The Federal Ministry of Economics is apparently considering tightening its rules when issuing state guarantees. A report from the magazine Capital According to Robert Habeck (Greens), the ministry has announced that it will want to ensure more closely in the future that advice is provided independently. The background to the plans is the dual role that the consulting firm PwC has in relation to the granting of guarantees. PwC has been a federal representative for many years and advises the state on the issue of state loan default guarantees.
In at least one case, however, the company simultaneously advised a company that received such state aid, specifically the insolvent KaDeWe Group. Until now, the ministry had always pointed out that it would ensure that conflicts of interest were ruled out. Apparently they still want to sharpen things up. However, that will probably take time. The current contract with PwC was only concluded again in 2022 and is valid until 2028. In addition, PwC has and has had other contracts through which it has advised the federal government on who should receive state aid – including within the framework of the economic stabilization fund, investment guarantees and the Energy price brake.