2006/737/EC: Commission Decision of 20 October 2004 on aid from Germany for Westd... (32006D0737)
INHALT
2006/737/EC: Commission Decision of 20 October 2004 on aid from Germany for Westdeutsche Landesbank — Girozentrale (WestLB), now WestLB AG (notified under document number C(2004) 3925) (Text with EEA relevance)
- COMMISSION DECISION
- of 20 October 2004
- on aid from Germany for Westdeutsche Landesbank — Girozentrale (WestLB), now WestLB AG
- (notified under document number C(2004) 3925)
- (Only the German text is authentic)
- (Text with EEA relevance)
- (2006/737/EC)
- I. PROCEDURE
- 1. ADMINISTRATIVE PROCEDURE
- ‘Article 1
- Article 2
- Article 3
- 2. COURT PROCEDURE
- 3. RESUMED ADMINISTRATIVE PROCEDURE
- II. DETAILED DESCRIPTION OF THE MEASURE
- 1. WESTDEUTSCHE LANDESBANK GIROZENTRALE (WESTLB)
- 2. WOHNUNGSBAUFÖRDERUNGSANSTALT (WFA)
- 3. CAPITAL REQUIREMENTS UNDER THE OWN FUNDS DIRECTIVE AND THE SOLVENCY RATIO DIRECTIVE
- 4. THE TRANSFER AND ITS EFFECTS
- a) THE TRANSFER
- b) VALUE OF WFA
- c) EFFECTS OF WFA'S TRANSFER ON WESTLB
- d) REMUNERATION FOR THE TRANSFER OF WFA
- III. COMMENTS FROM INTERESTED PARTIES
- 1. COMPLAINT AND OBSERVATIONS BY BDB
- a) APPROPRIATE REMUNERATION FOR THE CAPITAL
- i) Level of the remuneration
- ii) Liquidity costs
- iii) Capital basis for the calculation of the remuneration
- iv) Synergy effects
- b) TAX ASPECTS
- c) WAIVER OF LIABILITY
- 2. OBSERVATIONS FROM OTHER INTERESTED PARTIES
- a) ASSOCIATION FRANÇAISE DES BANQUES
- b) BRITISH BANKERS' ASSOCIATION
- 3. OBSERVATIONS FROM WESTLB
- a) GENERAL OBSERVATIONS ON THE TRANSFER
- b) APPROPRIATE REMUNERATION FOR THE CAPITAL
- c) SYNERGY EFFECTS
- d) TAX EXEMPTIONS
- e) WAIVER OF LIABILITY
- IV. COMMENTS FROM GERMANY
- 1. MARKET-ECONOMY INVESTOR PRINCIPLE
- 2. APPROPRIATE REMUNERATION FOR THE CAPITAL
- a) COMPARISON WITH OTHER EQUITY INSTRUMENTS
- b) LIQUIDITY COSTS
- c) CAPITAL BASIS FOR THE CALCULATION OF THE REMUNERATION
- d) SYNERGY EFFECTS
- 3. TAX EXEMPTIONS
- 4. WAIVER OF LIABILITY
- 5. OBSERVATIONS ON THE COMMENTS FROM INTERESTED PARTIES
- V. UNDERSTANDING BETWEEN BDB, THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
- VI. ASSESSMENT OF THE MEASURE
- 1. STATE RESOURCES AND FAVOURABLE TREATMENT OF A CERTAIN 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) SPECIFIC NATURE OF THE MEASURE
- c) NO CHANGE IN OWNERSHIP STRUCTURE
- d) CAPITAL BASIS FOR THE CALCULATION OF THE REMUNERATION
- e) APPROPRIATE REMUNERATION FOR THE CAPITAL
- i) Comparison with other equity instruments
- ii) Liquidity costs
- iii) Appropriate remuneration for the amount of DEM 2 500 million (EUR 1 280 million)
- iv) Appropriate remuneration for the amount of DEM 3 400 million (EUR 1 740 million)
- v) Synergy effects
- f) INCLUSION OF THE YEAR 2002
- g) AID ELEMENT
- 4. TAX EXEMPTIONS
- 5. WAIVER OF LIABILITY
- 6. COMPATIBILITY OF THE MEASURE WITH THE EC TREATY
- VII. CONCLUSIONS
- 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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