wikipedia has some info on Bundeswehr's honor grades. The symbol on the ribbon of this particular one in the topic is the highest.
"Cross of Honour for Bravery, for valor beyond the call of duty"
http://en.wikipedia.org/wiki/Badge_o...the_Bundeswehr
According to Wiki, West Germany issued Iron Crosses with oak leaf to replace those WWII crosses with Swastika in 1957. So, the cross itself was still honored.