HYPO NOE Gruppe Bank AG
Admission to trading of Variabel verzinsliche Schuldverschreibungen der NÖ Landesbank-Hypothekenbank AG 1 2007 – 2016/36 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT0000A04L20 Festverzinsliche Schuldverschreibungen der HYPO NOE Gruppe Bank AG 2007 – 2016/39 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT0000A04NZ7 Festverzinsliche Schuldverschreibungen der HYPO NOE Gruppe Bank AG 2007 – 2017/10 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT0000A04BM0 Festverzinsliche Schuldverschreibungen der HYPO NOE Gruppe Bank AG 2006 – 2015/13 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT0000A03NG9
HYPO NOE Gruppe Bank AG (formerly HYPO Investmentbank AG) ( HYPO NOE or the Issuer ) will apply for admission to trading on a regulated market (such term as defined in Directive 2004/39/EC) in the Grand-Duchy of Luxembourg (Luxembourg ) for certain series of notes (each a Series and together the Notes ) which have been offered publicly by relying on exemptions from the obligation to prepare and approve a prospectus, as described in this prospectus (the Prospectus ).
The Notes are governed by Austrian law. Claims for payment under the Notes are guaranteed by a default guarantee of the State of Lower Austria ( Land Niederösterreich ) (the Guarantor ). The Issuer will apply for a listing of the Notes on the official list of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange. Each Series is represented by a permanent global note in bearer form (each a Global Note ). Global Notes may be deposited with a common depository with or on behalf of Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (OeKB ) and/or the Issuer and/or any other agreed depository for any other clearing system, if any. Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Prospectus which the Issuer believes to represent the principal risks inherent in investing in the Notes. This Prospectus identifies certain information in general terms that a prospective investor should consider prior to making an investment in the Notes. However, a prospective investor should conduct its own thorough analysis (including its own accounting, legal and tax analysis) prior to deciding whether to invest in any Series admitted to trading under this Prospectus since any evaluation of the suitability for an investor of an investment in a Series of Notes admitted to trading under this Prospectus depends upon a prospective investor's particular financial and other circumstances, as well as on the specific terms of the relevant Series; if a prospective investor does not have experience in financial, business and investment matters sufficient to permit to make such a determination, it should consult with its financial adviser on the suitability of any Series prior to making its decision on whether or not to invest. This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer to subscribe for, or purchase, any Series of Notes. This Prospectus is a prospectus according to the provisions of Article 8.3 of the Luxembourg Prospectus Law dated 10 July 2005 ( loi relative aux prospectus pour valeurs mobilières) (the Luxembourg Act ). It was approved by the Commission de Surveillance du Secteur Financier (the CSSF ) of Luxembourg. This Prospectus and any supplement thereto will be published in electronic form on the website of the Luxembourg Stock Exchange under "www.bourse.lu" and on the website of the Issuer under "www.hyponoe.at" and will be available free of charge at the specified office of the Issuer. In relation to the Notes, application has been made to the CSSF in its capacity as competent authority (the Competent Authority ) under the Luxembourg Act for approval of this Prospectus. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), or with any securities regulatory authority of any state or other jurisdiction of the United States, and are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act). The date of this Prospectus is 30 March 2011.
1 Note: The name of the Issuer was changed as of 3 July 2007 from NÖ Landesbank-Hypothekenbank AG to HYPO Investmentbank AG and as of 23 October 2010 to HYPO NOE Gruppe Bank AG. The changes of the Issuer's name do not have any effect on the legal identity of the Issuer. 1 NOTE
The Issuer accepts responsibility for the information contained in this Prospectus and confirms that it has taken all reasonable care to ensure that the information contained in the Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omissions likely to affect its import.
This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference" below). Such documents shall be deemed to be incorporated in, and form part of this Prospectus. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for the purpose of this Prospectus to the extent that a statement contained in this Prospectus modifies or supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus.
No person is or has been authorised to give any information or to make any representation other than those contained in this Prospectus in connection with the issue or sale of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer. Neither the delivery of this Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer since the date hereof or the date upon which this Prospectus have been most recently amended or supplemented or that there has been no adverse change in the financial position of the Issuer since the date hereof or the date upon which this Prospectus has been most recently amended or supplemented or that any other information supplied in connection with the Notes is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.
This Prospectus has been drawn up in accordance with the Annexes VI, XI, XIII and XVI of Regulation (EC) No. 809/2004 as of 29 April 2004. This Prospectus has been approved by the CSSF.
2 DOCUMENTS INCORPORATED BY REFERENCE
The Prospectus should be read and construed in conjunction with the following parts of the following documents which have been previously published or are published simultaneously with the Prospectus and shall be deemed to be incorporated in, and form part of this Prospectus:
(i) the following parts of the unaudited consolidated interim financial statements of the Issuer for the first half year ended 30 June 2010 in German language :
Document/Heading Page reference in the relevant financial report
Unaudited Consolidated Interim Financial Statements of the Issuer for the first half year ended 30 June 2010 – Semi-annual Financial Report 2010
Income Statement 21
Statement of Financial Position 22 Statement of Changes in Equity 23
Cash Flow Statement 24
Notes to the Financial Statements 25 - 38
(ii) the following parts of the prospectus relating to the Euro 3,000,000,000 Debt Issuance Programme of the Issuer dated 18 August 2010 approved by the CSSF on 18 August 2010 and as supplemented by the first supplement dated 4 November 2010 and by the second supplement dated 31 January 2011 and by the third supplement dated 18 February 2011 (the EUR 3,000,000,000 Debt Issuance Programme Prospectus ):
Annex 1 Subject Reference 2
XI 2.1 Names and addresses of the Issuer's page 196 of the EUR 3,000,000,000 Debt auditors Issuance Programme Prospectus
XI Legal and commercial name of the Issuer page 196 of the EUR 3,000,000,000 Debt 4.1.1 Issuance Programme Prospectus
XI Place of registration of the Issuer and its page 196 of the EUR 3,000,000,000 Debt 4.1.2 registration number Issuance Programme Prospectus
XI Date of incorporation of the Issuer page 196 of the EUR 3,000,000,000 Debt 4.1.3 Issuance Programme Prospectus
XI Registered office and the legal form of the page 196 of the EUR 3,000,000,000 Debt 4.1.4 Issuer Issuance Programme Prospectus
1 Refers to the Annex XI to the EC Regulation 809/2004.
3 Annex 1 Subject Reference 2
XI Description of the Issuer's principal page 198 of the EUR 3,000,000,000 Debt 5.1.1 activities Issuance Programme Prospectus
XI Principle markets page 198 of the EUR 3,000,000,000 Debt 5.1.3 Issuance Programme Prospectus
XI 6.1 Group structure pages 199 to 202 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus
XI 7.1 No material adverse change page 203 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus
XI 10.1 Participation and control relationships pages 206 to 207 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus
XI 11.1 Historical financial information pages 4 and 208 to 212 of the EUR 3,000,000,000 Debt Issuance Programme
Prospectus
XI 11.2 Financial statements pages 4 and 213 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus
IX Statement about the audit page 213 of the EUR 3,000,000,000 Debt 11.3.1 Issuance Programme Prospectus
XI Unaudited financial information page 213 of the EUR 3,000,000,000 Debt 11.3.3 Issuance Programme Prospectus
XI Age of latest financial information page 213 of the EUR 3,000,000,000 Debt 11.4.1 Issuance Programme Prospectus
For the avoidance of doubt, such sections of the above listed previously published documents relating to the Programme which are not explicitly listed in the table above, are not incorporated by reference into this Prospectus.
Any information not listed above but included in the prospectuses incorporated by reference is given for information purposes only.
Any statement contained in any document incorporated by reference herein shall be deemed to be modified or superseded for the purpose of the Prospectus to the extent that such statement is inconsistent with a statement contained in the Prospectus.
The Prospectus and the above listed documents incorporated by reference will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
Copies of the Prospectus and the documents incorporated by reference in the Prospectus can be obtained free of charge from the specified office of the Issuer.
4 TABLE OF CONTENTS
DOCUMENTS INCORPORATED BY REFERENCE ...... 3 RISK FACTORS ...... 7 SECURITIES NOTE...... 15 1. PERSONS RESPONSIBLE ...... 15 2. RISK FACTORS ...... 15 3. KEY INFORMATION...... 15 4. INFORMATION CONCERNING THE SECURITIES TO BE ADMITTED TO TRADING...... 15 5. ADMISSION TO TRADING AND DEALING ARRANGEMENTS...... 17 6. EXPENSE OF THE ADMISSION TO TRADING ...... 18 7. ADDITIONAL INFORMATION ...... 18 DESCRIPTION OF THE ISSUER...... 19 1. PERSONS RESPONSIBLE ...... 19 2. STATUTORY AUDITORS...... 19 3. RISK FACTORS ...... 19 4. INFORMATION ABOUT THE ISSUER...... 19 5. BUSINESS OVERVIEW ...... 20 6. ORGANISATIONAL STRUCTURE ...... 20 7. TREND INFORMATION ...... 20 8. PROFIT FORECASTS OR ESTIMATES ...... 21 9. ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES ...... 21 10. MAJOR SHAREHOLDERS ...... 25 11. FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES ...... 25 12. MATERIAL CONTRACTS ...... 27 13. THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND DECLARATIONS OF ANY INTEREST ...... 27 14. DOCUMENTS ON DISPLAY...... 27 INFORMATION RELATING TO THE GUARANTEE AND THE GUARANTOR ..... 28 NATURE AND SCOPE OF THE GUARANTEE...... 28 DESCRIPTION OF THE STATE OF LOWER AUSTRIA AS GUARANTOR...... 30 1. PERSONS RESPONSIBLE ...... 30 2. RISK FACTORS IN RELATION TO THE GUARANTOR...... 30 3. INFORMATION IN RELATION TO THE GUARANTOR ...... 30 4. PUBLIC FINANCES AND TRADE ...... 39
5 5. SIGNIFICANT CHANGES ...... 42 6. COURT AND ARBITRATION PROCEEDINGS ...... 42 7. STATEMENTS BY EXPERTS AND DECLARATIONS BY INTERESTED PARTIES...... 42 8. DOCUMENTS AVAILABLE FOR INSPECTION ...... 42 TERMS AND CONDITIONS ...... 44 ANNEX 1 - AT0000A04L20...... 45 ANNEX 2 - AT0000A04NZ7 ...... 49 ANNEX 3 - AT0000A04BM0 ...... 51 ANNEX 4 - AT0000A03NG9...... 53
6 RISK FACTORS
General
This section, "Risk Factors", comprises the following parts:
I. Risk Factors relating to HYPO NOE; and
II. Risk Factors relating to the Notes.
Should one or several of the following risks materialise, this could lead to a material decline in the price of the Notes or, in the worst-case scenario, to a total loss of interest and the amount invested by investors.
Each prospective purchaser of Notes must determine, based on its own independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully consistent with its financial needs, objectives and condition, complies and is fully consistent with all investment policies, guidelines and restrictions applicable to it and is a fit, proper and suitable investment for it, notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.
A prospective purchaser may not rely on the Issuer, or any of its respective affiliates in connection with its determination as to the legality of its acquisition of the Notes or as to the other matters referred to above.
I. Risk Factors relating to HYPO NOE
Risk factors relating to HYPO NOE include, inter alia, the following risk factors:
Credit Risk
The concept of credit risk should be understood in the sense of creditworthiness risk, meaning the partial or total loss of a receivable due to delinquency or deterioration in credit of a counterparty.
