2006/738/EC: Commission Decision of 20 October 2004 on State Aid implemented by G... (32006D0738)
INHALT
2006/738/EC: Commission Decision of 20 October 2004 on State Aid implemented by Germany for Norddeutsche Landesbank — Girozentrale (notified under document number C(2004) 3926) (Text with EEA relevance)
- 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
- (c) EFFECTS OF THE TRANSFER OF THE LTS ASSETS ON NORDLB
- (d) REMUNERATION FOR THE TRANSFER OF THE LTS
- 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
- 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
- 2. Recovery measures planned or already taken
- 3. Recovery already effected
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