DOCSLIB.ORG

Annual Report 2018 Deutsche Pfandbriefbank Group Business Model Pbb Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2018 Deutsche Pfandbriefbank Group Business Model Pbb Group Annual Report 2018 Deutsche Pfandbriefbank Group Business model pbb Group BORROWER REAL ESTATE FINANCE PUBLIC INVESTMENT FINANCE We structure medium- to large-sized financings We finance public-sector infrastructure investments, for professional real estate investors, with a focus such as public housing, utilities and waste disposal, on office, retail, residential, and logistics properties. health care and nursing care properties, as well as Our clients benefit from the mix of local and childcare and educational facilities. We also provide international expertise we offer. export finance facilities under public guarantees. LENDING Interest & Interest & redemption DEUTSCHE PFANDBRIEFBANK AG redemption pbb Deutsche Pfandbriefbank is a leading European specialist bank for real estate finance and public investment finance. The Bank’s focus is on Germany as well as on the United Kingdom, France and Scandinavia and also individual countries in Central and Eastern Europe. FUNDING PFANDBRIEF ISSUANCE The Bank’s main funding instrument is the German Pfandbrief: pbb is one of the largest issuers in this market. It issues Mortgage Pfandbriefe, collateralised by mortgages as well as Public Sector Pfandbriefe, collateralised by guarantees from the public sector. Furthermore, Interest & pbb issues unsecured instruments as bearer bonds Interest & redemption and registered securities. redemption INVESTORS Facts and Figures Transactions 2018 (REF & PIF) € 26.8 bn funding volume in REF Compared with the previous year the funding volume in the main business area of REF increased by 8% – with continued 210 strict risk criteria in new business. New Business 750 Corporate profile members of staff pbb employes 750 members of staff € bn (on the basis of full time equivalent) at 10.5 ten locations in Germany, Europe and the USA and is thus always near to its clients and the financed properties. 12.0 11.6 10.5 10.5 € 29.5 bn Pfandbrief volume Pfandbriefe are German covered bonds 2015 2016 2017 2018 and are therefore a cost- efficient source New Business of funding. With an outstanding Pfandbrief in € billion (commitments, including extensions <1 year) volume of €29.5 bn (nominal), pbb ranks Real Estate Finance Public Investment Finance among the largest issuers. Development of new business in our core asset classes in 2018 (in €) 4.6 bn 1.5 bn 1.4 bn 1.3 bn 0.6 bn 0.1 bn Office Residential Retail Logistics/storage Hotels and leisure Mixed use/other properties II Deutsche Pfandbriefbank Group Annual Report 2018 Facts and Figures Overview Letter from the Management Board Deutsche Pfandbriefbank Group (pbb Group) 2018 2017 Transactions 2018 (REF & PIF) Operating performance according to IFRS € 26.8 bn Profit or loss before tax in € millionfunding volume215 in REF 204 DEAR SHAREHOLDERS, DEAR BUSINESS PARTNERS, Net income/loss in € million 179 182 LADIES AND GENTLEMEN, Compared with the previous year the Key ratios funding volume in the main business area Deutsche Pfandbriefbank AG (pbb) achieved a good result in 2018 despite a challenging environ- Cost-income ratio ofin %REF increased44.2 by 8% –47. with 0 continued ment. At €215 million, Group profit before taxes exceeded the previous year’s figure by approximately Return on equity before tax strictin % risk criteria7.1 in new business7. 3 . Return on equity after tax in % 5.9 6.5 5%, the three main drivers being: stable revenues in the lending business, reduced funding expenses, 210 and continued cost management. On this basis, the Management Board and the Supervisory Board Earnings per share in € 1.24 1.35 will propose to the Annual General Meeting to pay a dividend of €1 per share, meaning that ordinary Dividend per share in € 1.001) 1.07 equity holders would receive approximately 81% of the consolidated profit attributable to them. New business volume 2) in € billion 10.5 11.6 New Business Based on the year-end closing price, this would result in a dividend return of 11.4%. Balance sheet figures according to IFRS 31.12.2018 31.12.2017 Total assets in € billion 57.8 58.0 Real estate markets developed solidly once again: transaction volumes were on a high level, prices Equity in € billion 3.3 2.9 and rents stable, and vacancies on a low level. Risks of a cool-down, however, increased. Competition 750 Corporate profile Financing volumes Real Estate Finance in € billion 26.8 24.9 amongst real estate finance providers also failed to abate, making it even more difficult to generate members of staff new business with a conservative risk profile and appropriate profitability. Margins on new business Key regulatory capital ratios 31.12.20183) 31.12.20174) from the Management Board Letter pbb employes 750 members of staff were thus generally under pressure, and finance providers had trouble enforcing covenants. CET1€ ratio bn (onin % the basis 18.2of full time equivalent) 17.6 at Own funds ratio in % 24.6 22.2 ten locations in Germany, Europe and pbb reacted to this situation by selecting its new business even more carefully, and by clearly stipu- 10.5Leverage ratio in % 5.2 4.5 the USA and is thus always near to its lating that the Bank’s high risk standards are to be adhered to – in cases of doubt, to the detriment Staff clients and31.12.2018 the financed31.12.2017 properties. 12.0 of the business volume. At €10.5 billion, pbb achieved its target of a consciously reduced volume Employees (on full-time equivalent basis)11.6 750 744 compared with the previous year. The Bank kept the average gross margin on new business stable 10.5 10.5 Long-term issuer rating/outlook 5)6) 31.12.2018 31.12.2017 in real estate financing, at approximately 155 basis points. However, it took significantly more effort to achieve this. Standard & Poor’s A–/Negative A–/Negative DBRS7) BBB/Positive BBB/Stable Until now, indicators for 2019 have not been pointing to any material market correction. Most market Moody’s Pfandbrief rating 6) 31.12.2018 31.12.2017 participants, however, feel that the upward phase of the current real estate cycle has already been Public Sector Pfandbriefe Aa1 Aa1 very long. In addition, some sub-segments, e.g. the real estate market in the United Kingdom, or Mortgage Pfandbriefe € 29.5 Aa1 bn Aa1 retail properties, are experiencing momentum peculiar to themselves – the former driven by the Pfandbrief volume uncertainty arising from Brexit, and the latter due to structural developments. Thus, pbb is focusing 1) Proposal to the Annual General Meeting on 7 June 2019. Pfandbriefe are German covered bonds even more strongly on the quality of the investors and properties to be financed, as well as on the 2) Including2015 prolongations with2016 maturities of 2017more than one year. 2018 covenants. The latter are an important starting point for finance providers to react to the weaker 3) After confirmation of the 2018 financial statements, less the proposed dividend (subject to approval by the Annualand General are Meeting). therefore a cost- efficient source 4) AfterNew confirmation Business of the 2017 financial statements and appropriation of profits. of funding. With an outstanding Pfandbrief performance of a property; they also determine the action framework for borrowers and lenders. 5) Thein € ratings billion of (commitments, unsecured liabilities including may diverge extensions from the <1 issuer year) ratings. volume of €29.5 bn (nominal), pbb ranks Furthermore, we manage our portfolio in a targeted manner: by overweighting business in the US, 6) Please refer to the “Report on Economic Position” for a detailed description of the ratings. Real Estate Finance Public Investment Finance whilst reducing our exposure to the United Kingdom, underweighting retail properties and maintaining 7) The rating mandate with DBRS was terminated as of 31st December 2018. among the largest issuers. a cautious stance vis-à-vis development financings. Funding activities in 2018 were equally strong as was lending. As funding needs could be reduced, and new bonds had more favourable terms than the maturing liabilities, we were able to significantly reduce our interest expenses. This development should continue in 2019, even though the cost benefits of new over existing issues should go down, since risk premia for banks are increasing again. In addition, we have certain flexibility regarding the management and cost optimisation of our Development of new business in our core asset classes in 2018 (in €) liabilities side. On the one hand, we can make use of the new debt class “preferred senior” since the change in the legal framework. It ranges between Pfandbriefe and “senior non-preferred” debt; Cover structurally, it thus has a higher rating and lower funding costs. On the other hand, pbb has its Office complex “One Five One”, New York City. For more information, please turn to page IV. proven and scalable pbb direkt platform for the retail deposit-taking