COMMISSION DECISION
of 20 October 2004
on State Aid implemented by Germany for Norddeutsche Landesbank — Girozentrale
(notified under document number C(2004) 3926)
(Only the German text is authentic)
(Text with EEA relevance)
(2006/738/EC)
I. PROCEDURE
II. DETAILED DESCRIPTION OF THE MEASURES
1. NORDDEUTSCHE LANDESBANK — GIROZENTRALE
2. LAND TRUST AGENCIES (‘LTS’)
3. CAPITAL REQUIREMENTS UNDER THE OWN FUNDS DIRECTIVE
4. TRANSFER OF THE LTS AND ITS EFFECTS
(a) THE TRANSFER
(b) VALUE OF THE LTS
Date |
Value (DEM million) |
31.12.1991 |
1 754,4 |
31.12.1992 |
[...] |
31.12.1993 |
[...] |
31.12.1994 |
[...] |
31.12.1995 |
[...] |
31.12.1996 |
[...] |
31.12.1997 |
[...] |
31.12.1998 |
[...] |
31.12.1999 |
[...] |
31.12.2000 |
[...] |
31.12.2001 |
[...] |
31.12.2002 |
[...] |
31.12.2003 |
[...] |
1992 |
Value of assets available for competitive business, according to Germany (DEM million) |
January |
120 |
February |
101 |
March |
145 |
April |
109 |
Mai |
71 |
June |
0 |
July |
0 |
August |
0 |
September |
0 |
October |
19 |
November |
63 |
December |
162 |
1993 |
Value of assets available for competitive business, according to Germany (DEM million) |
January |
133 |
February |
133 |
March |
207 |
April |
147 |
May |
174 |
June |
1 143 |
July |
1 222 |
August |
1 071 |
September |
1 176 |
October |
1 204 |
November |
1 149 |
December |
1 197 |
Date |
Earmarked capital (DEM million) |
31.12.1991 |
— |
31.12.1992 |
180 |
31.12.1993 |
1 400 |
31.12.1994 |
1 400 |
31.12.1995 |
1 390 |
31.12.1996 |
1 390 |
31.12.1997 |
1 390 |
31.12.1998 |
1 390 |
31.12.1999 |
[...] |
31.12.2000 |
[...] |
31.12.2001 |
[...] |
31.12.2002 |
[...] |
31.12.2003 |
[...] |
(c) EFFECTS OF THE TRANSFER OF THE LTS ASSETS ON NORDLB
(d) REMUNERATION FOR THE TRANSFER OF THE LTS
Date |
Earmarked capital (DEM million) |
Interest rate |
Remuneration paid (DEM million) |
31.12.1992 |
180 |
0,5 % |
0,9 |
31.12.1993 |
1 400 |
0,5 % |
7 |
31.12.1994 |
1 400 |
0,5 % |
7 |
31.12.1995 |
1 390 |
0,5 % |
6,95 |
31.12.1996 |
1 390 |
0,5 % |
6,95 |
31.12.1997 |
1 390 |
0,5 % |
6,95 |
31.12.1998 |
1 390 |
0,5 % |
6,95 |
31.12.1999 |
[...](10) |
0,5 % |
[...] |
31.12.2000 |
[...] |
0,5 % |
[...] |
31.12.2001 |
[...] |
0,5 % |
[...] |
31.12.2002 |
[...] |
0,5 % |
[...] |
31.12.2003 |
[...] |
0,5 % |
[...] |
e) CAPITAL CONTRIBUTIONS BY THE OTHER SHAREHOLDER (NSGV)
(i) LBS special-purpose reserve of DEM 450 million
(ii) Silent partnership contribution of DEM 550 million
III. COMMENTS FROM INTERESTED PARTIES
1. COMPLAINT AND OBSERVATIONS BY THE COMPLAINANT (THE BDB)
2. COMMENTS BY THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
3. COMMENTS BY NORDLB AND THE LAND OF LOWER SAXONY
4. COMMENTS BY GERMANY
5. UNDERSTANDING BETWEEN BDB, THE LAND OF LOWER SAXONY AND NORDLB
IV. ASSESSMENT OF THE MEASURE
1. STATE RESOURCES AND FAVOURING OF A PARTICULAR UNDERTAKING
2. DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
3. MARKET-ECONOMY INVESTOR PRINCIPLE
(a) ARTICLE 295 OF THE EC TREATY
(b) NO CHANGE IN OWNERSHIP STRUCTURE
(c) OWNER EFFECT
(d) CAPITAL BASIS FOR CALCULATING THE REMUNERATION
(e) APPROPRIATE REMUNERATION FOR THE CAPITAL
(i) Comparison with other equity instruments
(ii) Right to compensation and low liability risk
(iii) Appropriate remuneration for the amount of DEM 1 400 million
(iv) Return discount for lack of liquidity
(v) Return premium on account of the particularities of the transfer
