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13 May 2013 Bayerische Landesbank Registration Document pursuant to Art. 5(3) of Directive 2003/71/EC, as amended by Directive 2010/73/EU, (the "Directive") and Art. 8(3) of the Luxembourg Prospectus law on prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières, the "Luxembourg Prospectus Law") in combination with Art. 14 of the Commission Regulation (EC) No 809/2004 This registration document (the "Registration Document") has been approved pursuant to Art. 7(1) of the Luxembourg Prospectus Law by the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg. By approving this Registration Document, the CSSF shall give no undertaking as to the economic or financial opportuneness of the transaction or the quality and solvency of the issuer pursuant to Art. 7(7) of the Luxembourg Prospectus Law. It has been made available to the public on the date of its approval by publication in an electronic form on the website of Bayerische Landesbank (www.bayernlb.de) and on the website of the Luxembourg Stock Exchange (www.bourse.lu). Upon request, Bayerische Landesbank will provide, free of charge, a paper copy of this Registration Document to any interested person. The same publication arrangements apply in relation to any prospectus or base prospectus of which this Registration Document is a constituent part and to any document incorporated herein or therein by reference. This Registration Document is valid for a period of twelve months from the date of its approval. It reflects the status as of the date of its approval and will be updated in accordance with the provisions of the Directive and the provisions of any applicable national laws implementing the Directive. Neither the delivery of this Registration Document by any person nor any offer or any listing on any stock exchange of any securities issued under a prospectus or base prospectus of which this Registration Documents is a constituent part includes or shall be deemed to include a representation that the circumstances regarding Bayerische Landesbank have remained unchanged since the date of this Registration Document. This Registration Document does not constitute an offer of or an invitation by or on behalf of Bayerische Landesbank to subscribe for or purchase any securities and should not be considered as a recommendation by Bayerische Landesbank to subscribe for or purchase any securities that Bayerische Landesbank has issued or may issue in future. No person has been authorised by Bayerische Landesbank to give any information or make any representation other than those contained in this Registration Document or consistent with it. If given or made, such information or representation should not be relied upon as having been authorised by Bayerische Landesbank. TABLE OF CONTENTS Page ABBREVIATIONS 4 RISK FACTORS 5 Risks Resulting from the State Aid Decision and the Restructuring of BayernLB Group 5 Risks Connected with the Financial, Economic and Sovereign Debt Crisis 6 Risks Resulting from BayernLB's Participation in MKB 7 Risks Related to Hypo Alpe-Adria-Bank International AG 7 Risk of Possible Change of Control 8 Risks Due to Own Funds Requirements 8 Risk of a Rating Downgrade 9 Credit Risks 9 Investment Risks 9 Market Price Risks 9 Liquidity Risk 10 Operational Risks 10 Risk of Failure of Risk Management Systems 10 INFORMATION ABOUT BAYERISCHE LANDESBANK 11 General Information 11 Organisational Structure 11 Administrative, Management and Supervisory Bodies 12 Shareholders 14 Protection Scheme of the Savings Banks Financial Group (Sparkassen-Finanzgruppe) 14 Amendments to the Law on Bayerische Landesbank (Gesetz über die Bayerische Landesbank) 15 and the statutes (Satzung) of Bayerische Landesbank BUSINESS OVERVIEW 16 Duties and Functions Pursuant to Law and Statutes 16 Restructuring of BayernLB Group and State Aid Decision 16 Re-focussed Business Model 16 State Aid Decision and Restructuring Commitments 16 Principal Activities and Principal Markets 18 FINANCIAL AND TREND INFORMATION 22 Historical Financial Information and Group Management Report 2012 22 Developments since 31 December 2012 22 No Significant Change in Financial Position since 31 December 2012 22 Outlook for 2013 22 No Material Adverse Change in Prospects since 31 December 2012 22 MATERIAL CONTRACTS 23 GOVERNMENTAL, LEGAL AND ARBITRATION PROCEEDINGS 24 State Aid Decision of the European Commission in Connection with the Stabilisation Measures in Favour of BayernLB 24 State Aid Procedure of the European Commission in Connection with the Stabilisation Measures in Favour of HGAA 24 Claims against Former Members of Board of Administration and Board of Management 24 Lawsuits Filed by U. S. Municipalities 24 Actions Filed by Employees Regarding the Issue of Pension Commitments 25 Administrative Proceedings of the German Financial Supervisory Authority in Connection with the Implementation of the IRB Approach 25 Complaint filed by Bluewaters Communications Holdings, LLC 26 Legal Dispute in Connection with Financings Provided to Hypo Alpe-Adria-Bank International AG by Bayerische Landesbank 26 Threatened Legal Dispute in Connection with the Share Purchase Agreement regarding 2 the Former Shares of Bayerische Landesbank in Hypo Alpe-Adria-Bank International AG 26 No Other Material Proceedings 27 GENERAL INFORMATION 28 Persons Responsible 28 Third Party Information 28 Statutory Auditor 28 Information in Respect of Regulation (EC) No 1060/2009 on Credit Rating Agencies, as Amended by Regulation (EU) No 513/2011 28 Documents on Display 28 Documents incorporated by reference 29 3 ABBREVIATIONS In this Registration Document (including any annex hereto): · "BayernLB", "Bank" or "Issuer" refers to Bayerische Landesbank; · "BayernLB Group" refers to Bayerische Landesbank, together with its consolidated subsidiaries; · "Owners" refers to each of the Free State of Bavaria (Freistaat Bayern) and the Association of Bavarian Savings Banks (Sparkassenverband Bayern); · "DKB" refers to Deutsche Kreditbank Aktiengesellschaft, Berlin, together with its consolidated subsidiaries; · "MKB" refers to MKB Bank Zrt., Budapest, together with its consolidated subsidiaries; · "HGAA" refers to HYPO ALPE-ADRIA-BANK INTERNATIONAL AG, Klagenfurt, together with its consolidated subsidiaries; · "Fitch" refers to any of Fitch Deutschland GmbH or Fitch Ratings Limited; · "Moody's" refers to any of Moody's Deutschland GmbH or Moody's Investors Service Ltd; · “State Aid Decision” refers to the decision of the European Commission dated 5 February 2013 (SA. 28487 (C 16/2009 ex N 254/2009)) by which the previous state aid decision of 25 July 2012 was re- adopted and replaced without major changes by a German language version. 