2006/739/EC: Commission Decision of 20 October 2004 on State Aid implemented by G... (32006D0739)
INHALT
2006/739/EC: Commission Decision of 20 October 2004 on State Aid implemented by Germany for Bayerische Landesbank — Girozentrale (notified under document number C(2004) 3927) (Text with EEA relevance)
- 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
- 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
- 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
- 2. Recovery measures planned or already taken
- 3. Recovery already effected
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