DOCSLIB.ORG

Bayerische Landesbank

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Bayerische Landesbank 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
Load more

Recommended publications
  • Annual Report 2008
    Annual Report 2008 hannover re R CONTENTS 1 Boards and officers 6 Management report 6 Economic climate 7 Business development 10 Development of the individual lines of business 15 Investments 17 Human resources 20 Sustainability report 22 Risk report 28 Forecast 33 Other information 35 Accounts 36 Balance sheet 40 Profit and loss account 43 Notes 69 Auditors' report 70 Report of the Supervisory Board 74 Declaration of conformity 75 Glossary KEY FIGURES of Hannover Re +/- previous Figures in EUR million 2008 2007 2006 2005 2004 year Gross written premium 7,328.7 +10.2% 6,652.6 7,644.6 6,340.4 6,095.2 Net premium earned 5,429.4 +9.0% 4,979.3 5,685.3 4,383.8 4,030.8 Underwriting result 1) 78.9 -171.0% (111.1) 145.6 (95.5) (42.8) Allocation to the equalisation 33.6 110.9% (309.1) 145.4 228.3 232.5 reserve and similar provisions Investment result 66.9 -85.2% 451.2 799.9 895.7 584.7 Pre-tax profit (104.2) -123.8% 438.1 258.7 376.1 149.1 Profit or loss for the financial year (209.6) -177.1% 272.0 196.0 374.6 120.6 Investments 17,885.1 -1.2% 18,106.1 18,499.7 16,699.4 13,465.3 Capital and reserve 1,878.82) -9.9% 2,085.82) 2,085.82) 2,085.82)3) 1,215.8 Equalisation reserve and similar provisions 1,440.1 +2.4% 1,406.5 1,715.6 1,570.3 1,342.0 Net technical provisions 14,145.0 +6.5% 13,286.7 13,022.7 12,471.9 9,844.2 Total capital, reserves and technical provisions 17,463.9 +4.1% 16,779.0 16,824.1 16,128.0 12,402.0 Number of employees 708 +48 660 654 628 599 Retention 75.2% 73.9% 74.2% 68.3% 67.8% Loss ratio 1)4) 74.0% 80.0% 72.7% 76.7% 79.6% Expense ratio 4) 24.5% 25.2% 25.4% 26.4% 20.1% Combined ratio 1)4) 98.5% 105.2% 98.1% 103.1% 99.7% 1) including allocation to reserves proposed by the Annual General Meeting 2) including subordinated liabilities 3) excluding life reinsurance 4) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised.
    [Show full text]
  • Copyrighted Material
    Index Ahern, Bertie, 54 Bank of America: Allied Irish Bank, 55, 56, 57, 61, acquisitions, 85–86, 88, 95, 127 62, 94 bad banks, 92–93 Almunia, Joaquín, 41, 42, 43, 46 capital ratio, 90, 91 Alpert, Daniel, 102, 123 Countrywide Financial, acquisition of, 85, Alwaleed bin Tahal, Prince, 83–84 86 American Bankers Association, 89 credit rating uplift, 6, 9, 86 Andersen, Gunnar T., 70, 71 derivative holdings, 127, 128 Anglo Irish Bank: Europe, exposure to, 154 Burton and, 57 job cuts, 119 capital injections by government, 62 Merrill Lynch, acquisition of, 85–86, 88, condition of, 56, 57 95 developers, loans to, 54–55 mortgage-backed securities, 122, 123, winding down of, 58, 61, 75, 135 154 Arion Banki, 75–76 mortgage servicing, 115, 116, 119, 121 Árnason, Árni Páll, 73, 75 price-to-book ratio, 93–94 Assets, synthetic, 35–36, 39, 41 rescue of, 99 Austerity measures: Safe Banking Act and, 107 Greece, 49–50 second liens and revolving credit, 115, Ireland, 49–50, 52–53, 66 116 PIGS (Portugal, Ireland, Greece, and size of, 146 Spain), 27–28, 73 subsidiaries, 94–95 TARP fund repayment, 100 Bad banks, 92–93 Bank of Ireland, 55, 56, 57, 61, 62, 139 Bair, Sheila. See also Federal Deposit Bank of Japan, 18, 19 Insurance Corporation (FDIC) Bank of New York Mellon, 103 bank-holding companies, 98 Bank of Spain, 30 bank liabilities blanket guarantee proposal, Bank One, 108 81–82, 83 Barclays, 111, 141 banks, return of cash by, 92 Barroso, José Manuel, 58, 59 capital rules, 90 Basel Committee on Banking Supervision, derivatives, 127–128 28, 44, 140–141 Dodd-Frank
