Exhibit 24.1

                                Power of Attorney





The federal state of Baden-Wurttemberg, represented by Mr. Walter Leibold,
Ministerialdirigent of the Baden-Wurttemberg, Ministry of Finance, herewith
grants power of attorney to



Mr. Gerhard Fink,

     business address: Landeskreditbank Baden-Wurttemberg - Forderbank,
     Friedrichstrasse 24, D-70174 Stuttgart, Germany

to

1.   sign on behalf of the federal state of Baden-Wurttemberg the registration
     statement of the Landeskreditbank Baden-Wurttemberg - Forderbank relating
     to the initial issuance of global bonds

and

2.   appoint Puglisi & Associates, 850 Library Avenue, Suite 204, P.O. Box 885,
     Newark, Delaware 19715, USA, as so-called "authorized representative" of
     the federal state of Baden-Wurttemberg relating to the registration of such
     global bonds with the U.S. Securities and Exchange Commission.



This power of attorney is governed by German law.



Stuttgart, January 11, 2005





             /s/ Walter Leibold
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                           Walter Leibold