2006/741/EC: Commission Decision of 20 October 2004 on State Aid implemented by G... (32006D0741)
2006/741/EC: Commission Decision of 20 October 2004 on State Aid implemented by Germany for Landesbank Schleswig-Holstein — Girozentrale, now HSH Nordbank AG (notified under document number C(2004) 3930) (Text with EEA relevance)
- COMMISSION DECISION
- of 20 October 2004
- on State Aid implemented by Germany for Landesbank Schleswig-Holstein — Girozentrale, now HSH Nordbank AG
- (notified under document number C(2004) 3930)
- (Only the German text is authentic)
- (Text with EEA relevance)
- (2006/741/EC)
- I. PROCEDURE
- II. DETAILED DESCRIPTION OF THE MEASURES
- 1. LANDESBANK SCHLESWIG-HOLSTEIN — GIROZENTRALE
- 2. TRANSFER TO LSH OF WKA'S AND WAK'S ASSETS AND THE SPECIAL-PURPOSE REAL-ESTATE RESERVE
- 2.1. SETTING-UP AND DEVELOPMENT OF INVESTITIONSBANK SCHLESWIG-HOLSTEIN
- 2.2. TRANSFER OF WKA TO LSH
- 2.3. TRANSFER OF WAK TO LSH
- 2.4. TRANSFER OF THE SPECIAL-PURPOSE REAL-ESTATE RESERVE TO LSH
- 3. CAPITAL REQUIREMENTS UNDER THE OWN FUNDS AND SOLVENCY DIRECTIVES
- 4. EFFECTS OF THE TRANSFERS ON LSH
- 4.1. TRANSFER OF WKA'S AND WAK'S ASSETS TO LSH
- 4.2. TRANSFER OF LAND-OWNED REAL ESTATE TO LSH
- 5. REMUNERATION FOR THE OWN FUNDS TRANSFERRED
- 5.1. REMUNERATION FOR WKA'S AND WAK'S ASSETS
- 5.2. REMUNERATION FOR THE REAL ESTATE
- III. GROUNDS FOR INITIATING THE PROCEDURE
- IV. COMMENTS BY GERMANY AND LSH
- V. COMMENTS BY THE BDB
- VI. GERMANY'S RESPONSE TO THE BDB'S COMMENTS AND FURTHER COMMENTS BY GERMANY
- VII. COMMENTS BY THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
- VIII. UNDERSTANDING BETWEEN THE BDB, THE LAND OF SCHLESWIG-HOLSTEIN AND HSH NORDBANK
- 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
- (e) Comparison with other equity instruments
- (f) Liquidity costs
- (g) Appropriate remuneration
- (h) SYNERGY EFFECTS
- (i) Legislative amendment on 1 June 2003
- (j) Aid element
- 1.3. DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
- 1.4. CONCLUSION
- 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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