COMMISSION DECISION
of 29 September 2010
on State aid C 32/09 (ex NN 50/09) implemented by Germany for the restructuring of Sparkasse KölnBonn
(notified under document C(2010) 6470)
(Only the German text is authentic)
(Text with EEA relevance)
(2011/526/EU)
1.
PROCEDURE
2.
DESCRIPTION OF THE BENEFICIARY
3.
THE AID MEASURES
3.1.
Certificates of participation (
Genussrechte
)
3.2.
Silent participation
4.
THE RESTRUCTURING PLAN
4.1.
Description of the restructuring plan
4.2.
Restructuring of subsidiaries
4.3.
Ability to return to viability in base and stress case
Scenario |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
Base case |
–98,8 |
[5-10] |
[80-100] |
[125-150] |
[150-175] |
[20-225] |
Indicators |
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
RWA (15) (EUR bn) |
20,2 |
19,1 |
[17,5-20] |
[…] |
[…] |
[…] |
[15-20] |
|
Tier-1 ratio (16) |
6,4 % (5,5 %) |
6,9 % (6,1 %) |
[7-8] % ([6-7] %) |
[8-9] % ([7-8] %) |
[8-9] % ([7-8] %) |
[8-9] % ([7-8] %) |
[8-10] % ([8-9] %) |
|
ROE |
–13,5 % |
–6,5 % |
[0-3] % |
[4-6] % |
[7-9] % |
[7-9] % |
[9-10] % |
|
CIR |
73,0 % |
70,0 % |
[65-75] % |
[60-70] % |
[55-65] % |
[50-60] % |
[50-60] % |
|
FTE |
3 824 |
3 672 |
[3 500-3 750] |
[3 250-3 500] |
[3 000-3 250] |
[3 000-3 250] |
[2 750-3 000] |
Scenario |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
Stress case |
–98,8 |
–[125-150] |
–[25-50] |
[50-75] |
[125-150] |
[175-200] |
Indicators |
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
RWA (17) (EUR bn) |
20,2 |
19,1 |
[17-20] |
[17-19] |
[17-19] |
[17-19] |
[16-18] |
|
Tier-1 ratio (18) |
6,4 % (5,5 %) |
6,9 % (6,1 %) |
[6-7] % ([5-6]) |
[6-7] % ([6-7]) |
[6-7] % ([6-7]) |
[6-7] % ([6-7]) |
[7-8] % ([6-7]) |
|
ROE |
–13,5 % |
–6,5 % |
–[8-9] % |
–[1-3] % |
[3-5] % |
[8-10] % |
[10-12] % |
|
CIR |
73,0 % |
70,0 % |
[70-75] % |
[65-70] % |
[60-65] % |
[55-60] % |
[50-55] % |
|
FTE |
3 824 |
3 672 |
[3 500-3 750] |
[3 250-3 500] |
[3 000-3 250] |
[3 000-3 250] |
[2 750-3 000] |
4.4.
Corporate governance
4.5.
Hybrids
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
Profit before tax |
|
–98,8 |
[5-10] |
[80-100] |
[125-150] |
[150-175] |
[200-225] |
|
Profit distribution according to capital instruments |
||||||||
State's certificates of |
Loss absorption |
40,6 |
16,8 |
0 |
0 |
0 |
0 |
0 |
Principal replenishment |
0 |
0 |
[…] |
[…] |
[…] |
[…] |
[…] |
|
Coupon |
0 |
0 |
[…] |
[…] |
[…] |
[…] |
[…] |
|
Private certificates of |
Loss absorption |
0 |
12,5 |
0 |
0 |
0 |
0 |
0 |
Principal replenishment |
0 |
0 |
[…] |
[…] |
[…] |
[…] |
[…] |
|
Coupon |
0 |
0 |
[…] |
[…] |
[…] |
[…] |
[…] |
|
Silent participation |
Loss absorption |
0 |
19,5 |
0 |
0 |
0 |
0 |
0 |
Principal replenishment |
0 |
0 |
[…] |
[…] |
[…] |
[…] |
[…] |
|
Coupon |
0 |
0 |
[…] |
[…] |
[…] |
[…] |
[…] |
4.6.
WestLB
4.7.
Partial early exit
5.
GROUNDS FOR INITIATING THE PROCEDURE ON THE RECAPITALISATION MEASURE
6.
COMMENTS FROM INTERESTED PARTIES
7.
COMMENTS FROM GERMANY
8.
ASSESSMENT
8.1.
Existence and amount of the aid
8.2.
Compatibility of the aid with the internal market
8.2.1.
Legal basis for the compatibility assessment
8.2.2.
Compatibility of the restructuring aid with the internal market
(i)
Restoration of long-term viability
(ii)
Own contribution/burden-sharing
(iii)
Measures limiting the distortion of competition
8.2.3.
Monitoring
9.
CONCLUSION
Article 1
Article 2
ANNEX
Case C 32/09 — Sparkasse KölnBonn
COMMITMENTS TOWARDS THE EUROPEAN COMMISSION
ANNEX I
Section A —
Commitments
4.
Reduction of large and cash credit exposures
Section B —
The business to be divested
Participation |
To be sold by no later than |
Golfclub Gut Lärchenhof GmbH |
Already sold in 2009 |
TA Triumph Adler AG |
Already sold in 2009 |
RW Holding AG |
Already sold in 2009 |
S ProFinanz Versicherungsmakler GmbH |
Already sold in 2009 |
Schufa Holding AG |
Already sold in 2009 |
Sparkassen Servicegesellschaft für Zahlungssysteme und elektronische Vertriebskanäle mbH & Co KG |
Assets sold/Liquidation by the end of 2010 |
[…] |
[…] |
Campus Grundstückentwicklungs GmbH |
Assets already sold/liquidation in 2011 |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
neue leben Pensionsverwaltung AG |
End of 2010 |
[…] |
[…] |
[…](2) |
[…] |
[…](3) |
[…] |