Buchkredite der Treuhand mit Folgen: Sachsens Wohnungsgesellschaften haben immer noch eine Milliarde Euro Altschulden

The piece, published by the Leipziger Zeitung, examines the enduring legacy of book‑credit debts inherited by Saxony’s municipal housing companies and co‑operatives after German reunification. It highlights how fictitious “Buchkredite” were recorded in the books of eastern housing enterprises, creating a debt burden that persists today.

Saxon municipal housing firms and housing co‑operatives collectively carry approximately €1 billion in old‑state debts. Of this, €596 million is attributed to companies belonging to the Association of Housing and Real Estate (VDW), while €435 million is owed by co‑operatives organised under the Association of Housing Co‑operatives (VSWG).

The article references a parliamentary inquiry by Juliane Nagel of the Left Party, noting that she and the Left faction demand a federal or state debt‑relief initiative. They point to a 2023 proposal and a 2025/2026 budget agreement that envisaged a Bundesrat‑led programme to alleviate these burdens, arguing that debt relief would directly benefit tenants.

Since 2021, the state of Mecklenburg‑Vorpommern, governed by the SPD and the Left, allocates €25 million annually to free municipal housing entities from liabilities. The article suggests a similar fund for Saxony would support sustainable upgrades, such as barrier‑free design, family‑friendly layouts and, crucially, energy‑efficient retrofitting.

Under the Unification Treaty, state‑owned housing assets and their associated debts were transferred to local authorities. The Treuhandanstalt re‑characterised former DDR budget allocations as loans without formal contracts, later converting them into real credits sold to West German banks. At the 1990 currency conversion, these obligations amounted to DM 36 billion, rising to DM 51 billion by 1993 due to interest accrual, which rendered many eastern housing enterprises financially unsustainable.

In 1994, legislation forced housing companies to recognise a portion of the book‑credits as genuine loans, while the remainder was written off. However, the German Federal Republic assumed the written‑off portion through the “Erblastentilgungsfonds,” effectively shifting the cost to taxpayers.

The lingering debt hampers investment in energy‑saving renovations, posing a barrier to meeting EU climate targets. Debt relief could unlock capital for retrofitting measures, contributing to the EU’s broader sustainable housing agenda and improving the living standards of tenants across eastern Germany.