    [Show full text]
  • [ Bayernlb | Group Financial Report ] 30 September 2010
    [ BayernLB | Group Financial report ] 30 September 2010 < 2 [ Contents ] b ayernl . Group Financial report – 30 September 2010 ›› Contents 3 > 4 Foreword 6 BayernLB Group at a glance as at 30 September 2010 8 Business performance as at 30 September 2010 8 Earnings 10 Banking supervisory capital and ratios 10 Net assets and financial position 12 BayernLB in a process of transformation 13 Segment reporting 17 Outlook 18 Administrative bodies of BayernLB n ote: this Group financial report as at 30 September 2010 has been prepared with great care. the information is presented voluntarily for our customers and the public. the report does not contain all the information and data required under iaS 34 (interim Financial reporting) nor does it fully comply with the disclosure and valuation standards of iFrS. the results have not been audited or reviewed for correctness. b ayernl . Group Financial report – 30 September 2010 < 4 Foreword i n the first nine months of 2010, bayernlb posted earnings before taxes of eur 669 million. this was an increase of four percent on the previous year period and is therefore in line with our forecasts. contributing to this with satisfactory results in all segments was the third quarter of 2010, which closed with earnings before taxes of eur 115 million and operating earnings of eur 125 million. our regained earnings power puts us in a position to absorb even one-off charges, such as the high banking levy in Hungary (eur 38 million) and charges for writing down the present value of our hybrid capital instruments (eur 81 million).
    [Show full text]
  • Fitch Affirms Helaba's, Bayernlb's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable
    12/4/2020 Fitch Affirms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable RATING ACTION COMMENTARY Fitch Afrms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable Thu 03 Dec, 2020 - 2:39 PM ET Fitch Ratings - Frankfurt am Main - 03 Dec 2020: Fitch Ratings has afrmed Landesbank Hessen-Thueringen Girozentrale's (Helaba; A+/Negative/F1+), Bayerische Landesbank's (BayernLB; A-/Negative/F1) and UniCredit Bank AG's (HVB; BBB/Negative/F2) public sector Pfandbriefe at 'AAA' with Stable Outlooks. The afrmations follow the update of Fitch's Covered Bonds and CDOs Public Entities Asset Analysis Criteria published on 16 October 2020. KEY RATING DRIVERS The 'AAA' rating of Helaba's public sector Pfandbriefe is based on the bank's Long-Term Issuer Default Rating (IDR) of 'A+', the various uplifts above the IDR granted to the programme and the overcollaterialisation (OC) protection for Pfandbriefe holders. The public sector Pfandbriefe are rated four notches above the bank's Long-Term IDR. This is out of a maximum achievable uplift of nine notches, consisting of a resolution uplift of two notches, a payment continuity uplift (PCU) of ve notches and a recovery uplift of two notches. As the 'AAA' rating is based on a recovery only basis we did not test for timely payments in our cash ow model. https://www.fitchratings.com/research/structured-finance/covered-bonds/fitch-affirms-helaba-s-bayernlb-hvb-public-sector-pfandbriefe-at-aaa-outl… 1/11 12/4/2020 Fitch Affirms Helaba's, BayernLB's and HVB's Public Sector Pfandbriefe at 'AAA', Outlook Stable The 'AAA' rating of BayernLB's public sector Pfandbriefe is based on the bank's Long- Term IDR of 'A-' and the various uplifts above the IDR granted to the programme.