Credit risk is classified according to the relevant product group. Loans are assigned "classic credit risk", derivatives are assigned "counterparty credit risk" and other types of securities are assigned "issuer risk".
"Classic credit risk" is the risk of complete or partial loss, due to a default or a decline in creditworthiness of the credit counterparty. HYPO NOE is susceptible to classic credit risk throughout the entire term of credit provided to the credit counterparty.
"Counterparty credit risk" is the risk of a loss being sustained by HYPO NOE as a result of entering into financial derivatives (including futures and credit derivatives). The extent of loss, for example, could be the cost to HYPO NOE of replacing those financial derivatives.
"Issuer risk" is the risk of a partial or total loss caused by the decline in the creditworthiness of securities.
7 Credit Risk Management at HYPO NOE
The Credit Risk Analysis department assesses and monitors all risks in relation to loans and credit provided by HYPO NOE. This includes producing rating verifications, watch-lists, settlement procedures and regular reports to the management board.
Market Risk
Market risk is the potential loss that can occur to HYPO NOE as a result of an adverse change in the market value of positions, such as exchange rates (currency risk), share prices, indexes and fund prices (equity risk), credit spreads (spread risk) and volatility (volatility risk).
Market Risk Management at HYPO NOE
Market risk is managed by the Group Treasury & ALM in accordance with the Group Risk Strategy and the Group Risk Manual.
Interest Rate Risk (part of market risk)
Interest rate risk is the potential for losses to be incurred as a result of changes in the value of an interest position, through changes in the interest-rate yield and, as the case may be, discounting.
Interest Rate Risk Management at HYPO NOE
Interest rate risk is managed at HYPO NOE by the Group Treasury & Asset Liability Management (" Group Treasury & ALM ") in accordance with the Group Risk Strategy and the Group Risk Manual. The Group Risk Strategy is a general and group-wide framework which defines requirements and risk policy principles for dealing with risk. The Group Risk Manual is the operational framework for each risk factor.
Liquidity Risk
Liquidity risk is the risk that HYPO NOE may not be able to fulfil its financial obligations at anytime. An imbalance of payment obligations and payments received can on its own constitute a liquidity risk. In addition, unexpected repayment delays (repayment schedule risk) or unexpectedly high outflows of funds (withdrawal risk) can occur.
By comparing payment obligations with payments received, HYPO NOE is able to determine its liquidity position.
Liquidity is essential to HYPO NOE's businesses and HYPO NOE relies on sources external to HYPO NOE to finance a significant portion of their respective operations.
Liquidity is essential to HYPO NOE's businesses. HYPO NOE's liquidity could be substantially negatively affected by an inability on the part of HYPO NOE to raise funding in the long-term or short-term debt capital markets or an inability to access the secured lending markets. Factors that HYPO NOE cannot control, such as disruption of the financial markets or negative views about the financial services industry generally, could impair its ability to raise funding. In addition, its ability to raise funding could be impaired if lenders develop a negative perception of HYPO NOE's
8 long-term or short-term financial prospects. Such negative perceptions could develop if HYPO NOE incurs major losses at the management of financial assets, either of them suffers a decline in the level of their business activity, or if regulatory authorities take significant action against either of them, or either of them discovers serious employee misconduct or illegal activity, among other reasons. If HYPO NOE is unable to raise funding using the methods described above, it would likely need to liquidate unencumbered assets, such as its financial assets portfolios, to meet maturing liabilities.
Liquidity Risk Management at HYPO NOE
Liquidity is managed by Group Treasury & ALM in accordance with the Group Risk Strategy and the Group Risk Manual.
Operational Risk
Operational risk relates to direct or indirect losses as a consequence of the inadequacy or failure of internal practices, people or systems (such as IT), or as a result of external events.
Operational Risk Management at HYPO NOE
Operational risk is inherent in all business activities of HYPO NOE and is managed and reported in accordance with the regulatory frameworks by Group Risk Management.
HYPO NOE uses the Basic Indicator Approach (" BIA ") for the calculation of capital requirements for operational risk. Under the BIA, the capital requirement for operational risk is equal to 15 per cent of the relevant indicator defined in Annex X, part 1, points 2 to 9 of the Directive 2006/48/EC.
Reputation Risk
Reputation risk comprises the danger of a direct or indirect loss caused by damage to the reputation of HYPO NOE, such as claims by clients, external creditors, staff and business partners and is managed by Group Risk Management.
Other Risks
Business Risks
Business risks are defined as negative developments in HYPO NOE’s business environment. These include, for example, a sudden worsening of market conditions and changes in HYPO NOE’s market and competitive status.
Strategic Risks
Strategic risks comprise the danger of losses resulting from decisions on basic strategic orientation and the development of the business activities of the bank.
9 Pending Legal Risks
From June 2009 to September 2009, the Issuer was subject to a regular audit by the Austrian National Bank ( Oesterreichische Nationalbank , the " OeNB "). In the course of this audit, the OeNB voiced concerns with regard to the accounting principles applied in connection with an investment of own securities (" Aquarius "), as well as with the consolidation of a company (Augustus Funding Ltd., Ireland, " Augustus ") in the credit institution group of the Issuer. By reason of the OeNB findings, the Financial Markets Authority ( Finanzmarktaufsichtsbehörde , the "FMA ") has instituted preliminary proceedings against the Issuer and the members of its management board (as it was composed in December 2009) in order to clarify these matters. The FMA has furthermore filed a description of the facts relating to Aquarius with the office of the public prosecutor for further assessment, and the public prosecutor has opened investigations. It is not yet clear whether and to which extent the public prosecutor will decide to bring the case before a criminal court. The topic of Aquarius was accounted for in the Annual Report 2009. The topic of Augustus is detailed in the Notes to the consolidated financial statement for 2009.
These pending proceedings and the decisions to be issued in this connection by the relevant authorities and the court may have a material adverse effect on the assets, financial conditions and results of operations of HYPO NOE and its subsidiaries and therefore it may affect the Issuer's ability to meet future obligations relating to the Notes to the Noteholders.
II. Risk Factors relating to the Notes
The following is a disclosure of risk factors that are material to the Notes issued under this Prospectus in order to assess the market risk associated with these Notes. Prospective investors should consider these risk factors before deciding to purchase Notes issued under this Prospectus.
The following statements are not exhaustive. Prospective investors should consider all information provided in this Prospectus and consult with their own professional advisers (including their financial, accounting, legal and tax advisers) if they consider it necessary. In addition, investors should be aware that the risks described may combine, and thus intensify one another.
The purchase of certain Series admitted to trading under this Prospectus may involve substantial risks and may only be suitable for investors who have the knowledge and experience in financial and business matters necessary to enable them to evaluate such risks and the merits of an investment in such Series.
Market Conditions
The market for debt securities issued by Austrian companies and banks is influenced by economic and market conditions in Austria and, to varying degrees, by market conditions, interest rates, currency exchange rates and inflation rates in other European and other industrialised countries. There can be no assurance that events in Austria, other European countries or elsewhere will not cause market volatility or that such volatility will not adversely affect the price of Notes, or that economic and market conditions will not have any other adverse effect.
10 Liquidity Risk
Application will be made to list the Notes on the official list of the Luxembourg Stock Exchange and to admit to trading such Notes on a regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) . There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. The fact that the Notes will be listed does not necessarily lead to greater liquidity than if they were not listed. In an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The possibility of selling the Notes might additionally be restricted as a result of currency restrictions.
Early Redemption Risk
In case that the Notes are repaid prior to their maturity, the holder is exposed to certain risks, in particular to the risk that the capital investment will return a lower yield than expected.
Investors should note that where the terms and conditions of a Series provide for a right of early redemption by the Issuer only, the holders of Notes (the Noteholders ) usually receive a higher yield on their notes than they would if they were also granted a right to early redeem the notes. Excluding the Noteholders' right to redeem notes prior to their maturity is often a precondition for the Issuer being able to hedge its exposure under the notes. Thus, without early redemption by Noteholders being excluded, the Issuer would not be able to issue a certain Series at all, or the Issuer would factor the potential hedging break costs into the redemption amount of the Series, thus reducing the yield investors receive from such Series. Investors should therefore carefully consider whether they think that a right of early redemption only for the Issuer would be to their detriment, and should, if they think that this is the case, not invest in the Notes.
Fixed Rate Notes
A holder of a fixed rate note is exposed to the risk that the price of such note falls as a result of changes in the market interest rate. While the nominal interest rate of a fixed rate note as specified in the applicable Terms and Conditions is fixed during the life of such note, the current interest rate on the capital market ( market interest rate ) typically changes on a daily basis. As the market interest rate changes, the price of a fixed rate note also changes, but in the opposite direction. If the market interest rate increases, the price of a fixed rate note typically falls, until the yield of such note is approximately equal to the market interest rate. If the market interest rate falls, the price of a fixed rate note typically increases, until the yield of such note is approximately equal to the market interest rate. If the holder of a fixed rate note holds such note until maturity, changes in the market interest rate are without relevance to such holder, as the note will be redeemed at a specified redemption amount, usually the principal amount of such note.
Floating Rate Notes
A Holder of a floating rate note is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of floating rate notes in advance.
Legality of Purchase
Neither the Issuer nor any of its affiliates has or assumes responsibility for the lawfulness of the acquisition of the Notes by a prospective purchaser of the Notes, whether under the laws of the jurisdiction of its incorporation or the jurisdiction in which it operates (if different) or for compliance
11 by that prospective purchaser with any laws, regulation or regulatory policy applicable to it. A prospective purchaser may not rely on the Issuer or any of its respective affiliates in connection with its determination as to the legality of its acquisition of the Notes.
Taxation
Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax authorities or court decisions may be available for innovative financial instruments such as the Notes. Potential investors are advised not to rely upon the tax summary contained in this document but to ask for their own tax adviser's advice on their individual taxation with respect to the acquisition, sale and redemption of the Notes. Only these advisors are in a position to duly consider the specific situation of the potential investor.
Market Value of Notes
The market value of Notes will be affected by the creditworthiness of the Issuer and a number of additional factors, including, but not limited to, market interest and yield rates, market liquidity and the time remaining to the maturity date.
The value of the Notes depends on a number of interrelated factors, including economic, financial and political events in Austria or elsewhere, and including factors affecting capital markets. The price at which a Holder will be able to sell the Notes prior to maturity may be at a discount, which could be substantial, from the relevant issue price of the Notes or the purchase price paid by such purchaser.
Interest Rate Risk
The interest rate risk is one of the central risks of interest-bearing Notes. The interest rate level on the money and capital markets may fluctuate on a daily basis and cause the value of the Notes to change on a daily basis. The interest rate risk is a result of the uncertainty with respect to future changes of the market interest rate level. In particular, holders of fixed rate Notes are exposed to an interest rate risk that could result in a diminution in value if the market interest rate level increases. In general, the effects of this risk increase as the market interest rates increase.
Change of Law
The Terms and Conditions of the Notes will be governed by Austrian law. No assurance can be given as to the impact of any possible judicial decision or change to Austrian law (or law applicable in Austria) or administrative practice in Austria, as the case may be, after the date of this Prospectus.
