FMS Wertmanagement (FMS-WM) was founded in 2010 as the Federal government’s wind-up institution (Bad Bank). FMS-WM is mandated with liquidating a portfolio of risk positions and non-strategic assets that it assumed from Hypo Real Estate Group (HRE Group). FMS-WM is wholly owned by the German Financial Market Stabilisation Fund (SoFFin). FMS-WM’s obligations are backed by the full faith and credit of the Federal Republic of Germany.