business with private investors since an early digitalisation initiative in 2013. Information due to rounding Explanation of alternative performance measures Due to rounding, numbers presented throughout this document For further information regarding the definition, usefulness and calculation may not4.6 add up preciselybn to the totals provided1.5 andbn percentages 1.4 bn of alternative permormance1.3 bn measures see “investors/financial-reports”0.6 bn 0.1 bn may not precisely reflect the absolute figures. at www.pfandbriefbank.com. Office Residential Retail Logistics/storage Hotels and leisure Mixed use/other properties II Deutsche Pfandbriefbank Group I Annual Report 2018 Letter from the Management Board DEAR SHAREHOLDERS, DEAR BUSINESS PARTNERS, LADIES AND GENTLEMEN, Deutsche Pfandbriefbank AG (pbb) achieved a good result in 2018 despite a challenging environ- ment. At €215 million, Group profit before taxes exceeded the previous year’s figure by approximately 5%, the three main drivers being: stable revenues in the lending business, reduced funding expenses, and continued cost management.
Load more

Recommended publications
  • Commander's Guide to German Society, Customs, and Protocol
    Headquarters Army in Europe United States Army, Europe, and Seventh Army Pamphlet 360-6* United States Army Installation Management Agency Europe Region Office Heidelberg, Germany 20 September 2005 Public Affairs Commanders Guide to German Society, Customs, and Protocol *This pamphlet supersedes USAREUR Pamphlet 360-6, 8 March 2000. For the CG, USAREUR/7A: E. PEARSON Colonel, GS Deputy Chief of Staff Official: GARY C. MILLER Regional Chief Information Officer - Europe Summary. This pamphlet should be used as a guide for commanders new to Germany. It provides basic information concerning German society and customs. Applicability. This pamphlet applies primarily to commanders serving their first tour in Germany. It also applies to public affairs officers and protocol officers. Forms. AE and higher-level forms are available through the Army in Europe Publishing System (AEPUBS). Records Management. Records created as a result of processes prescribed by this publication must be identified, maintained, and disposed of according to AR 25-400-2. Record titles and descriptions are available on the Army Records Information Management System website at https://www.arims.army.mil. Suggested Improvements. The proponent of this pamphlet is the Office of the Chief, Public Affairs, HQ USAREUR/7A (AEAPA-CI, DSN 370-6447). Users may suggest improvements to this pamphlet by sending DA Form 2028 to the Office of the Chief, Public Affairs, HQ USAREUR/7A (AEAPA-CI), Unit 29351, APO AE 09014-9351. Distribution. B (AEPUBS) (Germany only). 1 AE Pam 360-6 ● 20 Sep 05 CONTENTS Section I INTRODUCTION 1. Purpose 2. References 3. Explanation of Abbreviations 4. General Section II GETTING STARTED 5.
    [Show full text]
  • Case Study: Deutsche Bahn AG 2
    Case Study : Deutsche Bahn AG Deutsche Bahn on the Fast Track to Fight Co rruption Case Study: Deutsche Bahn AG 2 Authors: Katja Geißler, Hertie School of Governance Florin Nita, Hertie School of Governance This case study was written at the Hertie School of Governanc e for students of public po licy Case Study: Deutsche Bahn AG 3 Case Study: Deutsche Bahn AG Deutsche Bahn on the Fast Track to Fight Corru ption Kontakt: Anna Peters Projektmanager Gesellschaftliche Verantwortung von Unternehmen/Corporate Soc ial Responsibility Bertelsmann Stiftung Telefon 05241 81 -81 401 Fax 05241 81 -681 246 E-Mail anna .peters @bertelsmann.de Case Study: Deutsche Bahn AG 4 Inhalt Ex ecu tive Summary ................................ ................................ ................................ .... 5 Deutsche Bahn AG and its Corporate History ................................ ............................... 6 A New Manager in DB ................................ ................................ ................................ .. 7 DB’s Successful Take Off ................................ ................................ ............................. 8 How the Corruption Scandal Came all About ................................ ................................ 9 Role of Civil Society: Transparency International ................................ ........................ 11 Cooperation between Transparency International and Deutsche Bahn AG .................. 12 What is Corruption? ................................ ................................ ...............................