Rating of the Notes
A rating of Notes, if any, may not adequately reflect all risks of the investment in such Notes. Equally, ratings may be suspended, downgraded or withdrawn. Such suspension, downgrading or withdrawal may have an adverse effect on the market value and trading price of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
12 Because the Global Notes may be held by or on behalf of OeKB, investors will have to rely on its procedures for transfer, payment and communication with the Issuer
Notes issued under this Prospectus are represented by one or more global note(s) (each a Global Note ). Such Global Notes may be deposited with OeKB. Investors will not be entitled to receive definitive Notes. OeKB will maintain records of the beneficial interests in the Global Notes. While the Notes are represented by one or more Global Note(s), investors will be able to trade their beneficial interests only through OeKB. While the Notes are represented by one or more Global Note(s), the Issuer will discharge its payment obligations under the Notes by making payments to OeKB. A Holder of a beneficial interest in a Global Note must rely on the procedures of OeKB to receive payments under the relevant Notes. The Issuer has no responsibility or liability for the records relating to, or payments made in respect of, beneficial interests in the Global Notes. Holders of beneficial interests in the Global Notes will not have a direct right to vote in respect of the relevant Notes. Instead, such Noteholders will be permitted to act only to the extent that they are enabled by OeKB to appoint appropriate proxies.
Incidental costs related in particular to the purchase and sale of the Notes may have a significant impact on the profit potential of the Notes
Commissions and other transaction costs which may be incurred in connection with the purchase and/or sale of the Notes may, in particular in combination with a low invested amount, lead to cost burdens which may substantially reduce the profit connected with such Note. It is therefore recommended that prior to the sale or purchase of a Note, an investor should keep itself informed of all costs connected with such investment.
There is a risk that trading in the Notes will be suspended, interrupted or terminated
The listing of the Notes may – depending on the rules applicable to such stock exchange - be suspended or interrupted by the respective stock exchange or a competent regulatory authority upon the occurrence of a number of reasons, including violation of price limits, breach of statutory provisions, occurrence of operational problems of the stock exchange or generally if deemed required in order to secure a functioning market or to safeguard the interests of investors. Furthermore, trading in the Notes may be terminated, either upon decision of the stock exchange, a regulatory authority or upon application by the Issuer. Investors should note that the Issuer has no influence on trading suspension or interruptions (other than where trading in the Notes is terminated upon the Issuer's decision) and that investors in any event must bear the risks connected therewith. In particular, investors may not be able to sell their Notes where trading is suspended, interrupted or terminated, and the stock exchange quotations of such Notes may not adequately reflect the price of such Notes. Finally, even if trading in Notes is suspended, interrupted or terminated, investors should note that such measures may neither be sufficient nor adequate nor in time to prevent price disruptions or to safeguard the investors' interests; for example, where trading in Notes is suspended after price-sensitive information relating to such Notes has been published, the price of such Notes may already have been adversely affected. All these risks would, if they materialise, have a material adverse effect on the investors.
If a loan or credit is used to finance the acquisition of the Notes, the loan may significantly increase the risk of a loss
If an investor finances the acquisition of Notes by a credit or loan, he must not only accept any losses incurred in connection with the Notes, but he must also repay the loan or credit and pay
13 interest thereon. Thereby, an investor's risk of incurring losses is substantially increased. A holder of Notes should therefore never rely on the fact that he will be able to pay interest on, and repay the loan or credit from proceeds derived from the Notes. Rather, an investor should carefully consider in advance its economic situation in determining whether he will be able to pay interest on, and possibly repay upon short notice, the loan or credit, even if losses are incurred under the Notes instead of expected profits.
Due to future money depreciation (inflation), the real yield of an investment may be reduced
Inflation risk describes the possibility that the value of assets such as the Notes or income therefrom will decrease as inflation shrinks the purchasing power of a currency. Inflation causes the rate of return to decrease in value.
Investors have to rely on the functionality of the relevant clearing system
The Notes are purchased and sold through different clearing systems, such as OeKB. The Issuer does not assume any responsibility for to whether the Notes are actually transferred to the securities portfolio of the relevant investor. Investors have to rely on the functionality of the relevant clearing system.
14 SECURITIES NOTE
1. PERSONS RESPONSIBLE
1.1 Persons responsible
See page 2 of this Prospectus.
1.2 Responsibility Declaration
See page 2 of this Prospectus.
2. RISK FACTORS
See chapter "Risk Factors".
3. KEY INFORMATION
Interest of natural and legal persons involved in the issue
The Issuer is not aware of any interest of natural or legal persons involved in any issue of a Series, including conflicting ones that are material to any issue of a Series.
4. INFORMATION CONCERNING THE SECURITIES TO BE ADMITTED TO TRADING
4.1 Total amount of securities being admitted to trading
The aggregate nominal amount of each Series of Notes to be admitted to trading is as follows:
ISIN AT0000A04L20: EUR 50 mn
ISIN AT0000A04NZ7: EUR 50 mn
ISIN AT0000A04BM0: EUR 50 mn
ISIN AT0000A03NG9: EUR 50 mn
4.2 Type and class
The Series admitted to trading under this Prospectus comprise the Notes with fixed interest rates as well as the Notes with variable interest rate including an interest conversion option of the Issuer (AT0000A04L20), which all are covered by a default guarantee by the State of Lower Austria ( Land Niederösterreich ). The Notes consist of the Series identified by the International Securities Identification Numbers, AT0000A04L20, AT0000A04NZ7, AT0000A04BM0 and AT0000A03NG9.
4.3 Legislation
The Notes are issued under and governed by Austrian law.
15 4.4 Form of Notes
The Notes are bearer notes and represented entirely by permanent global notes pursuant to sec 24 lib b of the Austrian Depositary Act ( Depotgesetz ), Federal Law Gazette No 424/1969 as amended, which bear the signature of two persons authorised by the Issuer.
The Global Notes are deposited with a securities depository (which may be the Oesterreichische Kontrollbank Aktiengesellschaft, Am Hof 4, A-1010 Vienna, Austria, the Issuer or any other securities depository) on behalf of the clearing system, if any. The Notes are transferable in accordance with applicable laws and regulations.
No definitive notes are issued. The Issuer shall not be obligated to issue definitive notes, save where mandatorily required by applicable statute or the regulations of the clearing system.
4.5 Currency of the securities issue
The Notes are denominated in Euro.
4.6 Ranking
The Notes constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, save for such obligations as may be preferred by mandatory provisions of law.
4.7 Rights of the Noteholders
The rights of the Noteholders are set out in the Terms and Conditions (contained in Annexes 1 to 4 hereto) which are applicable to the respective Series.
4.8 Interest
The provisions regarding interest accruing on the Notes are set out in the Terms and Conditions (contained in Annexes 1 to 4 hereto) which are applicable to the respective Series.
4.9 Maturity and redemption
The maturity dates of the Series are set out below:
ISIN AT0000A04L20: 28 August 2016
ISIN AT0000A04NZ7: 28 August 2016
ISIN AT0000A04BM0: 29 July 2017
ISIN AT0000A03NG9: 29 September 2015
Further information on maturity and repayment is contained in the Terms and Conditions (contained in Annexes 1 to 4 hereto).
16 4.10 Yield
The yields of the Series as of the respective date of issue are set out below:
ISIN AT0000A04L20: Not applicable
ISIN AT0000A04NZ7: 3.24% p.a.
ISIN AT0000A04BM0: 3.39% p.a.
ISIN AT0000A03NG9: 3.26% p.a.
4.11 Representation of Noteholders
The Terms and Conditions of the Notes do not contain any rules on the representation of the Noteholders. However, in certain cases an attorney (Curator) may be appointed by and responsible to the Commercial Court of Vienna under the statute of 24 April 1874, Imperial Legislation Gazette no. 49 as amended ( Kuratorengesetz ), representing the Noteholders vis-à-vis Austrian courts.
4.12 Resolutions by virtue of which the Notes have been or will be created
The issue of each Series of Notes has been approved by the management board of the Issuer upon application and after submission of the issue plan. Such management board resolutions are the basis for the issue of each Series of Notes.
4.13 Issue date
ISIN AT0000A04L20: 15 February 2007
ISIN AT0000A04NZ7: 20 February 2007
ISIN AT0000A04BM0: 18 January 2007
ISIN AT0000A03NG9: 15 December 2006
4.14 Transferability
The Notes are bearer notes which are freely transferable.
5. ADMISSION TO TRADING AND DEALING ARRANGEMENTS
5.1 Listing and admission to trading
The Issuer will apply for listing of the Notes on the official list of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange.
5.2 Paying and depository agents
The Issuer is acting as paying agent for the Notes.
The Global Notes representing the Notes are deposited with the OeKB on behalf of the specified clearing system, if any.
17 6. EXPENSE OF THE ADMISSION TO TRADING
Total expenses related to the admission to trading are EUR 4.000 per Series.
7. ADDITIONAL INFORMATION
7.1 Advisors
No such advisors act for the Issuer in connection with any issue of a Series of the Notes.
7.2 Audited or reviewed information
This Prospectus does not contain any further information in the Securities Note which has been audited or reviewed by auditors and where auditors have produced a report. See page 213 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
7.3 Statement or report attributed to experts
No such experts act for the Issuer in connection with any issue of a Series of the Notes.
7.4 Information from third parties
This Prospectus does not contain any information sourced from a third party, save that the description of the Guarantor contained in chapter "INFORMATION RELATING TO THE GUARANTEE AND THE GUARANTOR" is based on the (unreviewed) information received by the Issuer from the Guarantor .
7.5 Credit Ratings
The Notes have not been assigned a credit rating.
18 DESCRIPTION OF THE ISSUER
1. PERSONS RESPONSIBLE
1.1 Persons responsible
See page 2 of this Prospectus.
1.2 Responsibility Declaration
See page 2 of this Prospectus.
2. STATUTORY AUDITORS
2.1 Names and addresses of the issuer’s auditors
See page 196 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
2.2 Change of auditors
Since the business year 2007, no auditors have resigned, been removed or not been re- appointed.
3. RISK FACTORS
See "Risk Factors" beginning on page 7 of this Prospectus.
4. INFORMATION ABOUT THE ISSUER
4.1 History and development
4.1.1 Legal and commercial name
See page 196 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus. As of 23 October 2010, the Issuer changed its legal name to HYPO NOE Gruppe Bank AG.
4.1.2 Place of registration and registration number
See page 196 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
4.1.3 Date of incorporation
See page 196 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
4.1.4 Domicile and legal form; legislation; country of incorporation; address and telephone number;
See page 196 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus. The Issuer is incorporated and operating under Austrian law.
19 4.1.5 Recent events particular to the Issuer
The Issuer is not aware of any recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer’s solvency.
5. BUSINESS OVERVIEW
5.1 Principal activities
5.1.1 Principal activities stating the main categories of products sold and/or services performed
See page 198 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
5.1.2 Indication of any significant new products and activities
There are no indications of any significant new products and activities of the Issuer included in the Prospectus.
5.1.3 Principal markets
See page 198 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
5.1.4 Basis for any statements regarding the issuer's competitive position
There is no basis for any statements on the Issuer's competitive position included in this Prospectus.
6. ORGANISATIONAL STRUCTURE
6.1 Description of the group
See pages 199 to 202 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
6.2 Dependence on other group entities
The Issuer is not significantly dependent upon other entities within the group.
7. TREND INFORMATION
7.1 No material adverse change in the prospects of the Issuer since the date of its last published audited financial statements
See page 203 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus and legal and arbitration proceedings in 11.6.
