Van Hesse is said to charge money with derivatives

The Land of Hesse defends itself against the accusation that it has tax money on risky financial transactions with interest rate derivatives. "Hesse does not speculate on tax money, on the contrary: the use of so-called derivatives serves to predict and predict part of the loans contracted by the state," said the ministry in Wiesbaden.

The ministry responded to a report from Welt am Sonntag. The paper reports that the country threatened to issue billions in the long term due to financial transactions.

Concretely, these are 65 so-called interest rate hedging derivatives, which the debt administration of the Hessian Ministry of Finance purchased in 2011. For example, a so-called low interest rate would have been secured for the future. Due to the low interest rate policy of the European Central Bank (ECB), which has been going on for years, this bet was not successful according to the report.

A few months after Prime Minister Volker Bouffier of today and the current Minister of Finance, Thomas Schäfer (both CDU) came into office, according to the & # 39; world & # 39; started with the practice of derivatives. Schäfer defended the trial against the "Welt am Sonntag": one did not speculate, but provided planning safety. Whether the derivatives are a success, you only know at the end of the term.

According to the report, what the financial transactions of the Hessian taxpayers will ultimately cost is not yet clear, because not all papers have been started yet. For the first ten documents that were launched in 2013, the Hessian Court of Audit calculated additional costs of € 375 million. Currently the derivatives portfolio of the country is negative with 3.2 billion euros.

The Ministry of Finance has not confirmed the figures. The country behaves no different than the owner of the private property, who also tries to secure low interest rates as long as possible.

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