    [Show full text]
  • Landesbank Hessen-Thüringen Girozentrale (“Helaba”)
    Landesbank Hessen-Thüringen Girozentrale (“Helaba”) Public Section of 2018 §165(d) Resolution Plan 1 Public Section (i) Executive Summary Section 165(d) of the Dodd-Frank Act (“DFA”) and its implementing rules, as modified or supplemented from time to time by subsequent guidance and/or instructions, require, among other things, any company covered by section 165 (d) to produce a resolution plan (such plan for Landesbank Hessen-Thüringen Girozentrale (“Helaba”) being this “Resolution Plan”) to provide for such company’s rapid and orderly resolution in the event of material financial distress or failure. The implementing rules (collectively, the “Rule”) were jointly issued by the Federal Reserve System (the “Board”), codified at 12 C.F.R. Part 243, and the Federal Deposit Insurance Corporation (the “FDIC” and together with the Board, the “Agencies”), codified at 12 C.F.R. Part 381, on November 1, 2011. Helaba is considered a “Covered company” under the Rule and must file this Resolution Plan with the Agencies. References to the Rule contained herein are to 12 C.F.R. Part 243 promulgated by the Board. Under the requirements of the Rule, Covered companies are required to assess their U.S. banking operations for the presence of “Material entities”, “Critical operations”, and “Core business lines”. Helaba performed this assessment and determined that there were no Material entities, Critical operations or Core business lines as defined in the Rule. Therefore, the focus of this Resolution Plan is the orderly resolution of Helaba’s New York State chartered branch (the “New York Branch”), which conducts the vast majority of the U.S.
    [Show full text]
  • Norddeutsche Landesbank Girozentrale Hanover (Incorporated
    9 April 2014 PROSPECTUS Norddeutsche Landesbank Girozentrale Hanover (incorporated as public law institution (Anstalt des öffentlichen Rechts) established under, and governed by, the laws of the Federal Republic of Germany and the German Federal States (Bundesländer) of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen- Anhalt)) ("Norddeutsche Landesbank – Girozentrale –", "NORD/LB" or the "Issuer") U.S.$500,000,000 Subordinated Fixed Rate Tier 2 Notes due 2024 (the "Notes") Issue Price of the Notes: 100.00 per cent. of the principal amount The Notes constitute direct, unconditional, subordinated and unsecured liabilities of the Issuer, as described in Section 2 of the Terms and Conditions of the Notes, and, unless previously redeemed or repurchased and cancelled, will mature on 10 April 2024 (the "Maturity Date"). The Notes will bear interest on their Par Value (as defined in Section 1 of the Terms and Conditions of the Notes), payable semi- annually in arrear on 10 April and 10 October of each year (each an "Interest Payment Date"), from 10 April 2014 (the "Issue Date") (inclusive) until the Maturity Date (exclusive) at the rate of 6.25 per cent. per annum. The Issuer may, at its option, redeem the Notes, in whole but not in part, for certain withholding tax reasons or upon the occurrence of a Regulatory Event (as defined in Section 5 Paragraph (2) of the Terms and Conditions of the Notes) at their Par Value plus accrued interest. Any such redemption is subject to the prior permission of the competent regulatory authority, if required, as described in Section 5 Paragraph (4) of the Terms and Conditions of the Notes.
    [Show full text]
  • Fitch Places German and Austrian Banks Under Criteria Observation
    3/4/2020 Press Release Fitch Places German and Austrian Banks Under Criteria Observation Fitch Ratings - Frankfurt am Main - 04 March 2020: Fitch Ratings has placed Austrian and German banks' Long-Term (LT) Issuer Default Ratings (IDRs), Derivative Counterparty Ratings (DCR), debt ratings and Deposit Ratings under criteria observation (UCO). The rating actions follow the publication on 28 February 2020 of Fitch's updated bank and non-bank financial institution rating criteria that include changes to the way the agency notches senior and junior ratings from their IDR or Viability Rating (VR) anchors. The updated criteria better reflect continuing developments in bank resolution, notably developments in bank resolution plans, the build-up of 'bail-in' debt buffers that protect more senior creditors and their implication for default risk and recovery prospects for senior and junior liability classes. Fitch has also reduced the base case notching for non-performance on additional tier 1 (AT1) instruments, narrowing the relative gap between Tier 2 and AT1 instruments where Fitch has reappraised its baseline treatment of non- performance risk. Ratings designated as being UCO will be reviewed and resolved as soon as practical and in any case within six months. Key Rating Drivers Fitch has placed UCO the IDRs, DCRs, senior debt, deposit, subordinated debt and hybrid debt ratings of the various issuers as outlined in the rating sensitivities section below. The rating actions reflect the possibility that these ratings will be upgraded or downgraded as a result of the publication of our new Bank Rating Criteria on 28 February 2020, as outlined in more detail in the Rating Sensitivities section of this rating action commentary.