    [Show full text]
  • Annual Report 2016 (58Th Report)
    German Bundestag Printed Paper 18/10900 18th electoral term 24 January 2017 Information from the Parliamentary Commissioner for the Armed Forces Annual Report 2016 (58th Report) Submitted with the letter of the Parliamentary Commissioner for the Armed Forces of 24 January 2017 pursuant to Section 2(1) of the Act on the Parliamentary Commissioner for the Armed Forces. Printed Paper 18/10900 – 2 – German Bundestag – 18th electoral term Page Foreword ...................................................................................................................... 5 The year under review in brief ................................................................................... 7 1. More funding for the Bundeswehr 9 2. Reversal in personnel trends 9 Personnel shortages .......................................................................................................... 10 The Bundeswehr is getting older ..................................................................................... 12 Personnel recruitment ...................................................................................................... 13 Promotions ....................................................................................................................... 15 Appraisal system .............................................................................................................. 17 Security clearance checks ................................................................................................ 17 Retirement .......................................................................................................................
    [Show full text]
  • Annual Report 2018 (60Th Report)
    German Bundestag Printed Paper 19/7200 19th electoral term 29 January 2019 Information from the Parliamentary Commissioner for the Armed Forces Annual Report 2018 (60th Report) Submitted with the letter of the Parliamentary Commissioner for the Armed Forces of 29 January 2019 pur- suant to Section 2(1) of the Act on the Parliamentary Commissioner for the Armed Forces. German Bundestag – 19th electoral term – 3 – Printed Paper 19/7200 C o n t e n t s Page Foreword ...................................................................................................................... 5 The year under review in brief ................................................................................... 7 1. Administrative management 11 2. The Bundeswehr’s financial resourcing 16 3. Reversal of the personnel trend 17 Personnel shortages .......................................................................................................... 18 Efficiency of personnel deployment ................................................................................ 21 Recruitment ...................................................................................................................... 22 Higher education in the Bundeswehr ............................................................................... 29 Promotions ....................................................................................................................... 31 Appraisals .......................................................................................................................
    [Show full text]
  • Europe's Evolving Deterrence Discourse
    EUROPE’S EVOLVING DETERRENCE DISCOURSE EDITED BY AMELIA MORGAN AND ANNA PÉCZELI Center for Global Security Research Lawrence Livermore National Laboratory February 2021 EUROPE’S EVOLVING DETERRENCE DISCOURSE EDITED BY AMELIA MORGAN AND ANNA PÉCZELI Center for Global Security Research Lawrence Livermore National Laboratory King's College London Science Applications International Corporation February 2021 EUROPE’S EVOLVING DETERRENCE DISCOURSE | 1 This work was performed under the auspices of the U.S. Department of Energy by Lawrence Livermore National Laboratory in part under Contract W-7405-Eng-48 and in part under Contract DE-AC52-07NA27344. The views and opinions of the author expressed herein do not necessarily state or reflect those of the United States government or Lawrence Livermore National Security, LLC. ISBN-978-1-952565-09-0 LCCN-2020922986 LLNL-TR-815694 TPG-60099 2 | AMELIA MORGAN AND ANNA PÉCZELI Contents About the Contributors 2 Preface Brad Roberts 7 Introduction Amelia Morgan and Heather Williams 8 The (Incomplete) Return of Deterrence Michael Rühle 13 The German Debate: The Bundestag and Nuclear Deterrence Pia Fuhrhop 27 The Dutch Debate: Activism vs. Pragmatism Michal Onderco 39 French Perspectives on Disarmament and Deterrence Emmanuelle Maitre 51 Nuclear Deterrence and Arms Control: A NATO Perspective Jessica Cox and Joseph Dobbs 66 Defining the Needed Balance of Deterrence and Arms Control in Europe Anna Péczeli 74 Restoring the Balancing Act: Disarmament and Deterrence in the New Era Łukasz Kulesa 93 Rethinking the Impact of Emerging Technologies on Strategic Stability Andrea Gilli and Mauro Gilli 105 Artificial Intelligence and Deterrence: A View from Europe Laura Siddi 121 A Practitioner’s Perspective: Modern Deterrence and the U.S.–U.K.
