COMMISSION DECISION
of 20 October 2004
on State Aid implemented by Germany for Bayerische Landesbank — Girozentrale
(notified under document number C(2004) 3927)
(Only the German text is authentic)
(Text with EEA relevance)
(2006/739/EC)
I. PROCEDURE
II. DETAILED DESCRIPTION OF THE MEASURES
1. BAYERISCHE LANDESBANK — GIROZENTRALE
2. TRANSFER OF HOUSING-PROMOTION LOANS TO BAYERNLB
3. CAPITAL REQUIREMENTS UNDER THE OWN FUNDS AND SOLVENCY DIRECTIVES
4. EFFECTS OF THE TRANSFER ON BAYERNLB'S CAPITAL BASE
|
1994 DEM 1000 |
1995 DEM 1000 |
1996 DEM 1000 |
1997 DEM 1000 |
1998 DEM 1000 |
1998 EUR 1000 |
1999 EUR 1000 |
2000 EUR 1000 |
2001 EUR 1000 |
2002 EUR 1000 |
2003 EUR 1000 |
Cash value of special-purpose assets |
655 728 |
1 233 164 |
1 229 258 |
1 255 390 |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
Change in cash value of special-purpose assets |
|
577 436 |
-3 906 |
26 132 |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
Special-purpose reserve shown as equity |
655 000 |
1 197 000 |
1 197 000 |
1 197 000 |
1 197 000 |
612 016 |
612 016 |
612 016 |
612 016 |
612 016 |
612 016 |
Difference between cash value and amount shown as equity |
728 |
36 164 |
32 258 |
58 390 |
[…](19) |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
5. REMUNERATION FOR THE OWN FUNDS TRANSFERRED
III. GROUNDS FOR INITIATING THE PROCEDURE
IV. COMMENTS FROM GERMANY
1. APPROPRIATE REMUNERATION FOR THE SPECIAL PURPOSE ASSETS
2. FAILURE TO CHANGE OWNERSHIP STRUCTURE AND OWNER EFFECT
V. COMMENTS FROM THE COMPLAINANT BDB
1. COMPARISON WITH OTHER EQUITY INSTRUMENTS
2. MINIMUM REMUNERATION FOR A SHARE-CAPITAL INVESTMENT IN BAYERNLB
3. PREMIUMS AND DISCOUNTS ON ACCOUNT OF THE PARTICULARITIES OF THE TRANSACTIONS
4. CAPITAL BASIS AND ELEMENTS OF REMUNERATION
VI. GERMANY'S RESPONSE TO THE BDB'S COMMENTS
VII. COMMENTS BY THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
VIII. UNDERSTANDING BETWEEN THE BDB, THE LAND OF BAVARIA AND BAYERNLB
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 and elements of the remuneration
i) Capital basis
ii) Remuneration actually paid (elements of remuneration)
e) Comparison with other equity instruments
f) Liquidity costs
g) Appropriate remuneration for the amount of DEM 1 197 million
i) Determination of a likely minimum remuneration for an investment in the capital of BayernLB
ii) Return discount for lack of liquidity
iii) Return premium on account of the particularities of the transfer
iv) No reduction in remuneration on account of the agreement on a fixed amount
v) Total remuneration
vi) Determination of the minimum remuneration for the capital of DEM 1 197 million up to the time when it was recognised by BAKred
h) Amendment of the articles of association on 5 March 2004
i) Aid element
|
|
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
1st instalment |
|||||||||||
1 |
Available for guarantee purposes (from-to): |
01.01.-31.12. |
01.01.-31.05. |
|
|
|
|
|
|
|
|
2 |
Available for guarantee purposes (DEM): |
655 000 000 |
655 000 000 |
|
|
|
|
|
|
|
|
3 |
Available for business-expansion purposes (from-to): |
