In Germany, emission allowances (European Union Allowances, EUAs) for the first trading period (2005-2007) were allocated completely free of charge. In the second trading period (2008-2012) annual volumes of 40 million EUAs will be sold (Article 19 ZuG (Zuteilungsgesetz – The German Allocation Act) 2012). After an initial phase during which EUAs have been sold by the state-owned bank ⁠KfW⁠ Bankengruppe on different stock exchanges, allowance auctioning should be conducted from 2010 at the latest.