    [Show full text]
  • S 200/19 Grunddrucksache
    Bundesrat Drucksache 200/19 29.04.19 Fz Antrag des Präsidenten des Bundesrechnungshofes Rechnung des Bundesrechnungshofes für das Haushaltsjahr 2018 - Einzelplan 20 - Bundesrechnungshof Bonn, 25. April 2019 Der Präsident An den Präsidenten des Bundesrates Herrn Ministerpräsidenten Daniel Günther Sehr geehrter Herr Bundesratspräsident, gemäß § 101 BHO übersende ich Ihnen die Rechnung über den Haushalt des Bundesrechnungshofes - Einzelplan 20 - für das Haushaltsjahr 2018. Ich bitte Sie, die Rechnung prüfen zu lassen und die Entscheidung des Bundesrates über die Entlastung herbeizuführen. Dem Präsidenten des Deutschen Bundestages habe ich eine entsprechende Bitte zugeleitet. Mit freundlichen Grüßen Kay Scheller Vertrieb: Bundesanzeiger Verlag GmbH, Postfach 10 05 34, 50445 Köln Telefon (02 21) 97 66 83 40, Fax (02 21) 97 66 83 44, www.betrifft-gesetze.de ISSN 0720-2946 Drucksache 200/19 Der Präsident Rechnung über den Haushalt des Einzelplans 20 Bundesrechnungshof für das Haushaltsjahr 2018 Drucksache 200/19 Inhaltsverzeichnis Seite I. Erläuterungen zu der Rechnung über den Haushalt des Bundesrechnungshofes für 1 - 6 das Haushaltsjahr 2018 1. Gesamtergebnis des Einzelplans 20 1 2. Kapitel 2011 - Zentral veranschlagte Verwaltungseinnahmen und -Ausgaben 2 3. Kapitel 2012 - Bundesrechnungshof 3 4. Übertragbare Ausgaben 5 5. Über- und außerplanmäßige Ausgaben einschließlich Vorgriffe 6 6. Haushaltswirtschaftliche Sperren nach §§ 36 und 41 BHO 6 7. Globale Minderausgaben 6 8. Personalverstärkungsmittel 6 9. Verpflichtungsermächtigungen 6 II. Rechnung über den Haushalt des Bundesrechnungshofes für das Haushaltsjahr 2018 Drucksache 200/19 - 1 - I. Erläuterungen zur Rechnung über den Haushalt des Bundesrechnungshofes für das Haushaltsjahr 2018. 1. Gesamtergebnis des Einzelplans 201 Mit der Rechnung über den Haushalt des Einzelplans 20 für das Haushaltsjahr 2018 wird folgen- des Gesamtergebnis festgestellt: Einnahmen Ergebnis Soll 2018 3.753 Ist 2018 4.239 Differenz (Ist ./.
