Georg Fahrenschon
Georg Fahrenschon | |
---|---|
Bavarian Minister of Finance | |
In office 2008–2011 | |
Preceded by | Erwin Huber |
Succeeded by | Markus Söder |
Member of the Bundestag | |
In office 2002–2007 | |
Preceded by | Martin Mayer |
Succeeded by | Florian Hahn |
Personal details | |
Born | Munich, West Germany | 8 February 1968
Nationality | Germany |
Political party | Christian Social Union of Bavaria |
Alma mater | University of Augsburg |
Profession | Economist |
Website | www.georg-fahrenschon.de |
Georg Fahrenschon (born 8 February 1968) is a German politician, representative of the Christian Social Union of Bavaria. 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[]
Fahrenschon graduated with a Diplom in economics from the University of Augsburg in 1999.
Career[]
Member of the German Bundestag, 2002-2007[]
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[]
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[]
In October 2011, it became known that both Fahrenschon and , 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] He later sought to limit the remaining aspects of a European banking union, namely a joint resolution fund and central supervision of all the region’s lenders.[7] Eventually, it was agreed that day-to-day supervision of all but one of the 417 Sparkassen – the largest, the 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] prosecutors in Munich charged Fahrenschon with 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] Following internal and public pressure, he resigned from his post.[11]
Personal life[]
Fahrenschon is married and has two daughters.
Other activities[]
Regulatory bodies[]
- Federal Financial Supervisory Authority (BaFin), Member of the Administrative Council (2012-2017)
Financial institutions[]
- European Savings Banks Group (ESBG), Member of the Board (2012-2017)
- (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[]
- Flughafen München GmbH, Chairman of the Supervisory Board (2008-2011)
- Messe München GmbH, Member of the Supervisory Board
Scientific institutions[]
- Medical Center of the Ludwig Maximilian University of Munich, Member of the Supervisory Board
- Max Planck Institute of Biochemistry, Member of the Board of Trustees
- Max Planck Institute of Neurobiology, Member of the Board of Trustees
- Max Planck Institute for Tax Law and Public Finance, Member of the Board of Trustees
- Munich School of Philosophy, Member of the Board of Trustees
- Ifo Institute for Economic Research, Member of the Board of Trustees
Others[]
- 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
- (Savings Banks Foundation for International Cooperation, SBFIC), Chairman of the Board of Trustees (2012-2017)
- 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[]
- List of Bavarian Christian Social Union politicians
References[]
- ^ "Bundestag". Archived from the original on 2009-10-05. Retrieved 2009-09-19.
- ^ David Jolly (December 15, 2009), Austria Nationalizes Overextended Lender New York Times.
- ^ Boris Groendahl (December 19, 2014), Austria Sues BayernLB for Hiding Hypo-Alpe’s True Plight Bloomberg Business.
- ^ Brian Parkin (January 7, 2011), Merkel’s CSU Ally Seeks EU5 Billion of Tax Cuts, Die Welt Says Bloomberg Business.
- ^ Niklas Magnusson (October 19, 2011), Fahrenschon, Kampeter Seek DSGV Presidency, Stuttgarter Reports Bloomberg Business.
- ^ Annette Weisbach (June 29, 2012), German Banks Pleased Summit Didn’t Result in Deposit Guaranteee Bloomberg Business.
- ^ Annette Weisbach (November 13, 2012), German Banker Gains Support for Narrower Banking Union Bloomberg Business.
- ^ Gabriele Steinhauser and Laura Stevens (November 10, 2013), German Savings Banks Flex Political Muscle Wall Street Journal.
- ^ Tom Sims, Andreas Framke and Hans Seidenstuecker (November 7, 2017), Munich prosecutor investigates banker on suspicion of tax evasion Reuters.
- ^ Olaf Storbeck (November 7, 2017), Influential German banker Fahrenschon faces tax evasion charges Financial Times.
- ^ Tom Sims (November 17, 2017), German savings bank association chief resigns over tax returns Reuters.
- ^ Board of Trustees Cultural Foundation of the Federal States.
Wikimedia Commons has media related to Georg Fahrenschon. |
- 1968 births
- Living people
- Christian Social Union in Bavaria politicians
- University of Augsburg alumni
- German economists
- Ministers of the Bavaria State Government
- Members of the Bundestag 2005–2009
- Members of the Bundestag 2002–2005
- Members of the Bundestag for Bavaria
- Members of the Bundestag for the Christian Social Union in Bavaria