    [Show full text]
  • Bayernlb Date: 27/04/2020 Issue Date: 09-04-2020 Maturity Date: 09-10-2030 Tenor: 10.5
    Green Bond Fact Sheet BayernLB Date: 27/04/2020 Issue date: 09-04-2020 Maturity date: 09-10-2030 Tenor: 10.5 Issuer name BayernLB Amount issued EUR50m/USD56m Country of risk Germany CBI Database Included Issuer type1 Government-Backed Bond type Sr Non Preferred Entity Green bond framework Link to Framework Second party opinion ISS-oekom Certification Standard Not certified Assurance report N/A Certification verifier N/A Green bond rating N/A Use of Proceeds ☒ Energy ☒ Solar ☐ Tidal ☐ Energy storage ☒ Onshore wind ☐ Biofuels ☐ Energy performance ☒ Offshore wind ☐ Bioenergy ☐ Infrastructure ☐ Geothermal ☐ District heating ☐ Industry: components ☐ Hydro ☐ Electricity grid ☐ Adaptation & resilience ☒ Buildings ☒ Certified Buildings ☐ Water performance ☐ Industry: components ☐ HVAC systems ☐ Energy storage/meters ☐ Adaptation & resilience ☒ Energy ☐ Other energy related performance ☒ Transport ☐ Electric vehicles ☐ Freight rolling stock ☐ Transport logistics ☐ Low emission ☐ Coach / public bus ☒ Infrastructure vehicles ☐ Bicycle infrastructure ☐ Industry: components ☐ Bus rapid transit ☐ Energy performance ☐ Adaptation & resilience ☒ Passenger trains ☒ Urban rail ☐ Water & wastewater ☐ Water distribution ☐ Storm water mgmt ☐ Infrastructure ☐ Water treatment ☐ Flood protection ☐ Industry: components ☐ Wastewater ☐ Desalinisation plants ☐ Adaptation & resilience treatment ☐ Erosion control ☐ Water storage ☐ Energy performance ☐ Waste management ☐ Recycling ☐ Landfill, energy capture ☐ Waste to energy ☐ Waste prevention ☐ Energy performance ☐
    [Show full text]
  • Der Alp(En)Traum a Für Finanzinvestoren So Spekta- Kulär Wie Für Andere Manager Das Morgendliche Binden Der Krawatte
    ngebote, reicher zu werden, sind Der Alp(en)traum A für Finanzinvestoren so spekta- kulär wie für andere Manager das morgendliche Binden der Krawatte. Auch ein Londoner Großanleger erwar- BAYERNLB Habgier, Unfähigkeit und tete keine Sensationen, als sich Ende November 2006 Besuch ankündigte. Größenwahn haben aus der Landesbank Ein gewisser Tilo Berlin (51), ein am Wörthersee lebender Vermögensverwal- einen Fall für Staatsanwälte gemacht. ter, bot dem Mann, der seinen Namen Und schon tauchen neue, bisher lieber für sich behalten will, einen Anteil an der Hypo Alpe Adria an. Die Kärnte- unbekannte Risiken auf – eine Abrechnung. ner Bank brauche Eigenkapital; für rund 250 Millionen Euro seien knapp 10 Pro- zent zu haben. Berlin wollte einsteigen, später sogar auf 25 Prozent aufstocken. Aber für ihn allein war die Sache zu groß. Er brauchte Ko-Investoren. Berlin brachte einen Überraschungs- gast mit: Wolfgang Kulterer (56), damals 60 managermagazin 3/2010 Unternehmen BayernLB Weiß-blaue Affäre: 2007 kauften die früheren BayernLB-Manager Schmidt und Kemmer, unterstützt von Ministerpräsident Stoiber, die Hypo-Alpe-Adria-Bank. Der Deal, eingefädelt von Vermögensverwalter Berlin und dem damaligen Kärntner Landeshauptmann Haider (v. l. n. r.), beschäftigt heute die Staatsanwälte. FOTOS: [M] CHRISTOF STACHE / AP, UWE LEIN HOFFMANN IMAGO, GERT EGGENBERGER PA DPA, ROMAN BABIRAD BABIRADPICTURE Aufsichtsratsvorsitzender und zuvor ihn. Die Bank stecke voller Giftmüll. nuar 2007 ernsthaft über einen Einstieg lange Vorstandschef der Hypo Alpe Er sagte ab. Hätte er investiert, hätte er der Bayern in Kärnten redeten. Berlins Äu- Adria. Kulterer sei „nicht in offizieller seinen Einsatz locker verdoppeln kön- ßerungen in London deuten jedoch dar - Funktion“ angereist, sagte Berlin, aber er nen.