4 RISK FACTORS Before deciding to invest in securities of Bayerische Landesbank, prospective investors should (if necessary after consultation with their own professional advisers) carefully consider the risk factors described below with respect to the Issuer, taking into account also all other information contained in this Registration Document, any relevant prospectus or base prospectus and final terms and any document incorporated therein by reference and any relevant supplement. Like other market participants, Bayerische Landesbank is exposed to risks in connection with its business activities, the realisation of which might, in a worst case scenario, lead to the Bank's inability to fulfil its obligations under an issue of securities at all or in due time and cause the investor to lose its investment in whole or in part. The following is a disclosure of the material risk factors with respect to the Issuer which are associated with an investment in securities of Bayerische Landesbank. Those risks can also occur cumulatively and thus intensify one another. Furthermore, the assets, earnings and financial position of BayernLB could be affected by other risks which are not known or not regarded material at this point in time. Risks Resulting from the State Aid Decision and the Restructuring of BayernLB Group Due to massive negative impacts of the international financial market crisis which started mid 2007 in the segment of U.S. subprime mortgages on the Bank's results in 2007 and 2008, BayernLB received substantial support from the Free State of Bavaria and the Federal Republic of Germany in the form of a recapitalisation of EUR 10 billion by the Free State of Bavaria, a risk shield of EUR 4.8 billion in relation to its ABS portfolio granted by the Free State of Bavaria and liquidity guarantees granted by the Federal Republic of Germany via Finanzmarkstabilisierungsfonds (SoFFin) to Bayerische Landesbank in the amount of EUR 15 billion. By the State Aid Decision, the European Commission found that these measures constituted state aid pursuant to Article 107(1) of the Treaty on the Functioning of the European Union, and approved such state aid based on certain commitments to fundamentally restructure the Bank (see the section "Business Overview", subsection "Restructuring of BayernLB Group and State Aid Decision", sub-paragraph "State Aid Decision and Restructuring Commitments") and subject to the condition of a partial repayment of the state aid received. The restructuring commitments, which are based on a restructuring plan established by the Bank, aim at ensuring the Bank's future economic viability on the one hand, while at the same time compensating for the distortion of competition caused by the granting of state aid by the Bank giving up profitable business
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  • Bayernlb 2015 Annual Report and Accounts

    Bayernlb 2015 Annual Report and Accounts

    BayernLB 2015 Annual Report and Accounts Consolidated financial statements BayernLB Group at a glance Income statement (IFRS) 1 Jan – 31 Dec 1 Jan – 31 Dec EUR million 2015 2014 Change in % Net interest income 1,612 1,671 – 3.5 Risk provisions in the credit business – 264 – 1,498 – 82.4 Net interest income after risk provisions 1,348 173 > 100 Net commission income 258 249 3.4 Gains or losses on fair value measurement – 62 – 25 > 100 Gains or losses on hedge accounting – 24 – 70 – 65.9 Gains or losses on financial investments 286 419 – 31.8 Administrative expenses – 1,168 – 1,171 – 0.3 Expenses for the bank levy and deposit guarantee scheme – 90 – 4 > 100 Other income and expenses 102 114 – 9.9 Gains or losses on restructuring – 10 – 33 – 67.8 Profit/loss before taxes 640 – 348 – Income taxes – 150 99 – Gains or losses on discontinued operations 0 – 1,070 – Profit/loss after taxes 490 – 1,320 – Cost/income ratio (CIR) 53.8% 49.7% 4.1 pp1 Return on equity (RoE) 5.8% – 2.6% 8.5 pp1 Balance sheet (IFRS) EUR million 31 Dec 2015 31 Dec 2014 Change in % Total assets 215,711 232,124 – 7.1 Business volume 252,466 272,834 – 7.5 Credit volume 175,428 182,584 – 3.9 Total deposits 146,390 145,773 0.4 Securitised liabilities 34,840 44,285 – 21.3 Subordinated capital 4,719 4,722 – Equity 11,063 11,789 – 6.2 Banking supervisory capital and ratios under CRR/CRD IV (after close of year) EUR million 31 Dec 2015 31 Dec 2014 Change in % Common Equity Tier 1 capital (CET 1 capital) 10,537 9,822 7.3 Own funds 12,214 11,715 4.3 Total RWA 69,606 76,616 – 9.1 CET 1 ratio 15.1% 12.8% 2.3 pp1 CET 1 ratio (fully loaded) 12.0% 10.2% 1.8 pp1 Total capital ratio 17.6% 15.3% 2.3 pp1 Employees 31 Dec 2015 31 Dec 2014 Change in % Number of employees 7,082 6,842 3.5 Current ratings Long-term Short-term Pfandbriefs2 Fitch Ratings A – F1 AAA Moody’s Investors Service A2 P –1 Aaa 1 Percentage points 2 Applies to public Pfandbriefs and mortgage Pfandbriefs Corporate profile BayernLB is one of Germany’s leading commercial banks and headquartered in one of Europe’s strongest economic regions.