017 [ edit ]
In October 2011, it became known that both Fahrenschon and Steffen Kampeter , Parliamentary State Secretary at the German Finance Ministry would be seeking the presidency of the DSGV after incumbent Heinrich Haasis stepped down.[5]
In 2012, Fahrenschon led Germany’s savings banks in helping quash a proposal for Europe-wide deposit guarantees.[6] [7] Hamburger Sparkasse is the exception – would remain in German hands.[8]
In November 2017, shortly before Fahrenschon was scheduled to stand for re-election for another six-year term,[9] tax evasion ; he admitted to having filed his tax statements for 2012, 2013 and 2014 too late but denied the allegation and declined to pay a fine.[10] [11]
Personal life [ edit ]
Fahrenschon is married and has two daughters.
Other activities [ edit ]
Regulatory bodies [ edit ]
Financial institutions [ edit ]
European Savings Banks Group (ESBG), Member of the Board (2012-2017)
Federal Association of Public Banks in Germany (VÖB), Member of the Board
KfW , Member of the Supervisory Board, of the Remuneration Committee and of the Audit Committee
DekaBank , Chairman of the Supervisory Board and Chairman of the Remuneration Committee
Helaba , Member of the Supervisory Board and the Board of Public Owners
Berlin Hyp , Chairman of the Supervisory Board
Landesbank Berlin Holding (LBB), Chairman of the Supervisory Board
Landwirtschaftliche Rentenbank , Member of the Supervisory Board
Giesecke & Devrient (G&D ), Member of the Advisory Board
BayernLB , Chairman of the Supervisory Board (2008-2011)
SaarLB, Member of the Supervisory Board (2007-2008)
State-owned companies [ edit ]
Scientific institutions [ edit ]
Cultural Foundation of the Federal States, Member of the Board of Trustees[12]
Deutsche Sporthilfe, Member of the Foundation’s Council
Deutsches Museum , Member of the Supervisory Board
Sparkassenstiftung für internationale Kooperation
Hochschule der Sparkassen-Finanzgruppe - University of Applied Sciences, Chairman of the Advisory Board (2012-2017)
Goethe-Institut , Member of the Business and Industry Advisory Board
Kulturkreis der deutschen Wirtschaft , Member of the Board of Directors
Market Economy Foundation (Stiftung Marktwirtschaft ), Member of the Political Advisory Board
Forum Kapitalmarktinstrumente – Kapitalmarktfinanzierung , Member of the Advisory Board
Ludwig Erhard Foundation, Member
Munich Finance Forum, Member
Stiftung Brandenburger Tor , Member of the Board of Trustees
Schloss Neuhardenberg Foundation, Chairman of the Board of Trustees (2012-2017)
Graf von Montgelas-Stiftung , Member of the Board of Trustees
Central Committee of German Catholics (ZdK), Member
See also [ edit ]
References [ edit ]
^ Boris Groendahl (19 December 2014), Austria Sues BayernLB for Hiding Hypo-Alpe’s True Plight Bloomberg Business
^ Brian Parkin (7 January 2011), Merkel’s CSU Ally Seeks EU5 Billion of Tax Cuts, Die Welt Says Bloomberg Business
^ Niklas Magnusson (19 October 2011), Fahrenschon, Kampeter Seek DSGV Presidency, Stuttgarter Reports Bloomberg Business
^ Annette Weisbach (29 June 2012), German Banks Pleased Summit Didn’t Result in Deposit Guaranteee Bloomberg Business
^ Annette Weisbach (13 November 2012), German Banker Gains Support for Narrower Banking Union Bloomberg Business
^ Gabriele Steinhauser and Laura Stevens (10 November 2013), German Savings Banks Flex Political Muscle Wall Street Journal
^ Tom Sims, Andreas Framke and Hans Seidenstuecker (7 November 2017), Munich prosecutor investigates banker on suspicion of tax evasion Reuters
^ Olaf Storbeck (7 November 2017), Influential German banker Fahrenschon faces tax evasion charges Financial Times
^ Tom Sims (17 November 2017), German savings bank association chief resigns over tax returns Reuters
^ Board of Trustees Cultural Foundation of the Federal States.
External links [ edit ]
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