Exhibit 24

                                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,

         as long as he is in employment with said Landeskreditbank
         Baden-Wurrtemberg - Forderbank,

to

1.       sign on behalf of the federal state of Baden-Wurttemberg a
         registration statement relating to a "shelf-registration" in an
         aggregate principal amount of up to U.S.$ 5,000,000,000, as well as,
         if necessary, a post-effective amendment to such registration
         statement, and any update to the information contained in such
         registration statement by means of annual reports of Landeskreditbank
         Baden-Wurttemberg - Forderbank on form 18-K and 18-K/A pursuant to the
         U.S. Securities Exchange Act of 1934 (each such annual report an
         "Annual Report"),

and

2.       file with the U.S. Securities and Exchange Commission said registration
         statement, a post-effective amendment to said registration statement
         and the Annual Reports relating to the registration of securities
         pursuant to the U.S. Securities Exchange Act of 1934;

and

3.       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
         such registrations as described under 1 with the U.S. Securities and
         Exchange Commission.



This power of attorney is governed by German law.





                                                                      Exhibit 24


Stuttgart, March 11, 2005





             /s/ Walter Leibold
         ---------------------------
                 Walter Leibold