(vi) No reduction in remuneration for agreement on a fixed amount
(vii) Total remuneration
(viii) Appropriate remuneration for the amount of DEM 1 400 million
(f) AID ELEMENT
1992 |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
120 |
101 |
145 |
109 |
71 |
0 |
0 |
0 |
0 |
19 |
63 |
162 |
||
|
1 380 |
1 399 |
1 355 |
1 391 |
1 429 |
1 500 |
1 500 |
1 500 |
1 500 |
1 481 |
1 437 |
1 338 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Remuneration of 6,76 % per annum (after tax) on point 1 |
0,67 |
0,56 |
0,81 |
0,61 |
0,39 |
0 |
0 |
0 |
0 |
0,1 |
0,35 |
0,91 |
||
Remuneration of 0,15 % per annum (after tax) on point 2 |
0,17 |
0,17 |
0,16 |
0,17 |
0,17 |
0,18 |
0,18 |
0,18 |
0,18 |
0,18 |
0,17 |
0,16 |
||
Total remuneration in line with market conditions |
0,84 |
0,73 |
0,97 |
0,78 |
0,56 |
0,18 |
0,18 |
0,18 |
0,18 |
0,28 |
0,52 |
1,07 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Σ 6,47 |
||
Actual remuneration (after tax) (0,5 %) for the whole of 1992 |
|
|
|
|
|
|
|
|
|
|
|
0,9 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Aid element |
|
|
|
|
|
|
|
|
|
|
|
5,57 |
1993 |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
||
|
133 |
133 |
207 |
147 |
174 |
1,143 |
1,222 |
1 400 |
1 400 |
1 400 |
1 400 |
1 400 |
||
|
1,367 |
1,367 |
1,293 |
1,353 |
1,326 |
357 |
278 |
100 |
100 |
100 |
100 |
100 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Remuneration of 6,76 % per annum (after tax) on point 1 |
0,74 |
0,74 |
1,16 |
0,82 |
0,98 |
6,43 |
6,88 |
7,88 |
7,88 |
7,88 |
7,88 |
7,88 |
||
Remuneration of 0,15 % per annum (after tax) on point 2 |
0,17 |
0,17 |
0,16 |
0,16 |
0,16 |
0,04 |
0,03 |
0,01 |
0,01 |
0,01 |
0,01 |
0,01 |
||
Total remuneration in line with market conditions |
0,91 |
0,91 |
1,32 |
0,98 |
1,14 |
6,47 |
6,91 |
7,89 |
7,89 |
7,89 |
7,89 |
7,89 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Σ 58,09 |
||
Actual remuneration (after tax) (0,5 %) for the whole of 1993 |
|
|
|
|
|
|
|
|
|
|
|
7 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Aid element |
|
|
|
|
|
|
|
|
|
|
|
51,09 |
Year |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
1,400 |
1,390 |
1,390 |
1,390 |
1,390 |
[...] |
[...] |
[...] |
[...] |
[...] |
||
|
100 |
110 |
110 |
110 |
110 |
[...] |
[...] |
[...] |
[...] |
[...] |
||
|
|
|
|
|
|
|
|
|
|
|
||
Remuneration of 6,76 % per annum (after tax) on point 1 |
94,64 |
93,96 |
93,96 |
93,96 |
93,96 |
[...] |
[...] |
[...] |
[...] |
[...] |
||
Remuneration of 0,15 % per annum (after tax) on point 2 |
0,15 |
0,16 |
0,16 |
0,16 |
0,16 |
[...] |
[...] |
[...] |
[...] |
[...] |
||
Total remuneration in line with market conditions |
94,79 |
94,12 |
94,12 |
94,12 |
94,12 |
[...] |
[...] |
[...] |
[...] |
[...] |
||
|
|
|
|
|
|
|
|
|
|
|
||
Actual remuneration (after tax) (0,5 %) |
7 |
6,95 |
6,95 |
6,95 |
6,95 |
[...] |
[...] |
[...] |
[...] |
[...] |
||
|
|
|
|
|
|
|
|
|
|
|
||
Aid element |
87,79 |
87,17 |
87,17 |
87,17 |
87,17 |
87,17 |
85,88 |
85,88 |
85,88 |
85,88 |
||
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. |
4. COMPATIBILITY OF THE MEASURE WITH THE EC TREATY
5. NO EXISTING AID
VI. CONCLUSION
Article 1
Article 2
Article 3
Article 4
Article 5
ANNEX
INFORMATION REGARDING THE IMPLEMENTATION OF THE COMMISSION DECISION ON STATE AID MEASURE
1. Calculation of the amount to be recovered
Date(s) of payment(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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