7.2 Information on any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the issuer's prospects for at least the current financial year
There are no further information on any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the issuer's prospects for at least the current financial year other than described under legal and arbitration proceedings in 11.6.
20
8. PROFIT FORECASTS OR ESTIMATES
The Issuer decided not to include any profit forecasts into this Prospectus.
9. ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES
9.1 Names, business addresses and functions in the issuer of the following persons, and an indication of the principal activities performed by them outside the Issuer where these are significant with respect to that Issuer: (a) members of the administrative, management or supervisory bodies; (b) partners with unlimited liability, in the case of a limited partnership with a share capital.
See pages 203 to 206 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
9.2 Administrative, Management, and Supervisory bodies conflicts of interests
Supervisory Board
Current members of the Supervisory Board are:
1. Herbert Fichta, Chairman (Seidengasse 25/14,1070 Wien)
Outside activities (according to the Companies Register):
- Ingeborg Meier Privatstiftung, 1080 Wien (Managing Board, Deputy to the Chairman) - ”Wohnungseigentümer” Gemeinnützige Wohnbaugesellschaft m.b.H., 2340 Mödling (Supervisory Board, Deputy to the Chairman) - “Österreichisches Siedlungswerk“ Gemeinnützige Wohnungsaktiengesellschaft, 1080 Wien (Supervisory Board, Chairman) - Bau-, Wohnungs- und Siedlungsgesellschaft Kirchberg am Wagram, gemeinnützige Gesellschaft m.b.H., 1080 Vienna (Supervisory Board, Member) - EWU Wohnbau Unternehmungsbeteiligungs-Aktiengesellschaft, 1011 Vienna (Supervisory Board, Deputy to the Chairman) - GEBAU-NIOBAU Gemeinnützige Baugesellschaft m.b.H, 2344 Maria Enzersdorf am Gebirge (Supervisory Board, Deputy to the Chairman) - Gemeinnützige Wohnungsgesellschaft “Austria“ Aktiengesellschaft, 2340 Mödling (Supervisory Board, Deputy to the Chairman) - IMMO-BANK Aktiengesellschaft, 1010 Wien (Supervisory Board, Deputy to the Chairman) - NV Immobilien GmbH, 1090 Wien (Supervisory Board, Member) - ÖSW - Siedlungs- und Wohnungswerk Wohnungs- und Baubetreuungsgesellschaft m.b.H., 1080 Wien (Supervisory Board, Chairman)
2. Dr. Michael Lentsch, Member of the Supervisory Board (Hauptplatz 32, 2700 Wiener Neustadt), since 28 April 2010
Outside activities (according to the Companies Register):
- I & T GmbH, 7011 Siegendorf (Associate) - Kosch & Partner Rechtsanwälte GmbH, 2700 Wiener Neustadt (Associate, Managing Director) - LGP Gesellschaft für Liegenschaftsverwaltung, Gebäudemanagement und Projektentwicklung GmbH, 2700 Wiener Neustadt (Associate)
21 - Linz Süd Liegenschaftsverwaltungs GmbH, 1010 Wien (Associate) - MBLV Liegenschaftsverwaltungs GmbH, 1010 Wien (Associate) - Kosch & Partner Unternehmenssanierung GmbH, 2700 Wiener Neustadt (Managing Director) - LGP Gesellschaft für Liegenschaftsverwaltung, Gebäudemanagement und Projektentwicklung GmbH, 2700 Wiener Neustadt (Managing Director) - NÖ Landes-Beteiligungsholding GmbH, 3109 St. Pölten (Supervisory Board, Member) - Almer Bauträger GmbH, 2340 Mödling, (Deputy to the Liquidator) - Battenfeld Kunststoffmaschinen Gesellschaft m.b.H., 2542 Kottingbrunn (Liquidator) - Cardec hydrogen storage GmbH, 2700 Wiener Neustadt; (Liquidator) - ConnSpec Telekom Dienstleistungen und Beteiligungs-Aktiengesellschaft, 2752 Wöllersdorf (Liquidator) - IGISA Softwareproduktions- und Datenserverbetriebs GmbH, 2700 Wiener Neustadt (Liquidator) - INTER TRUCK GmbH, 2752 Wöllersdorf, (Liquidator) - Ignis GmbH, 2763 Neusiedl/Pernitz (Liquidator) - LISTANOIL – COOPERATION Ges.m.b.H, 2604 Theresienfeld (Deputy to the Liquidator) - Leinweber Maschinen GmbH, 2700 Wiener Neustadt (Liquidator) - POLAK KARL KG, 2801 Katzelsdorf an der Leitha (Liquidator) - Spiel-und Pokertisch Vermietungs GmbH, 2700 Wiener Neustadt (Liquidator) - homepro Handels GmbH, 2831 Warth (Liquidator) - Igisa telematik gmbh, 2544 Leobersdorf (Liquidator)
3. Willibald Eigner, Member of the Supervisory Board (Dehmgasse 4, 3400 Weidling, Niederösterreich)
Outside activities (according to the Companies Register):
- Dipl. Ing. Eigner Ziviltechniker GmbH, 3400 Weidling (Associate, Managing director)
4. Burkhard Hofer, Supervisory Board; Deputy to the Chairman (EVN Platz, 2344 Maria Enzersdorf, Niederösterreich)
Outside activities (according to the Companies Register):
- EVN AG, 2344 Maria Enzersdorf (Management Board, Chairman) - AUSTRIA FERNGAS Gesellschaft m.b.H. in Liqu., 1110 Wien (Supervisory Board, Chairman) - BEGAS Energie AG, 7000 Eisenstadt (Supervisory Board, Member) - Burgenland Holding Aktiengesellschaft, 7000 Eisenstadt (Supervisory Board, Member) - Burgenländische Elektrizitätswirtschafts - Aktiengesellschaft (BEWAG), 7000 Eisenstadt (Supervisory Board, Member) - EVN-Pensionskasse Aktiengesellschaft, 2344 Maria Enzersdorf (Supervisory Board, Chairman) - Flughafen Wien Aktiengesellschaft, 1300 Wien-Flughafen (Supervisory Board, Member) - Kabelsignal AG, 2344 Maria Enzersdorf am Gebirge (Supervisory Board, Member) - RAG-Beteiligungs-Aktiengesellschaft, 2344 Maria Enzersdorf (Supervisory Board, Member) - Rohöl-Aufsuchungs Aktiengesellschaft, 1015 Wien (Supervisory Board, Member) - VERBUND AG, 1011 Wien (Supervisory Board, Member)
5. Klaus Schneeberger, Member of the Supervisory Board (Landhausplatz 1, 3109 St. Pölten, Niederösterreich)
Outside activities (according to the Companies Register):
- Business Messen Wiener Neustadt Genossenschaft für Wirtschaftsförderung registrierte Genossenschaft mit beschränkter Haftung, 2700 Wiener Neustadt (Management Board, Chairman) - Arena Nova BetriebsgmbH, 2700 Wiener Neustadt (Managing Director,) - EBG MedAustron GmbH, 2700 Wiener Neustadt (Supervisory Board, Chairman)
22 - Fachhochschule Wiener Neustadt für Wirtschaft und Technik Gesellschaft m.b.H., 2700 Wiener Neustadt (Supervisory Board, Member) - RIZ Niederösterreichs Gründeragentur Ges.m.b.H., 2700 Wiener Neustadt (Supervisory Board, Member) - ecoplus.Niederösterreichs Wirtschaftsagentur GmbH, 3100 St. Pölten (Supervisory Board, Chairman) - N.vest Unternehmensfinanzierungen des Landes Niederösterreich GmbH, 3100 St. Pölten (Supervisory Board, Deputy)
6. Karl Schlögl, Member of the Supervisory Board (Rathausplatz 1, 3002 Purkersdorf, Niederösterreich)
Outside activities (according to the Companies Register):
- INXI Beteiligungsgesellschaft m.b.H., 3002 Purkersdorf (Associate, Managing Director) - Franz Klammer Foundation Privatstiftung, 1010 Wien (Management Board, Member) - S-CONSULTING GMBH, 3002 Purkersdorf (Managing Director) - NOVOMATIC AG , 2352 Gumpoldskirchen (Supervisory Board, Member) - WIPUR Wirtschaftsbetriebe der Stadt Purkersdorf GmbH, 3002 Purkersdorf (Supervisory Board, Member) - Wiental -Sammelkanal Gesellschaft m. b.H., 3011 Untertullnerbach (Supervisory Board, Member)
7. Karl Sonnweber, Member of the Supervisory Board (Rathausplatz 1, 2353 Guntramsdorf, Niederösterreich)
Outside activities (according to the Companies Register):
- Gemeinnützige Bau - und Wohnungsgenossenschaft für Mödling registrierte Genossenschaft mit beschränkter Haftung, 2340 Mödling (Management Board, Chairman)
8. Herbert Höck, Deputy to the Chairman (Wipplingerstr. 1, 1010 Vienna), until 28 April 2010
Members delegated by the Staff Committee to the Supervisory Board are:
1. Hermann Haitzer, (Haanbaumstrasse 9, 3001 Mauerbach, Niederösterreich)
Outside activities (according to the Companies Register):
- VICTORIA -VOLKSBANKEN Pensionskassen Aktiengesellschaft , 1110 (Supervisory Board, Member)
2. Franz Siegl (Franz Schubert-Strasse 6A/Haus 1, 2345 Brunn am Gebirge)
No outside activities (according to the Companies Register)
3. Böhm Peter (Wipplingerstraße 2-4, 1010 Vienna)
No outside activities (according to the Companies Register)
4. Franz Gyöngyösi (Winarskygasse 8, 3107 St. Pölten, Niederösterreich)
23 No outside activities (according to the Companies Register)
Management
1. Dr. Peter Harold, Chairman (Bisamberger Straße 35, 2100 Korneuburg, Niederösterreich)
Outside activities (according to the Companies Register): - HYPO NOE Landesbank AG, 3100 St. Pölten (Supervisory Board, Chairman) - HYPO Capital Management AG, 1010 Vienna (Supervisory Board, Deputy to the Chairman) - NÖ Kulturwirtschaft GesmbH, 3109 St. Pölten (Supervisory Board, Member) - Oesterreichische Clearingbank AG, 1010 Vienna (Supervisory Board, Member) - Niederösterreichische Versicherung AG, 3100 St. Pölten (Supervisory Board, Member) - Niederösterreichische Vorsorgekasse AG, 3100 St. Pölten (Supervisory Board, Member) - Kapital Banka AD, 1000 Skopje (Supervisory Board, Independent Member) - EWU Wohnbau Unternehmensbeteiligungs-Aktiengesellschaft, 1011 Vienna (Supervisory Board, Member) - Wohnungseigentümer“ Gemeinnützige Wohnbaugesellschaft m.b.H., 2340 Mödling (Supervisory Board, Member) - GEBAU-NIOBAU Gemeinnützige Baugesellschaft m.b.H., 2344 Maria Enzersdorf am Gebirge (Supervisory Board, Member) - Gemeinnützige Wohnungsgesellschaft "Austria" Aktiengesellschaft, 2340 Mödling (Supervisory Board, Member)
2. Günther Ritzberger (MBA), Board Member, Managing Board (Pfarrplatz 7/1, 3500 Krems an der Donau, Niederösterreich), since 29 April 2010
Outside activities (according to the Companies Register):
- HYPO NOE Landesbank AG, 3100 St. Pölten, 3100 St. Pölten (Management Board, Member) - Kapital-Beteiligungs Aktiengesellschaft, 1030 Wien (Supervisory Board, Member) - NÖ Beteiligungsfinanzierungen GmbH, 1070 Wien (Supervisory Board, Member) - NÖ Bürgschaften GmbH, 1070 Wien (Supervisory Board, Member)
3. Mag. Nikolai Leo de Arnoldi Leo, geb. 24.10.1961, Board Member, Managing Board (Elisenstraße 69, 1230 Wien) since 1 January 2011
No outside activities (according to the Companies Register)
4. Richard Juill, Board Member (Borromäusstraße 16b, 2362 Biedermannsdorf, Niederösterreich) until 28 April 2010
The members of the Supervisory Board and the Management Board may be contacted at the registered office of HYPO NOE Gruppe Bank AG, which is located at: Kremser Gasse 20, 3100 St. Pölten, Austria.
