The corona crisis will cause Deutsche Bahn to lose billions. The federal government wants to cushion the economic consequences with an aid program. The opposition parties are irritated by this plan.
Deutsche Bahn has come under economic pressure due to the negative effects of the Corona crisis. While it has already cut back on its offer, most of the schedule has been maintained – to maintain basic services. But passenger numbers have slumped.
In the document “Dealing with the Financial Consequences of the Corona Pandemic on DB AG”, the Ministry of Transport and Finance estimate economic damage by 2024 with a total of eleven or, in the worst case, up to 13.5 billion euros. The paper is there ARD capital studio in front. The Funke newspapers and the news agencies dpa and Reuters had previously reported on this.
The federal government and the railway want to take countermeasures
Subject to the state aid review by the EU Commission, the federal government is prepared to compensate 80 percent of the damage from the corona pandemic for the group through an increase in shareholders’ equity at Deutsche Bahn – this is currently estimated at 6.9 billion to 8, 4 billion euros.
In addition, the current debt ceiling of around EUR 25 billion is to be expanded. The railroad was just below it before the crisis.
This is intended to give the federally owned group more scope to compensate for damage from the Corona crisis through additional loans from the capital market.
According to the paper, Deutsche Bahn also guarantees that it will contribute half of the financial gap that arises in the “Systemverbund Bahn”, up to 5.1 billion euros.
No bonus for the board
The focus is on personnel and material expenses. Investments should not be saved, but projects could be delayed.
For example, the Group Management Board should not receive any bonus payments for 2020. In addition, effects on the variable remuneration of the board of directors of subsidiaries and for managers in the company are expected.
A savings volume of around 150 million to 180 million euros is expected.
Essential role in climate protection
“To tackle the crisis together and in solidarity, everyone involved is required to be part of the solution,” the paper says. This is the only way to avert permanent structural damage for the group.
Rail plays an essential role in the federal government’s climate protection program. Last year, the federal government decided to provide the state-owned company with additional billions to modernize the partly dilapidated rail network.
Allegations from the opposition
A spokesman for Transport Minister Andreas Scheuer (CSU) emphasized towards the ARD capital studiothat the aid was not a final decision. The Ministry of Finance does not want to commit either. The opposition reacted irritably to learn about the rescue plan from the press. Transport Minister Scheuer must now put the cards on the table in the Budget Committee, said the Green Budget politician Sven-Christian Kindler. The FDP transport politician Torsten Herbst doubts that it is really only a question of compensation for the very empty trains during the pandemic.
In the end, it should be a lot more money, Sabine Leidig, spokeswoman for rail policy at the left, is convinced. Regardless of the Corona crisis, nine billion a year are needed to make the train really fit for the future. In the interests of the common good and climate protection, there is no need, she says, for “non-railway investments”. This includes Arriva – the company operates buses and trains in many European countries – and the logistics company Schenker.
With information from Kai Clement, ARD Capital Studio
