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Short-term funding and liquidity management

Highly active on the money market

KfW ensures the liquidity of the entire KfW Group via the global money and capital markets. KfW is one of the world's most active players in the money market, particularly through its commercial paper programmes, which serve short-term borrowing and are important for liquidity management for the entire KfW Group.

Sustainable investment approach for the liquidity portfolio

KfW holds financial assets for group-wide management of liquidity through a liquidity portfolio, for which it invests exclusively in fixed-income securities with a good credit rating (investment grade). At the start of 2017, KfW developed its approach to integrating environmental, social and governance (“ESG”) criteria into a best-in-class approach; it now only purchases bonds from issuers whose sustainability score is among the top 80% in the relevant sector.

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Legal notice:
The information contained in this online Annual Report 2017 is based on KfW’s Financial Report 2017, which you can download here. Should this online Annual Report 2017, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2017 takes priority.

Blick auf die Dachterasse des Haupthauses der KfW-Niederlassung in Frankfurt im Juli 2014
KfW at a Glance

KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and ecological living conditions across the globe on behalf of the Federal Republic of Germany and the federal states.