DEPFA Bank’s main strategy and business model is to manage and rundown its public sector finance asset base, which primarily consists of the cover pools of its subsidiaries DEPFA ACS Bank and DEPFA Pfandbrief Bank International S.A. On 19th December 2014, DEPFA BANK plc became a wholly owned subsidiary of the German state agency FMS Wertmanagement AöR (FMS-WM) which was established in 2010 as the Federal Republic of Germany’s winding up institution for the nationalised HRE Group. FMS-WM is under the direct ownership of the German Financial Markets Stabilisation Fund.