COMMISSION DECISION
of 20 October 2004
on State Aid implemented by Germany for Landesbank Schleswig-Holstein — Girozentrale, now HSH Nordbank AG
(notified under document number C(2004) 3930)
(Only the German text is authentic)
(Text with EEA relevance)
(2006/741/EC)
I. PROCEDURE
II. DETAILED DESCRIPTION OF THE MEASURES
1. LANDESBANK SCHLESWIG-HOLSTEIN — GIROZENTRALE
2. TRANSFER TO LSH OF WKA'S AND WAK'S ASSETS AND THE SPECIAL-PURPOSE REAL-ESTATE RESERVE
2.1. SETTING-UP AND DEVELOPMENT OF INVESTITIONSBANK SCHLESWIG-HOLSTEIN
2.2. TRANSFER OF WKA TO LSH
2.3. TRANSFER OF WAK TO LSH
2.4. TRANSFER OF THE SPECIAL-PURPOSE REAL-ESTATE RESERVE TO LSH
3. CAPITAL REQUIREMENTS UNDER THE OWN FUNDS AND SOLVENCY DIRECTIVES
4. EFFECTS OF THE TRANSFERS ON LSH
4.1. TRANSFER OF WKA'S AND WAK'S ASSETS TO LSH
DEM million |
|||||||||||||
|
1991 (4 months) |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 (5 months |
Total IB capital |
1 306,0 |
1 312,2 |
1 337,9 |
1 387,0 |
1 472,0 |
1 563,0 |
1 665,9 |
1 763,0 |
1 814,0 |
1 817,0 |
1 849,2 |
1 923,9 |
1 967,6 |
Recognised for supervisory purposes |
1 306,0 |
1 312,2 |
1 337,9 |
1 387,0 |
1 472,0 |
1 563,0 |
1 665,9 |
1 763,0 |
1 814,0 |
1 817,0 |
1 849,2 |
1 923,9 |
1 967,6 |
Used by IB |
288,0 |
299,0 |
383,9 |
363,0 |
380,0 |
391,0 |
401,9 |
417,0 |
[…] |
[…] |
[…] |
[…] |
[…] |
Amount available to LSH |
1 018,0 |
1 013,1 |
954,0 |
1 024,0 |
1 092,0 |
1 172,0 |
1 264,0 |
1 346,0 |
[…] |
[…] |
[…] |
[…] |
[…] |
Actually used by LSH |
0 |
0 |
347,0 |
326,0 |
161,0 |
508,0 |
815,0 |
1 104,0 |
[…] |
[…] |
[…] |
[…] |
[…] |
4.2. TRANSFER OF LAND-OWNED REAL ESTATE TO LSH
5. REMUNERATION FOR THE OWN FUNDS TRANSFERRED
5.1. REMUNERATION FOR WKA'S AND WAK'S ASSETS
DEM million |
|||||||||||||
|
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
Remuneration paid (after tax) |
0 |
0 |
0,9 |
2,4 |
1,0 |
2,5 |
5,0 |
6,6 |
[…] |
[…] |
[…] |
[…] |
[…] |
5.2. REMUNERATION FOR THE REAL ESTATE
III. GROUNDS FOR INITIATING THE PROCEDURE
IV. COMMENTS BY GERMANY AND LSH
V. COMMENTS BY THE BDB
VI. GERMANY'S RESPONSE TO THE BDB'S COMMENTS AND FURTHER COMMENTS BY GERMANY
VII. COMMENTS BY THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
VIII. UNDERSTANDING BETWEEN THE BDB, THE LAND OF SCHLESWIG-HOLSTEIN AND HSH NORDBANK
DEM million |
|||||||||||||
|
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
IB dividend payments to the Land |
0,0 |
0,0 |
1,1 |
2,6 |
1,5 |
2,5 |
3,5 |
47,5 |
[…] |
[…] |
[…] |
[…] |
[…] |
IX. ASSESSMENT OF THE MEASURES
1. STATE AID WITHIN THE MEANING OF ARTICLE 87(1) OF THE EC TREATY
1.1. STATE RESOURCES
1.2. FAVOURING OF A PARTICULAR UNDERTAKING
(a) Market-economy investor principle
(b) Article 295 of the Treaty
(c) No change in ownership structure
(d) Capital basis for the remuneration
(e) Comparison with other equity instruments
(f) Liquidity costs
(g) Appropriate remuneration
(h) SYNERGY EFFECTS
(i) Legislative amendment on 1 June 2003
(j) Aid element
DEM million |
|||||||||||||||
|
1991(44) |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 (5 months) |
||
Total IB capital |
1 306,0 |
1 312,2 |
1 337,9 |
1 387,0 |
1 472,0 |
1 563,0 |
1 665,9 |
1 763,0 |
1 814,0 |
1 817,0 |
1 849,2 |
1 923,9 |
1 967,6 |
||
|
1 018,0 |
1 013,1 |
954,0 |
1 024,0 |
1 092,0 |
1 172,0 |
1 264,0 |
1 346,0 |
[…] |
[…] |
[…] |
[…] |
[…] |
||
|
288,0 |
299,0 |
383,9 |
363,0 |
380,0 |
391,0 |
401,9 |
417,0 |
[…] |
[…] |
[…] |
[…] |
[…] |
||
|
870,7 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||
|
— |
— |
— |
— |
— |
— |
— |
— |
— |
[…] |
[…] |
[…] |
[…] |
||
Remuneration of 6,28 % (after tax) on point 1 |
21,3 |
63,6 |
59,9 |
64,3 |
68,6 |
73,6 |
79,4 |
84,5 |
[…] |
[…] |
[…] |
[…] |
[…] |
||
Remuneration of 0,3 % (after tax) on point 2 |
0,3 |
0,9 |
1,2 |
1,1 |
1,1 |
1,2 |
1,2 |
1,3 |
[…] |
[…] |
[…] |
[…] |
[…] |
||
Remuneration of 0,3 % (after tax) on point 3 |
2,6 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||
Remuneration of 0,3 % (after tax) on point 4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
[…] |
[…] |
[…] |
[…] |
||
Total remuneration in line with market conditions |
24,2 |
64,5 |
61,1 |
65,4 |
69,7 |
74,8 |
80,6 |
85,8 |
[…] |
[…] |
[…] |
[…] |
[…] |
||
Actual remuneration (after tax) |
0 |
0 |
0,9 |
2,4 |
1,0 |
2,5 |
5,0 |
6,6 |
[…] |
[…] |
[…] |
[…] |
[…] |
||
Aid element |
24,2 |
64,5 |
60,2 |
63,0 |
68,7 |
72,3 |
75,6 |
79,2 |
[…] |
[…] |
[…] |
[…] |
[…] |
1.3. DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
1.4. CONCLUSION
2. COMPATIBILITY WITH THE COMMON MARKET
3. NO EXISTING AID
X. CONCLUSION
Article 1
Article 2
Article 3
Article 4
Article 5
ANNEX
INFORMATION REGARDING THE IMPLEMENTATION OF THE COMMISSION DECISION
1. Calculation of the amount to be recovered
Date(s) of paymento (1) |
Amount of aid(2) |
Currency |
Identity of recipient |
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2. Recovery measures planned or already taken
3. Recovery already effected
Date(s)(3) |
Amount of aid repaid |
Currency |
Identity of recipient |
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