State Commissioners
Pursuant to the Austrian Banking Act (Bankwesengesetz - BWG), the Austrian Federal Minister of Finance may appoint a state commissioner and a deputy state commissioner to perform supervisory functions in relation to HYPO NOE Gruppe Bank AG.
The current representatives of the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde , the Austrian banking supervisory authority) are:
24 1. Dipl.Kfm. Dip.-Soz. Michael Svoboda, State Commissioner (Bundesministerium für Finanzen, Erdbergstraße 186-190, 1030 Vienna)
2. Amtsdirektor Reg.R Franz Ternyak, Deputy State Commissioner (Buchhaltungsagentur des Bundes, Dresdnerstraße 89, 1200 Vienna)
Conflicts of Interest
There are no conflicts of interests between any duties of the board members of HYPO NOE Gruppe Bank AG and the private interest or any other duties of the above referred persons.
10. MAJOR SHAREHOLDERS
10.1 Statement whether the Issuer is directly or indirectly owned or controlled and by whom, and description of the nature of such control, and measures in place to ensure that such control is not abused
See pages 206 to 207 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
10.2 Arrangements, the operation of which may at a subsequent date result in a change in control
The Issuer is not aware of any arrangements, the operation of which may at a subsequent date result in a change in control.
11. FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES
11.1 Historical Financial Information
See pages 4 and 208 to 212 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus. The unaudited financial statements of the Issuer dated 30 June 2010 are incorporated by reference into this Prospectus.
11.2 Financial statements
See pages 4 and 213 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
11.3 Auditing of historical annual financial information
11.3.1 Statement that the historical financial information has been audited
See page 213 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus.
11.3.2 Other information in the prospectus which has been audited
This Prospectus does not contain any other information which has been audited.
11.3.3 Financial data in the registration document is not extracted from the issuer's audited financial statements
25 Safe for financial data where the information on the source of such data states otherwise, all financial data in this Prospectus is extracted from the Issuer's audited financial statements.
11.4 Age of latest financial information
See page 213 of the EUR 3,000,000,000 Debt Issuance Programme Prospectus. The unaudited financial statements of the Issuer dated 30 June 2010 are incorporated by reference into this Prospectus.
11.5 Interim and other financial information
11.5.1 Published half-yearly financial information
The unaudited financial statements of the Issuer dated 30 June 2010 are incorporated by reference into this Prospectus.
11.5.2 Interim financial information
The unaudited financial statements of the Issuer dated 30 June 2010 are incorporated by reference into this Prospectus.
11.6 Legal and arbitration proceedings
From June 2009 to September 2009, the Issuer was subject to a regular audit by the OeNB. In the course of this audit, the OeNB voiced concerns with regard to the accounting principles applied in connection with an investment of own securities ( Aquarius ), as well as with the consolidation of a company (Augustus Funding Ltd., Ireland, Augustus ) in the credit institution group of the Issuer. By reason of the OeNB findings, the FMA has instituted preliminary proceedings against the Issuer and the members of its management board (as it was composed in December 2009) in order to clarify these matters.
The OeNB has asserted that Augustus is not a member of the credit institution group of the Issuer, and that therefore a loan provided by the Issuer to Augustus (the Intra-Group Loan ) has exceeded large exposure limits. The Bank is of the opinion that Augustus forms part of its banking group and that therefore, in accordance with applicable law, the Intra-Group Loan is assigned a zero weighting for purposes of calculating the large exposure limit. In addition, the Intra-Group Loan is secured by collateral which the OeNB did not accept as valid security for large exposure purposes. So far, the FMA has not issued a formal decision but has informed the Issuer in December 2010 that in substance it shares the OeNB's view and the FMA has provided the Issuer with an opportunity to comment thereon. If the FMA (and, in case of an appeal, the Highest Administrative Court) follow the view of the OeNB, the Issuer could in a worst case scenario be required to pay fines of up to approximately EUR 57.9 million for the period from December 2007 until April 2010 (when the exposure was significantly reduced so as to fall below the large exposure thresholds set out in BWG Section 27 para. 7). In the course of the business year 2010, the Issuer has made provisions of EUR 57.9 million in connection therewith.
In case of Aquarius, the FMA has stated that it concurs with the OeNB's opinion. According to the FMA and the OeNB, the Issuer would have been obliged to account according to local GAAP for an additional amount of approximately EUR 5.9 million in connection with the Aquarius transaction. Although the Issuer is still convinced that the Aquarius transaction was correctly accounted for, it has decided to change the accounting policy in question in order to consider the
26 FMA's and the OeNB's views. The FMA has filed a description of the facts relating to Aquarius with the office of the public prosecutor for further assessment, and the public prosecutor has opened investigations. It is not yet clear whether and to which extent the public prosecutor will decide to bring the case before a criminal court. This did not affect the consolidated financial statements of HYPO NOE as of 31 December 2009.
11.7 Significant change in the issuer’s financial or trading position
There has been no significant change in HYPO NOE’s financial or trading positions since 30 June 2010 other than the effects on financial statements described in 11.6.
12. MATERIAL CONTRACTS
HYPO NOE has not entered into material contracts that are not entered into in the ordinary course of its business, which could result in any group member being under an obligation or entitlement that is material to HYPO NOE's ability to meet its obligations to Noteholders in respect of the Notes other than the legal and arbitration proceedings described in 11.6.
13. THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND DECLARATIONS OF ANY INTEREST
13.1 Statements or reports attributed to a person as an expert
The Prospectus does not contain any statement or report attributed to a person as an expert.
13.2 Third party information
The Prospectus does not contain any information sourced from a third party.
14. DOCUMENTS ON DISPLAY
Copies of the documents specified below will be available for inspection at the specified office of the Issuer, during normal business hours, as long as any of the Notes are outstanding:
the articles of association of the Issuer; and
financial information with regard to the Issuer in the form of the annual report 2008 and 2009 as well as the interim financial report as of 30 June 2010.
27 INFORMATION RELATING TO THE GUARANTEE AND THE GUARANTOR
NATURE AND SCOPE OF THE GUARANTEE
The liability of the State of Lower Austria ( Land Niederösterreich ) for the Notes has its legal basis in § 5 of the Lower Austria Bank Act ( NÖ Landesbankgesetz) , State Law Gazette No. 3900-4 (Landesgesetzblatt ), which reads as follows (in the text below, references to the "stock corporation" shall be references to the Issuer, and references to the "State" shall be references to the State of Lower Austria):
§ 5 Liability of the State for the stock corporation
(1) The liability of the State of Lower Austria as a default guarantor pursuant to § 1356 Allgemeines Bürgerliches Gesetzbuch ( ABGB , the General Civil Code of Austria) for all the liabilities of the contributing Niederösterreichische Landesbank-Hypothekenbank and the stock corporation at the time of registration of the stock corporation in the Commercial Register shall be maintained in case the stock corporation is unable to pay its debts.
(2) After registration of the stock corporation in the Commercial Register, the State of Lower Austria shall maintain a default guarantee with an unlimited term in accordance with § 1356 ABGB, according to the provisions of (3), for all liabilities of the stock corporation which have been entered into until 2 April 2003, if the stock corporation is unable to pay its debts. All new liabilities of the stock corporation which are entered into between 3 April 2003 and 1 April 2007 shall be covered by the liability of the State of Lower Austria as default guarantor pursuant to § 1356 of the ABGB (ie if the stock corporation is unable to pay its debts), subject to the provisions of (3), provided that their term does not extend beyond 30 September 2017. For liabilities that were entered into after 1 April 2007, sureties, guarantees and other kinds of liability may only be assumed in accordance with (6). (3) However, the liability of the State as default guarantor shall only be maintained if
1. the State of Lower Austria is granted the right to audit the books and operations at any time and the right to inspect the other records and documentary proofs of the stock corporation that are required in order to safeguard its rights and obligations;
2. the stock corporation presents to the State of Lower Austria its annual report, including its balance sheet and income statement, and its audit report by an authorised bank auditor, furnished with a formal audit certificate, over the entire period during which the default guarantee is maintained;
3. the stock corporation has ensured that both the state commissioner and his deputy are granted access to the necessary information in any way they deem appropriate, for the period of maintenance of default guarantee, and that both the state commissioner and his deputy are given the opportunity to attend all meetings of the supervisory board (including its committees) of the stock corporation and to seek information from the board of management and the supervisory board of the stock corporation, and that the stock corporation bears the costs of the supervision, including the remuneration of the state commissioner and his deputy;
28 4. in the event that a claim is made against the State under the default guarantee, it is granted the right to demand reimbursement from the stock corporation of all costs incurred in conjunction with the honouring of its liability, and in particular also the costs incurred by the State during litigation with creditors, in addition to the right to reimbursement of the debt paid (§ 1358 ABGB); 5. the unilateral right of the State to terminate the default guarantee is not restricted.
(4) In the event of termination of the default guarantee, the termination and the timing at which it is to take effect must be published in the Official Announcement (Amtliche Nachrichten) of the Government of the State of Lower Austria (NÖ Landesregierung).
(5) The Government (Landesregierung) must publish in the Official Announcement of the Government of the State of Lower Austria the main points of the default guarantee that are of relevance to the protection of the creditors of the stock corporation.
(6) The Government, acting either alone or with third parties, may accept guarantees, which shall be restricted in time and amount, for the liabilities of the stock corporation and its universal successors, against a remuneration in line with the market, provided this is in conformity with European Community law.
Pursuant to § 1356 ABGB, even if the Guarantor has explicitly only agreed to provide a guarantee in the event that the primary debtor is unable to pay (default guarantee), action may at any time be brought against him if insolvency proceedings have been instituted in relation to the assets of the primary debtor, or if the primary debtor's whereabouts were unknown at the time at which payment should have been made, and the creditor cannot be blamed of negligence.
According to § 1358 ABGB anyone who pays a third party's debt, for which it is liable personally or with certain assets, shall be subrogated to the rights of the creditor, and shall have authority to demand compensation from the debtor for the debt paid. To this end, the satisfied creditor shall be required to provide the payer with all available remedies and collateral.
The State of Lower Austria thus accepts a default guarantee in favour of the Noteholders in accordance with the provisions of § 5 of the Lower Austria Bank Act.
The text of the Lower Austria Bank Act ( NÖ Landesbankgesetz) may be retrieved under http://www.ris.bka.gv.at/Dokumente/LrNo/LRNI_2005109/LRNI_2005109.pdf.
29 DESCRIPTION OF THE STATE OF LOWER AUSTRIA AS GUARANTOR
1. PERSONS RESPONSIBLE
1.1 Persons responsible
See page 2 of this Prospectus.
