Volkswagen Bank has received €2 billion of guarantees from the
German government’s rescue fund SoFFin (Sonderfonds
Finanzmarktstabilisierung).
The company, which is part of the German carmaker’s financial
services division, said it would use the credit supply to refinance
car loans, targeting small and medium-sized businesses as well as
end customers.
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Volkswagen FS chief executive Frank Witter said: “With the
framework guarantee, we can effectively assure the supply of credit
to our dealers and end customers and thus help moderate the
repercussions of the finance crisis.”
The company stressed that framework guarantee was the “weakest”
form of the assistance provided by the SoFFin, which did not
involve any provision of equity capital aid from the state.
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