    [Show full text]
  • State Audit in the European Union Contents
    State Audit in the European Union Contents Introduction Acknowledgements 1 Summary 3 Rechnungshof 35 Austria Court of Audit 51 Belgium Rigsrevisionen 61 Denmark State Audit Office 73 Finland Cour des Comptes 93 France Bundesrechnungshof 109 Germany Hellenic Court of Audit 125 Greece Office of the Comptroller and Auditor General 141 Ireland Corte dei Conti 157 Italy Cour des Comptes 171 Luxembourg Algemene Rekenkame 179 Netherlands Tribunal de Contas 193 Portugal Tribunal de Cuentas 205 Spain Riksrevisionsverket 217 Sweden National Audit Office 231 United Kingdom European Court of Auditors 251 Introduction ccountability for the use of public funds is a cornerstone of democratic Agovernment. At a national level this usually involves the executive government accounting for its stewardship of taxpayers' money to the elected representatives in Parliament. The state audit office makes an important contribution to this process by providing independent information, assurance and advice to Parliament about the accounts presented by the Executive. All state audit offices have essentially the same basic purpose - described by one writer as 'making public accountability a reality' - but the way that each fulfils this purpose is influenced by its historical background and its place in the constitutional and governmental structure. In 1996 the United Kingdom National Audit Office published a book which examined the role of each state audit office - often referred to as a Supreme Audit Institution (SAI) - in the European Union and the European Court of Auditors. The book examined the accountability relationships that then existed between the parliament, government and a variety of public sector bodies in each country, the way that state audit offices had responded to changes in the machinery of government, and the reasons for other developments in their roles.
    [Show full text]
  • The German Bundestag Functions and Procedures
    Linn Sobolewski The German Bundestag Functions and procedures 18th electoral term LINN · SOBOLEWSKI THE GERMAN BUNDESTAG – FUNCTIONS AND PROCEDURES – THE GERMAN BUNDESTAG – FUNCTIONS AND PROCEDURES – Organisation and working methods The legislation of the Federation by Susanne Linn and Frank Sobolewski Ku¨rschners Politikkontakte Susanne Linn heads the Parliament and Members Directorate-General of the Administration of the German Bundestag. Frank Sobolewski is head of the Parliamentary Services Directorate. Translated by: Language Service of the German Bundestag, in cooperation with Emma Hardie Typeset by: Schro¨der Media GbR, Dernbach Lithographs by: graphica, Neuwied Produced by: GGP Media GmbH, Po¨ßneck Photographs by: Bildpixel / Pixelio.de (Paul Lo¨be Building), Stephan Gu¨nzel / Pixelio.de (Marie- Elisabeth Lu¨ders Building), Deutscher Bundestag / Simone M. Neumann (Reichstag Building), Deutscher Bundestag / Achim Melde (plenary chamber, swearing-in of Angela Merkel, swear- ing-in of Manuela Schwesig, Bundestag Presidium, committee, ballot using voting cards, polling booth), Deutscher Bundestag / Thomas Trutschel / photothek.net (government seats, opposition) Further information: www.ndv.info ISBN 978-3-87576-783-4 ° 2015 by NDV GmbH & Co. KG, Rheinbreitbach Any use of this work, including of individual sections, outside the strict limits of the Copyright Act is prohibited without the publisher’s express permission; this applies in particular to repro- ductions of any kind and to saving and processing in electronic systems. Table of Contents Introduction ................................ 7 1. Organisation and working methods ................ 9 Elections and composition ......................... 9 The Members .............................. 10 The parliamentary groups ........................ 17 The Bundestag’s constituent meeting ................. 21 Election of the Federal Chancellor ................... 24 The organs of the Bundestag .......................