1.2 Responsibility declaration
See page 2 of this Prospectus.
2. RISK FACTORS IN RELATION TO THE GUARANTOR
The State of Lower Austria, acting as default guarantor pursuant to § 1356 ABGB, is not aware as of the date of this Prospectus of any risks that could jeopardise or compromise its fulfilment of obligations arising out of a claim against it in its capacity as default guarantor.
3. INFORMATION IN RELATION TO THE GUARANTOR
3.1 Legal name of the Guarantor and brief description of its status within the national public arena
The legal name of the Guarantor is "Land Niederösterreich".
Pursuant to Art. 2 (2) Bundes-Verfassungsgesetz ( B-VG , Austrian Federal Constitutional Act), the federal State of Austria is made up of the following independent States: Burgenland, Kärnten (Carinthia), Niederösterreich (Lower Austria), Oberösterreich (Upper Austria), Salzburg, Steiermark (Styria), Tirol (Tyrol), Vorarlberg, and Wien (Vienna).
Pursuant to Art. 1 NÖ Landesverfassung 1979 (Constitution of the State of Lower Austria), the State of Lower Austria is an independent federal state ( Land Niederösterreich ) of the democratic Republic of Austria. It exercises all the state powers that are not explicitly assigned to the federation ( Bund ).
3.2 Place of domicile or geographical position and legal form of the Guarantor, its contact address and telephone number.
3.2.1 Geographical position
Lower Austria is located centrally within the European Economic Area, borders the Czech Republic to the North, Slovakia to the East, Burgenland to the South East, Steiermark to the South and Oberösterreich to the West. Niederösterreich also surrounds the federal capital of Vienna.
Covering an area of 19,174 square kilometres and with 1.6 million inhabitants, the State of Lower Austria is the largest of the nine Austrian federal States in terms of size and the second largest in terms of population.
30 Area Types of use as a % of the aggregate area Developed as Used for Areas of Other km² Gardens Vineyards Alps Forest building agriculture water areas land Burgenland 3,962 0.9 48.7 3.1 3.6 - 30.6 7.4 5.7 Kärnten 9,538 0.4 19.7 1.6 - 15.1 53.1 1.8 8.4 Niederösterreich 19,186 0.9 49 2.4 1.6 0.2 39.4 1.3 4.9 Oberösterreich 11,980 1 47.2 2.6 - 0.3 39.1 2.2 7.6 Salzburg 7,156 0.5 16 1.2 - 25.4 39.8 1.4 15.7 Steiermark 16,401 0.6 24 2.2 0.3 6.5 57.2 0.9 8.3 Tirol 12,640 0.4 9.1 0.9 - 26.8 36.8 1 25 Vorarlberg 2,601 0.7 17.5 2.2 - 25.4 34 2.6 17.8 Wien 415 11.6 14.8 20.9 1.6 - 17.8 4.5 28.7 AUSTRIA 83,879 0.7 30.5 2.1 0.6 10.1 43.4 1.7 10.8 Status at 1 January 2010
3.2.2 Legal form
Pursuant to Art. 2 B-VG and Art. 1 NÖ Landesverfassung, Lower Austria is an independent state and is a federal state of the Republic of Austria with its own state constitution.
3.2.3 Contact address and telephone number
Office of the Government of the State of Lower Austria ( Amt der Niederösterreichischen Landesregierung ) Landhausplatz 1 3109 St. Pölten Tel: 02742/9005 Fax: 02742/9005-12060
3.3 Any recent events relevant to the evaluation of the solvency of the Guarantor
There has been no material permanent change to the net worth or financial situation of the Guarantor that could affect its ability to fulfil its obligations arising out of this Guarantee.
The financial status and prospects of the State of Lower Austria are regularly analysed by the rating agencies Standard & Poor's and Moody’s Investors Service, Inc. (" Moody's ") and are rated by Moody's. Both the current and past Moody's ratings report "AAA stable", thus awarding the State of Lower Austria the highest possible rating.
In general, European regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the European Union and registered under Regulation (EC) No. 1060/2009 (the “ CRA Regulation ”), unless the rating is provided by a credit rating agency operating in the European Union before 7 June, 2010 (the “ EU CRA ”), or a non-EU credit rating agency that is a member of the same group, where the EU CRA has submitted an application for registration in accordance with the CRA Regulation (or in the case of a non-EU affiliate, the EU CRA has in such application disclosed an intention to endorse the non-EU affiliate’s ratings) and such registration (or, in the case of the non-EU rating, the ability to endorse the relevant non-EU affiliate’s ratings) is not refused. Neither Moody’s Investors Service, Inc. nor Standard & Poor's are established in the European Union but their respective EU
31 CRA affiliates have applied for registration under Regulation (EC) No. 1060/2009 indicating an intention to endorse their ratings, although notification of the corresponding registration decision (including their ability to endorse Moody’s Investors Service, Inc.’s and/or Standard & Poor's ratings) have not yet been provided by the relevant competent authority.
The State of Lower Austria is not involved in any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which could have a significant effect on the liquidity of the State or which have had such an effect over the preceding twelve months.
3.4 Description of the Guarantor's economic circumstances over the past two financial years
The State of Lower Austria, (after the States of Wien and Oberösterreich), makes the third largest contribution (13.3%) towards the gross domestic product of the Republic of Austria.
Its regional economy is markedly shaped by the service sector, which accounts for 80% of the regional value added. Private and public services, the retail trade and tourism make a significant contribution towards the economy of the State. The State also has a strong industrial sector, including companies within the chemicals, food, steel, automotive, paper / textiles manufacturing and electrical engineering industries.
The State of Lower Austria makes the largest contribution (35%) towards the value added of the Austrian agricultural sector.
In 2008, the economy of the Land recorded sound growth of 2% in real terms (the second largest growth level of all the federal States), after 3.8% in 2007, compared with 1.8% / 3.1% respectively at national level.
According to Statistik Austria, the national statistics bureau, the 4,700 company formations per year (average between 2005 and 2007) reported in Lower Austria puts it in second place after Wien. At present, around 16% of the companies and 16.9% of all the new company formations in Austria are located in Lower Austria. (as of July 2010)
Unemployment in the State of Lower Austria stood at 3.4% in 2008, and rose to 4.3% in 2009.
Please note that in accordance with Art 23 para 4 of the Regulation (EC) No. 809/2004 as of 29 April 2004 a description of the State of Lower Austria’s economy including gross domestic product with a breakdown by the State of Lower Austria’s economic sectors for the previous two fiscal years has not been included as this or equivalent information is not pertinent to the State of Lower Austria.
3.5 General description of the Guarantor's political system and Government, including detailed statements in relation to the responsible body to which the Issuer is answerable
3.5.1 State legislation
Pursuant to Art. 2 B-VG, Austria is a federal state which is made up of the federation and the nine federal states. Austria's character as a federal state is the result, inter alia , of the institution of relatively autonomous legislation at state level.
32 The division of state responsibilities between the federation and the individual states forms the core of the federal state structure. This distribution of powers under the B-VG divides up the state duties on the basis of the individual state functions (legislation, administration and jurisdiction). The enforcement of legislation is defined in Articles 10-15 B-VG ("articles relating to competence").
Under legislation, the Federal Constitution ( Bundesverfassung ) lists the duties that fall within the competence of the federation, whilst a general clause places all matters not specifically mentioned under the competence of the states.
A distinction is made, within the state legislation, between state constitutional law and simple state statutes. The Federal Constitution makes provision for the constitutional law of the federal states to be regulated in constitutions of the individual states ( Landesverfassungen ). The constitution of each individual state ( Landesverfassung ) is that area of the law that is required to regulate the fundamental concerns of the states. This includes in particular rules that determine the creation of state law. In addition to these Landesverfassungen , the states may also adopt individual constitutional laws of the individual states ( Landesverfassungsgesetze ) and constitutional provisions forming parts of single and simple statutes. The constitution of each individual state may "not touch upon" matters dealt with in the Federal Constitution.
The higher legal force of the constitutional law of the States is closely linked to its fundamental importance. This is manifested by the fact that it can only be established and/or amended subject to complicated requirements (two thirds majority in the Parliament ( Landtag )). Rules relating to other state laws are laid down in simple state statutes.
The chart below illustrates the procedure from the tabling of a draft act to the publication of a state statute adopted by the State of Lower Austria:
33
Government bill Ballot initiative Initiative by state citizens Committee (independent application) and/or municipalities application
Committee consultation
Plenary debate and resolution
Objection procedure Federal Government Objection procedure state citizens, municipalities (Bundesregierung ) and members of the Parliament ( Abgeordnete ) (8 weeks) (6 weeks)
raises no raises State citizens, 50,000 state Majority of the objection objection municipalities voters or 80 members of or a majority municipalities the of raise an Parliament Abgeordnete objection raise an raise no objection objection
Parliament resolves to pursue the bill Referendum
Registration by the President of the Parliament ( Landtag ) Countersignature by the Governor ( Landeshauptmann )
Publication
(in the state official gazette)
3.5.2 Government ( Landesregierung )
Pursuant to Art. 34 (1) NÖ Landesverfassung, the Government elected by the Parliament of Lower Austria exercises the supreme enforcement authority of the State of Lower Austria.
Pursuant to Art. 34 (3) NÖ Landesverfassung, the Government is composed by the Governor (Landeshauptmann ), two deputies to the Governor (Landeshauptmann-Stellvertreter ) and six members of the Government ( Landesräte ). The members of the Government must be eligible for
34 election to the Parliament, but no members of it. The length of their term of office depends on the length of the legislative term of the Parliament. According to the Incompatibility Act (Unvereinbarkeitsgesetz ), members of the Government may not also be members of the Austrian Federal National Council ( Nationalrat ), the European Parliament or the Austrian Federal Government ( Bundesregierung ), nor may they be mayors ( Bürgermeister ).
The Landesregierung of the State of Lower Austria is currently composed of the following members:
LH (Governor) Dr. Erwin PRÖLL LH-Stv. (Deputy Governor) Mag. Wolfgang SOBOTKA LH-Stv. (Deputy Governor) Dr. Josef LEITNER LR (member of the Government) Mag. Johanna MIKL-LEITNER LR (member of the Government) Dr. Petra BOHUSLAV LR (member of the Government) Mag. Johannes HEURAS LR (member of the Government) Dr. Stephan PERNKOPF LR (member of the Government) Mag. Karin SCHEELE LR (member of the Government) Barbara ROSENKRANZ
3.5.3 The judiciary
Pursuant to Art. 82 B-VG, all jurisdiction is subject to the Federation. The judgments and findings are published and executed in the name of the Republic. Under the Bundesverfassung , the states are not entitled to establish courts for private law and criminal law matters.
3.5.4 The tax system
The possibilities for access to the limited number of taxable objects and taxpayers by the central, regional and local public authorities that are laid down in Art. 13 (1) B-VG and in particular in the Austrian Constitutional Act relating to Finance of 1948 (F-VG 1948, Finanz-Verfassungsgesetz ) are set out in detail in the Financial Equalisation Acts ( FAG, Finanzausgleichsgesetze ), which are valid for four to five years. The Finanzausgleichsgesetz 2008 (FAG 2008), as amended, currently applies.