    [Show full text]
  • Annual Financial Report 2020 Annual Financial Statements of Helaba
    Annual Financial Report 2020 Annual Financial Statements of Helaba Values with impact. Contents Management Report and Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 2 Management Report of Landesbank Hessen-Thüringen Girozentrale 64 Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 66 Balance Sheet of Landesbank Hessen-Thüringen Girozentrale 70 Income Statement of Landesbank Hessen-Thüringen Girozentrale 72 Notes to the Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 128 Responsibility Statement 129 Independent Auditor’s Report 136 Independent Auditor’s Limited Assurance Report Management Report and Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 140 Management Report of Landesbausparkasse Hessen-Thüringen 156 Statistical Annex to the Management Report 169 Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 170 Balance Sheet of Landesbausparkasse Hessen-Thüringen 172 Income Statement of Landesbausparkasse Hessen-Thüringen 174 Notes to the Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 180 Independent Auditor’s Report 183 Advisory Board of Landesbausparkasse Hessen-Thüringen 185 Helaba Addresses Management Report of Landesbank Hessen-Thüringen Girozentrale 4 Management Report Basic Information About the Bank Management Report Basic Information Sparkassen in North Rhine-Westphalia and Brandenburg com- plement the S-Group Concept of the Sparkassen-Finanzgruppe About the Bank Hessen-Thüringen, which continues in its current
    [Show full text]
  • Putting the Bank Recovery and Resolution Directive to the Test
    KEY POINTS PUTTING THE AND BANK RESOLUTION RECOVERY DIRECTIVE THE TEST TO BayernLB and Austria are locked in a battle over the winding-down of Hypo-Alpe-Adria Feature Bank, with BayernLB one of the largest creditors “bailed in” under a new special law which cancels sub-sovereign guarantees. A complaint by BayernLB to the Austrian Constitutional Court may lead to a reference to the CJEU over interpretation of the Bank Recovery and Resolution Directive. There are strong arguments that the new law fails to adhere to key restrictions on use of the bail-in tool. Interpretation of Arts 43 and 44 of the Bank Recovery and Resolution Directive is likely to be crucial to determining the legality of cancelling sub-sovereign guarantees as part of a bail-in. Authors Hodge Malek QC and James Potts Putting the Bank Recovery and Resolution Directive to the test This article examines a dispute over one of the most controversial European bank turing obligations until 2019; court bail-ins to date, of Hypo-Alpe-Adria Bank, and considers how the CJEU is likely to proceedings will determine whether they interpret the bail-in powers in the Bank Recovery and Resolution Directive. qualify as restructuring obligations, in which case they will cease to exist; any liquidation profits to be distributed The likelihood of the Court of Justice provide welcome insight on the limits of proportionately to creditors of restruc- ■of the European Union (CJEU) the bail-in powers. turing obligations and then to share- being required to rule on EU bail-in holders, but without any regard to the legislation has significantly increased, as FEDERAL LAW ON REMEDIAL guarantees.
    [Show full text]
  • 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.
    [Show full text]