    [Show full text]
  • Infrastructure, Institutions and Identity – Determinants of Regional Development Empirical Evidence from Germany
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gäbler, Stefanie Research Report Infrastructure, institutions and identity - Determinants of regional development: Empirical evidence from Germany ifo Beiträge zur Wirtschaftsforschung, No. 91 Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Gäbler, Stefanie (2020) : Infrastructure, institutions and identity - Determinants of regional development: Empirical evidence from Germany, ifo Beiträge zur Wirtschaftsforschung, No. 91, ISBN 978-3-95942-088-4, ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München, München This Version is available at: http://hdl.handle.net/10419/231646 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen)
    [Show full text]
  • ANNUAL REPORT on FEDERAL FINANCIAL MANAGEMENT Abridged Version
    – 1 – 2013 ANNUAL REPORT ON FEDERAL FINANCIAL MANAGEMENT Abridged Version BUNDESRECHNUNGSHOF (Supreme Audit Institution of the Federal Republic of Germany) – 2 – C o n t e n t s Introduction Part I (General financial management) Financial audit of the federal accounts for FY 2012 Trends in federal public finance Part II (Cross-boundary and government-wide audit findings) Part III (Development of departmental budgets and department-related audit findings) Federal President and Federal President’s Office The Two Houses of Federal Parliament Federal Chancellor and Federal Chancellery Federal Foreign Office Federal Ministry of the Interior Federal Ministry of Justice Federal Ministry of Finance Federal Ministry of Economics and Technology Federal Ministry of Food, Agriculture and Consumer Protection Federal Ministry of Labour and Social Affairs Federal Employment Agency Pension Insurance Federal Ministry of Transport, Building and Urban Development Federal Ministry of Defence Federal Ministry of Health Federal Ministry for the Environment, Nature Conservation and Nuclear Safety Federal Ministry for Family Affairs, Senior Citizens, Women and Youth Federal Constitutional Court Federal Ministry for Economic Cooperation and Development Federal Ministry of Education and Research Federal Debt General Fiscal Administration Activities and Budget of the German SAI – 3 – 2013 Annual Report Introduction 1 Subject of the report Germany’s Supreme Audit Institution (SAI) audits the entire financial management of the Federal Government including federal off-budget funds and industrial or trading funds (Art. 88.1 German Federal Budget Code). Where the result of its audit may be significant for granting discharge to the Federal Government in respect of the budget and capital accounts, the SAI reports to the two Houses of Parliament (Art.
    [Show full text]
  • The German Federal Court of Audit's Observations of and Comments on Tax Administration and Tax Compliance
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Schöbel, Enrico Working Paper The German Federal Court of Audit's observations of and comments on tax administration and tax compliance Discussion Paper, No. 2006,002E Provided in Cooperation with: University of Erfurt, Faculty of Economics, Law and Social Sciences Suggested Citation: Schöbel, Enrico (2006) : The German Federal Court of Audit's observations of and comments on tax administration and tax compliance, Discussion Paper, No. 2006,002E, Universität Erfurt, Staatswissenschaftliche Fakultät, Erfurt This Version is available at: http://hdl.handle.net/10419/23945 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend
    [Show full text]
  • Unsettled Germans: the Reception and Resettlement of East German Refugees in West Germany, 1949-1961
    UNSETTLED GERMANS: THE RECEPTION AND RESETTLEMENT OF EAST GERMAN REFUGEES IN WEST GERMANY, 1949-1961 By Eric H. Limbach A DISSERTATION submitted to Michigan State University, in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY History 2011 ABSTRACT UNSETTLED GERMANS: THE RECEPTION AND RESETTLEMENT OF EAST GERMAN REFUGEES IN WEST GERMANY, 1949-1961 By Eric H. Limbach This study focuses on the migration of East German refugees into West Berlin and West Germany between the establishment of the GDR and FRG in 1949 and the construction of the Berlin Wall in 1961, an influx that, over the course of twelve years, totaled more than three million individuals. While the newcomers were physically indistinguishable and, apart from a few regional differences, shared a common language, culture and religious background with those already residing in West Germany, the presence of these refugees, like that of many other groups of migrants, was still considered a significant danger to the public order – a perception that was deeply rooted in the historical context of migration in Germany. In response to the influx, the Federal Republic and West Berlin established a comprehensive registration process for refugees, which attempted to determine whether refugees had a valid reason for their flight, and set up temporary camps to accommodate those awaiting resettlement in West Germany. Longer-term solutions included the creation of new employment opportunities and the construction of adequate (and permanent) housing in West German cities. However, these efforts required the cooperation of organizations and agencies at several levels of government, and disagreements among the West German Länder, West Berlin, and the Federal Government had a significant impact on the reception process.
    [Show full text]