3.5.4.1 Financial equalisation
Unless the relevant legislation specifies otherwise, the federation and the other central, regional and local authorities carry the expenses associated with the fulfilment of their duties (principle of responsibility for expenses, § 2 F-VG 1948). The duties are fulfilled, in principle, in accordance with the enforcement competencies laid down in the articles relating to competence, Arts. 10 to 14b B-VG.
The federation and/or the states have the right to provide central, regional and local public authorities with support grants for the administrative expenses out of the general budget funds. In addition, the federation may provide the states / the states may provide the municipalities (Gemeinden ) with earmarked subsidies for specific, statutorily defined, administrative duties.
3.5.4.2 The tax system
Non-recurrent or regular payments, which are levied under public law in order to provide revenue for the central, regional and local authorities, are designated public taxes and may only be levied
35 subject to the provisions in §§ 7 (5) and 8 (5) F-VG 1948, under the legality principle (§ 5 F-VG 1948).
Pursuant to § 6 F-VG 1948, the taxes are broken down into the following main and subsidiary forms, according to the right of the national, regional and local authorities to use the revenue in their own budgets:
1. exclusive federal taxes, all the revenue from which goes to the federation.
2. taxes divided between the federation and the states (municipalities), the revenue from which is shared by the federation and the states (municipalities), with the following subsidiary forms:
- collective federal taxes, which are levied by the federation, proportions of the revenue from which go to the federation and the states (municipalities);
- additional taxes, which consist of a basic tax by the Federation and surcharges by the states (municipalities);
- taxes from the same taxable object: Federation and states (municipalities) levy equivalent charges from the same taxable object.
3. exclusive state taxes, all the revenue from which goes to the states.
4. taxes divided between the states and the municipalities, the revenue from which is shared by the states and the municipalities, with the following subsidiary forms:
- collective state taxes, which are levied by the states, proportions of the revenue from which go to the states and the municipalities;
- additional taxes, which consist of a basic charge by the states and surcharges by the municipalities;
- taxes from the same taxable object: states and municipalities levy equivalent taxes from the same taxable object.
5. exclusive municipal taxes, all the revenue from which goes to the municipalities.
The levy of two or more taxes together (which may be taxes of the same type), in the primary and subsidiary forms listed under 1. from the same taxable object, is admissible.
Overview of the ordinary income and expenses of the State of Lower Austria between 2006 and 2009:
36
Overview of ordinary income broken down into main headings 2009 % 2.008 % 2007 % 2006 % Proportions of revenue in municipal Federal taxes 2,328,360,595.00 31,16% 1,902,653,034.00 24,56% 1.506.650.569,00 20,59% 1,393,979,872.00 21,43% Special federal grant to uplevel the revenue to the average of revenue (per head) of all state s 0.00 0.00% 0.00 0.00% 34,308,751.00 0.47% 32,541,356.00 0.50% Needs grants 154,274,591.00 2.06% 445,541,031.00 5.75% 383,405,853.14 5.24% 329,282,362.31 5.06% Exclusive Land taxes and surcharges on Federal taxes 68,225,523.35 0.91% 61,757,378.10 0.80% 294,568.41 0.00% 56,369,737.58 0.87% Special-purpose subsidies under the Wohnungs- Förderungsgesetz [Housing Promotion Act] 0.00 0.00% 299,788,000.00 3.87% 299,788,000.00 4.10% 299,788,000.00 4.61% Federal subsidy for Land roads B 0.00 0.00% 0.00 0.00% 118,810,000.00 1.62% 117,872,600.00 1.81% Reimbursement of the salary costs for the Land teachers under the FAG [Financial Equalisation Act] 844,210,598.36 11.30% 801,335,224.02 10.34% 766,994,323.58 10.48% 748,280,465.17 11.50% Pension contributions, administration and Land teachers under the FAG 99,781,114.80 1.34% 97,528,835.87 1.26% 94,375,512.77 1.29% 90,307,983.06 1.39% Investment and repayment subsidies for market operations 154,984,245.42 2.07% 372,414,435.82 4.81% 138,406,968.14 1.89% 34,895,820.01 0.54% Other subsidies, contributions and cost reimbursements from national, regional and local authorities, funds and public sector bodies 820,584,380.12 10.98% 595,879,586.12 7.69% 602,150,377.38 8.23% 580,663,969.41 8.93% Proceeds from the sale of land, buildings and other assets. 19,006,430.85 0.25% 6,649,641.16 0.09% 8,495,653.90 0.12% 233,584,263.68 3.59% Proceeds from the repayment of loans granted 22,488,933.31 0.30% 17,890,919.26 0.23% 1,031,252,711.11 14.10% 30,758,231.02 0.47% Proceeds from the interest on loans granted 97,713,537.88 1.31% 73,798,684.04 0.95% 177,853,557.59 2.43% 121,183,553.14 1.86% Withdrawals from reserves and depreciation on reserves 95,816,808.33 1.28% 110,259,972.01 1.42% 97,016,865.58 1.33% 86,807,296.51 1.33% Other administrative revenue 2,095,560,598.70 28.04% 2,225,481,397.72 28.73% 1,777,918,420.46 24.30% 1,685,061,541.09 25.90% Aggregate total 6,801,007,357.12 100.00% 7,010,978,139.12 100.00% 7,037,722,132.06 100.00% 5,841,377,050.98 100.00%
37
Overview of ordinary income broken down into main headings
2009 % 2.008 % 2007 % 2006 % Proportions of revenue in 2,328,360,595.00 31,16% 1,902,653,034.00 24,56% 1.506.650.569,00 20,59% 1,393,979,872.00 21,43% municipal Federal taxes
Special federal grant to uplevel 0.00 0.00% 0.00 0.00% 34,308,751.00 0.47% 32,541,356.00 0.50% the revenue to the average of revenue (per head) of all States
Needs grants 154,274,591.00 2.06% 445,541,031.00 5.75% 383,405,853.14 5.24% 329,282,362.31 5.06% Exclusive Land taxes and 68,225,523.35 0.91% 61,757,378.10 0.80% 294,568.41 0.00% 56,369,737.58 0.87% surcharges on Federal taxes
Special-purpose subsidies under 0.00 0.00% 299,788,000.00 3.87% 299,788,000.00 4.10% 299,788,000.00 4.61% the Wohnungs- Förderungsgesetz [Housing
Promotion Act]
Federal subsidy for Land roads 0.00 0.00% 0.00 0.00% 118,810,000.00 1.62% 117,872,600.00 1.81%
B
Overview of ordinary income broken down into main headings
2009 % 2008 % 2.007 % 2.006 %
Benefits for personnel
(administration) 663,103,024.57 8.87% 623,621,110.98 8.05% 1,401,556,002.98 19.01% 1.262.645.915,57 19,41%
Benefits for personnel (market
operations) 1,117,198,094.87 14.95% 1,058,536,192.93 13.66% 615,781,001.41 8.35% 596,518,787.13 9.17%
Benefits for personnel ( Land
teachers) 674,027,986.54 9.02% 642,130,636.24 8.29% 426,167,709.07 5.78% 419,130,043.39 6.44%
Retirement and pension benefits (administration, Land
teachers and other retirement
pensions) 458,196,165.30 6.13% 436,375,532.74 5.63% 72,627,286.94 0.99% 66,712,404.63 1.03%
Expenditure for official duties 76,205,473.09 1.02% 74,617,037.66 0.96% 180,003,869.58 2.44% 179,063,267.03 2.75%
Expenditure on assets 167,708,387.18 2.24% 178,842,983.89 2.31% 1,293,229,452.85 17.54% 1,235,245,395.90 18.99%
Subsidy expenditure (not
refundable) 1,352,306,319.77 18.10% 1,329,139,086.75 17.16% 244,715,112.16 3.32% 296,322,099.22 4.55%
Subsidy expenditure
(refundable) 244,246,031.19 3.27% 253,445,576.86 3.27% 860,000,000.00 11.67% 0 0.00%
Transfers to reserves 88,961,738.09 1.19% 181,633,098.20 2.34% 153,823,360.07 2.09% 51,670,566.51 0.79%
Debt repayments 71,815,558.11 0.96% 281,114,818.45 3.63% 64,528,485.73 0.88% 449,725,089.13 6.91%
Other material expenditure 2,558,764,618.17 34.24% 2,688,082,551.96 34.70% 2,059,827,400.16 27.94% 1,948,655,192.96 29.95%
Aggregate total *) 7,472,533,396.88 100.00% 7,747,538,626.66 100.00% 7,372,259,680.95 100.00% 6,505,688,761.47 100.00% *) Shown without net borrowings
38
The net borrowings according to the financial statements for 2006 – 2009 are broken down as follows:
Nominal amounts
2006 borrowings 362,592,607.94 2007 borrowings 228,627,664.01
2008 borrowings 285,815,819.59 2009 borrowings 665,652,820.52
A detailed breakdown is available in the publicly accessible statements of account of the State of Lower Austria, which may be viewed at http://www.noe.gv.at/Land-Zukunft/Budget-des-Landes- NOe/Rechnungsabschluss.html.
3.5.5 State budget
Pursuant to Art. 29 (2) NÖ Landesverfassung, the Government must present a preliminary budget of the income and expenditure of the State of Lower Austria for the following financial year to the Parliament at the latest six weeks before the end of the calendar year. The budgetary principles and the provisions of the Preliminary Budget and Financial Statements Ordinance ( Voranschlags- und Rechnungsabschlussverordnung ) must be adhered to. The preliminary budget of the State of Lower Austria for the years 2002 to 2011 may be viewed at http://www.noe.gv.at/Land- Zukunft/Budget-des-Landes-NOe/Voranschlag.html .
4. PUBLIC FINANCES AND TRADE
Information in relation to the following points for the last two financial years preceding the date of preparation of the registration form:
4.1 Tax and budgetary system
See 3.5.4 and 3.5.5.
4.2 Gross national debt, including an overview of the debt, the maturity structure of the outstanding liabilities (with special identification of the liabilities due in less than one year), the debt repayment and the proportions of the debt denominated in the national currency and in foreign currencies
The debt status details for 2008 are as follows:
Total borrowings according to the 2008 financial statements EUR 1,928,170,335.98 CHF 1,006,458,644.82 Of which due in less than one year EUR 0.00 CHF 0.00 Of which due between 1 and 5 years EUR 813,760,975.37 CHF 2,300,000.00 Of which due between 6 and 10 years EUR 487,666,964.11 CHF 1,000,000,000.00 EUR 626,742,396.50
39 CHF 4,158,644.82
The debt status details for 2009 are as follows:
EUR 2,596,675,013.80 Total borrowings according to the 2009 financial statements CHF 1,002,300,000.00 EUR 0.00 Of which due in less than one year. CHF 0.00 EUR 1,486,678,855.94 Of which due between 1 and 5 years CHF 2,300,000.00 EUR 490,707,097.87 Of which due between 6 and 10 years CHF 1,000,000,000.00 EUR 619,289,059.99 Of which due in over 10 years CHF 0.00
4.3 Outstanding guarantees
According to the 2008 financial statements of the State of Lower Austria, the State of Lower Austria had taken on liabilities totalling EUR 673,065,066.54 as of 31 December 2008. According to the 2009 financial statements of the State of Lower Austria, the State of Lower Austria had taken on liabilities totalling EUR 4,095,088,850.33 as of 31 December 2009.