|
01.06.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-05.03. |
4 |
Available for business-expansion purposes (DEM): |
|
655 000 000 |
655 000 000 |
[...] |
[...] |
655 000 000 |
655 000 000 |
655 000 000 |
655 000 000 |
655 000 000 |
|
2nd instalment |
|
|
|
|
|
|
|
|
|
|
5 |
Available for guarantee purposes (from-to): |
|
01.01.-31.12. |
|
|
|
|
|
|
|
|
6 |
Available for guarantee purposes (DEM): |
|
542 000 000 |
|
|
|
|
|
|
|
|
7 |
Available for business-expansion purposes (from-to): |
|
|
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-31.12. |
01.01.-05.03. |
8 |
Available for business-expansion purposes (DEM): |
|
|
542 000 000 |
[...] |
[...] |
542 000 000 |
542 000 000 |
542 000 000 |
542 000 000 |
542 000 000 |
|
Calculation of the aid element |
|
|
|
|
|
|
|
|
|
|
9 |
Remuneration of 0,15 % after taxes for 2. (DEM) |
982 500 |
408 033 |
|
|
|
|
|
|
|
|
10 |
Remuneration of 6,42 % after taxes for 4. (DEM) |
|
24 587 197 |
42 051 000 |
[...] |
[...] |
42 051 000 |
42 051 000 |
42 051 000 |
42 051 000 |
7 468 074 |
|
Subtotal: remuneration for 1st instalment (DEM) |
982 500 |
24 995 230 |
42 051 000 |
[...] |
[...] |
42 051 000 |
42 051 000 |
42 051 000 |
42 051 000 |
7 468 074 |
11 |
Remuneration of 0,15 % after taxes for 6. (DEM) |
|
813 000 |
|
|
|
|
|
|
|
|
12 |
Remuneration of 5,25 % after taxes for 8. (DEM) |
|
|
28 455 000 |
[...] |
[...] |
28 455 000 |
28 455 000 |
28 455 000 |
28 455 000 |
5 053 484 |
|
Subtotal: remuneration for 2nd instalment (DEM) |
0 |
813 000 |
28 455 000 |
[...] |
[...] |
28 455 000 |
28 455 000 |
28 455 000 |
28 455 000 |
5 053 484 |
13 |
Total remuneration (DEM) |
982 500 |
25 808 230 |
70 506 000 |
[...] |
[...] |
70 506 000 |
70 506 000 |
70 506 000 |
70 506 000 |
12 521 557 |
14 |
Remuneration already paid (DEM) |
1 722 080 |
2 249 846 |
2 217 376 |
[...] |
[...] |
[...] |
[...] |
[...] |
[…] |
|
of which: Bürgschaftsgebühr (guarantee fee) * (after taxes) in DEM |
1 722 080 |
2 242 846 |
2 217 376 |
[...] |
[...] |
[...] |
[...] |
[...] |
[...] |
|
|
of which: Haftungsprovision (guarantee commission)(after taxes) in DEM |
|
7 000 |
|
|
|
|
|
|
|
|
|
15 |
Aid element (13 — 14) — DEM |
- 739 580 |
23 558 383 |
68 288 624 |
[...] |
[...] |
[...] |
[...] |
[...] |
[...] |
[...] |
16 |
Total aid elements — DEM |
|
|
|
|
|
|
|
|
|
509 453 993 |
|
Total aid elements — equivalent in EUR |
|
|
|
|
|
|
|
|
|
260 479 690 |
Since 1 January 1999, marks have been converted into euros at a rate of EUR1 = DEM 1,95583. The figures in DEM must be converted accordingly. The fall in cash value in 1998 and 1999 was taken into account in both instalments by applying a flat rate amount in proportion to the cash value. |
1.3. DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
1.4. RESULT
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 payment(1) |
Amount of aid(2) |
Currency |
Identity of recipient |
|
|
|
|
|
|
|
|
|
|
|
|
2. Recovery measures planned or already taken
3. Recovery already effected
Date(s)(3) |
Amount of aid repaid |
Currency |
Identity of recipient |
|
|
|
|
|
|
|
|
|
|
|
|