We investigated the recently found superconductor LaO_{1-x}F_xFeAs by X-ray absorption spectroscopy (XAS). From a comparison of the O K-edge with LDA calculations we find good agreement and are able to explain the structure and changes of the spectra with electron doping. An important result from this edge is a limitation of the Hubbard U to values not significantly larger than 1 eV. From experimental Fe L_2,3-edge spectra and charge transfer multiplet calculations we gain further information on important physical values such as hopping parameters, the charge transfer energy Delta, and the on-site Hubbard U. Furthermore we find the system to be very covalent with a large amount of ligand holes. A shift in the chemical potential is visible in the O K- and Fe L_2,3-edge spectra which emphasizes the importance of band effects in these compounds.
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