2006/742/EC: Commission Decision of 20 October 2004 on aid granted by Germany Lan... (32006D0742)
INHALT
2006/742/EC: Commission Decision of 20 October 2004 on aid granted by Germany Landesbank Hessen-Thüringen — Girozentrale (notified under document number C(2004) 3931) (Text with EEA relevance)
- COMMISSION DECISION
- of 20 October 2004
- on aid granted by Germany Landesbank Hessen-Thüringen — Girozentrale
- (notified under document number C(2004) 3931)
- (Only the German text is authentic)
- (Text with EEA relevance)
- (2006/742/EC)
- I. PROCEDURE
- II. DETAILED DESCRIPTION OF THE MEASURES
- 1. HELABA
- 2. THE TRANSFER OF THE SPECIAL ‘HOUSING AND FUTURE INVESTMENT’ FUND AS A SILENT PARTNERSHIP CONTRIBUTION TO HELABA
- 3. CAPITAL REQUIREMENTS UNDER THE OWN FUNDS AND SOLVENCY DIRECTIVES
- 4. EFFECTS OF THE TRANSFER ON HELABA'S EQUITY CAPITAL ENDOWMENT
- 5. REMUNERATION OF THE OWN FUNDS TRANSFERRED
- 6. GROUNDS FOR INITIATING THE PROCEEDINGS
- III. COMMENTS FROM GERMANY
- IV. COMMENTS FROM INTERESTED PARTIES
- 1. COMMENTS FROM THE COMPLAINANT BDB
- 1.1. COMPARISON WITH OTHER EQUITY INSTRUMENTS
- 1.2. TAX DEDUCTIBILITY
- 1.3. MINIMUM REMUNERATION FOR A SHARE-CAPITAL INVESTMENT IN A LANDESBANK
- 1.4. PREMIUMS AND DISCOUNTS ON ACCOUNT OF THE PARTICULARITIES OF THE TRANSACTIONS
- 1.5. CAPITAL BASE AND ELEMENTS OF REMUNERATION
- 2. COMMENTS FROM THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
- V. GERMANY'S RESPONSE TO THE BDB'S COMMENTS
- VI. ASSESSMENT OF THE MEASURE
- 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) Legal and economic classification of the capital contributed
- c) Determination of the capital base to be used in determining the remuneration
- d) Appropriate remuneration for the capital contributed and comparison with remuneration actually paid
- (1) Assessment of whether the remuneration that was agreed for the capital to be used to underpin competitive business was the normal market remuneration
- (aa) Preliminary remark
- (bb) Customary market nature of the agreed initial remuneration of 1,2 % a year (rate of 1,43 % a year for the purposes of the market comparison taking account of the trade tax)
- (cc) Market nature of the agreed perpetuity premium of 0,2 % a year (market comparison rate of 0,23 % a year taking account of trade tax)
- (dd) Taking appropriate account of liquidity costs
- (2) Determination of a minimum remuneration for the capital required to underpin the promotion-related business and for the capital not initially used, on the basis of the phased arrangement, to underpin competitive business
- e) Aid element
- f) Preliminary result
- 1.3. DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
- 1.4. RESULT
- 2. COMPATIBILITY WITH THE COMMON MARKET
- 3. NOT EXISTING AID
- VII. CONCLUSION
- Article 1
- Article 2
- Article 3
- Article 4
- Article 5
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