The State of Lower Austria was also liable as a default guarantor for liabilities of HYPO NOE in the amount of EUR 6,432,003,000.00 as of 31 December 2008, of EUR 5,943,360,000.00 as of 31 December 2009, and as seller, towards the purchasers of the subsidised housing construction loans sold, for the timely payment in full of the amounts owed under those loans by the subsidised housing construction borrowers, in the amount of EUR 1.813 billion.
4.4 Foreign trade and balance of payment figures
Please note that in accordance with Art 23 para 4 of the Regulation (EC) No. 809/2004 as of 29 April 2004 foreign trade and balance of payment figures of the State of Lower Austria have not been included as this or equivalent information is not pertinent to the State of Lower Austria.
4.5 Currency reserves, including possible charges against them, such as forward transactions and derivatives.
According to the 2009 financial statements of the State of Lower Austria, which can be viewed at: http://www.noe.gv.at/Land-Zukunft/Budget-des-Landes-NOe/Rechnungsabschluss.html, the State of Lower Austria holds no currency reserves.
4.6 Financial situation and resources, including cash contributions available in the domestic currency
40
Annual cash report as of 31 December 2008
Österr. Postsparkasse AG 19,528.30 Erste Bank der Österr. SPK AG 534,572.48 Raiffeisen Landesbank NÖ-Wien AG 1,126,917.78 HYPO NOE Gruppe Bank AG -146,857,039.49 Oberbank 583.22
Österreichische 0.00 Bundesfinanzierungsagentur
Deutsche Bank AG 1,823.12 UniCredit Bank Austria 90.03 Sale of the subsidised housing 8,915,153.90 construction loans Fixed-term deposits - accounts earmarked 247,827.91 for specific purposes Time deposits 0.00 Total -136,010,542.75
Annual cash report as of 31 December 2009 Österr. Postsparkasse AG 39,045.68 Erste Bank der Österr. SPK AG 108,960.91 Raiffeisen Landesbank NÖ-Wien AG 1,378,873.21 HYPO NOE Gruppe Bank AG -168,959,143.59 Oberbank 543.77
1,225.94 Deutsche Bank AG UniCredit Bank Austria 43.71 Sale of the subsidised housing construction loans 8,205,490.05 Fixed-term deposits - accounts earmarked for 258,661.46 specific purposes Time deposits 0.00 Total -158,966,298.86
4.7 Figures for income and expenditure; description of the audit procedure and the procedure for the external audit of the Issuer's financial statements
A precise comparison of the income and expenditure is set out under 3.5.4. Detailed information on the financial statements and preliminary budgets of the previous two years can be viewed at http://www.noe.gv.at/Land-Zukunft/Budget-des-Landes-NOe/Rechnungsabschluss.html.
According to the NÖ Landesverfassung 1979, the State Court of Auditors ( Landesrechnungshof ) is responsible for the continual monitoring of the accuracy, thrift, economy and expediency of the financial conduct of the State of Lower Austria and is directly answerable to the Parliament of Lower Austria.
The State Court of Auditors also examines the conduct of foundations, institutions and funds that are managed by Land bodies, the conduct of companies in which the State of Lower Austria holds
41 at least 50% of the share capital or equity, or actually controls them, through financial or other economic or organisational measures, where its holding is less than 50%, owing to the position of the State of Lower Austria, the conduct of companies and institutions entrusted with the management of state assets or the default liability of the State of Lower Austria on a fiduciary basis, the conduct of public bodies with the exception of the municipalities, if subsidy funds of the Land are used, and the use of financial promotional funds and subsidies granted by the State of Lower Austria for their intended purposes. The economy, expediency, thrift and legality of the financing arrangements of the State of Lower Austria are also regularly audited (most recently in 2008) by the Federal Court of Auditors.
5. SIGNIFICANT CHANGES
5.1 Details of significant changes since the end of the last financial year in relation to the information that has been provided as described under 4.
Since the end of the last financial year on 31 December 2009, there have been no significant changes in the State of Lower Austria in relation to the details under 4., which could impair the ability of the State of Lower Austria to fulfil its obligations under the guarantee.
6. COURT AND ARBITRATION PROCEEDINGS
6.1 Information in relation to any state intervention, court or arbitration proceedings
No state intervention, court or arbitration proceedings (including proceedings that are still pending or could be instituted, as far as the State of Lower Austria is aware), have arisen or been concluded over at least the last 12 months, which are having or have recently had a serious effect on the financial situation of the State of Lower Austria, or which could impair the ability of the State of Lower Austria to fulfil its obligations under the guarantee.
6.2 Information in relation to any immunity which the State of Lower Austria enjoys in relation to court proceedings
The State of Lower Austria enjoys no immunity from proceedings to assert the rights arising out of the default guarantee.
7. STATEMENTS BY EXPERTS AND DECLARATIONS BY INTERESTED PARTIES
No statement or report by an expert acting on behalf of the State of Lower Austria has been included in the Prospectus.
8. DOCUMENTS AVAILABLE FOR INSPECTION
Current information with specific relevance to the federal State of Lower Austria may be inspected at http://www.noe.gv.at/.
Information in relation to the NÖ Landesregierung (http://www.noe.gv.at/Politik- Verwaltung/Landesregierung.html) and to the NÖ Parliament (http://www.landtag-noe.at/) can also be viewed electronically.
Financial ratios, in particular the preliminary budgets and financial statements for the last two fiscal years and the "NÖ Budgetprogramm 2010 - 2013", are available at
42 http://www.noe.gv.at/Land-Zukunft/Budget-des-Landes-NOe/Rechnungsabschluss.html or at http://www.noe.gv.at/Land-Zukunft/Budget-des-Landes-NOe/Voranschlag.html.
State legislative acts of the State of Lower Austria can be accessed via the Rechtsinformationssystem (RIS, Legal Information System) (http://www.ris.bka.gv.at).
43
TERMS AND CONDITIONS
The Terms and Conditions of the Notes are set out in the relevant terms and conditions attached to this Prospectus in Annexes 1 to 4.
Upon admission to trading of the Notes on a regulated market of the Luxembourg Stock Exchange, the publication of all notices in connection with the Notes will also be made on the website of the Luxembourg Stock Exchange (www.bourse.lu).
44 ANNEX 1 - AT0000A04L20
variable Schuldverschreibung
mit Zinswandlungs- und Spreadänderungs-Recht der NÖ Landesbank-Hypothekenbank AG 2007 – 2016/36 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT0000A04L20 Kurzfassung der Bedingungen:
Emittentin: Niederösterreichische Landesbank-Hypothekenbank Aktiengesellschaft 1
Emissionsvolumen: Nennwert EUR 50 Millionen, mit Aufstockungsmöglichkeit
Verzinsung: (a) variabel, beginnend mit 15.2.2007 Zinssatz: 3-Monats-Euribor + Spread (in % p.a.)
3-Monats-Euribor: gemäß REUTERS-Seite „EURIBOR=“ (oder nachfolgende) am Zinsfestsetzungstag Spread: Auf- bzw. Abschlag auf 3-Monats-Euribor in Prozent (auf zwei Nachkommastellen) des Nennwerts. Der Spread beträgt 0,00 %, vorbehaltlich einer Änderung gemäß (c). Die Mindestverzinsung beträgt 0,00 %. Basis für Zinstageberechnung: act/360
Zinszahlungstage: 28.2./28.5./28.8./28.11. eines Jahres (Basis: modified following, TARGET) Zinsfestsetzungstag: jeweils 2 TARGET-Geschäftstage vor Beginn der jeweiligen Zinsperiode Zinsperiode: Zeitraum vom Verzinsungsbeginn (inkl.) bis zum ersten Zinszahlungstag (exkl.) bzw. von jedem Zinszahlungstag (inkl.) bis zum jeweils darauffolgenden Zinszahlungstag (exkl.); Basis: adjusted, Zinszahlungstag für die erste Zinsperiode ist der 28.5.2007 (1. lange Zinsperiode), wobei der Zinssatz für diese erste Zinsperiode mit 3,60 % festgelegt wird.
(b) Zinswandlungsrecht der Emittentin: Die Emittentin hat einmalig das Recht, zu einem der Zinsfestsetzungstage gemäß (a) den Zinssatz, den Zinszahlungstag und die Zinsperiode wie folgt neu festzusetzen:
1 Note: The name of the Issuer was changed as of 3 July 2007 from NÖ Landesbank-Hypothekenbank AG to HYPO Investmentbank AG and as of 23 October 2010 to HYPO NOE Gruppe Bank AG. The changes of the Issuer's name do not have any effect on the legal identity of the Issuer.
45
Zinssatz: Fix-Zinssatz, gemäß nachfolgender Definition (Basis: act/act) Zinszahlungstag:28.8. eines jeden Jahres (Basis: following, TARGET) Zinsperiode: vom 28.8. eines Jahres (inkl.) bis zum 28.8. des nächsten Jahres (exkl.), gegebenenfalls auch erste kurze Zinsperiode; Basis: unadjusted
Jener Zinsfestsetzungstag gemäß (a), an dem die Emittentin von ihrem Zinswandlungsrecht Gebrauch macht, wird als „Zinsänderungstag“ bezeichnet. Jene Zinsperiode gemäß (a), deren Zinsfestsetzungstag dem Zinsänderungstag in der zeitlichen Reihenfolge unmittelbar vorausgeht, wird als „letzte variable Zinsperiode“ bezeichnet.
Die Neufestsetzung sowohl des Zinssatzes, des Zinszahlungstages und der Zinsperiode gilt unwiderruflich ab Ablauf der letzten variablen Zinsperiode bis zum Laufzeitende der Schuldverschreibung.
Fix-Zinssatz: EUR-ISDA-Swapsatz + X %
Der Fix-Zinssatz (in % p.a.) wird auf zwei Nachkommastellen kaufmännisch gerundet.
EUR-ISDA-Swapsatz: EUR-ISDA-Swapsatz, der gemäß REUTERS-Seite „EURSFIXA=“ (oder nachfolgende) am Zinsänderungstag um oder gegen 11:00 Frankfurter Zeit für die Restlaufzeit der Schuldverschreibung angezeigt wird.
X %: von der Emittentin am Zinsänderungstag festzulegender Prozentsatz (auf zwei Nachkommastellen) des Nennwerts, der zwischen minus 0,15 % bzw. plus 0,35 % liegen muss.
Restlaufzeit: Zeitspanne zwischen Ablauf der letzten variablen Zinsperiode bis Laufzeitende, ausgedrückt in Jahren, wobei die Jahreszahl gegebenenfalls auf zwei Nachkommastellen gerundet wird (Basis: act/act).
Sollte auf der REUTERS-Seite „EURSFIXA=“ (oder nachfolgende) für die Restlaufzeit kein EUR-ISDA-Swapsatz angezeigt werden, ist der EUR-ISDA- Swapsatz durch lineare Interpolation zwischen den EUR-ISDA-Swapsätzen der nächsthöheren und nächsttieferen angezeigten Laufzeiten zu errechnen.
Die Ausübung des Zinswandlungsrechtes durch die Emittentin wird spätestens 7 TARGET-Geschäftstage vor dem Zinsänderungstag gemäß Punkt „Veröffentlichungen“ bekannt gemacht.
Der neu festgesetzte Fix-Zinssatz wird umgehend nach dem Zinsänderungstag gemäß Punkt „Veröffentlichungen“ bekannt gemacht.
(c) Spreadänderungsrecht der Emittentin: Die Emittentin hat einmalig das Recht, zu einem der Zinsfestsetzungstage gemäß (a) den Spread gemäß (a) neu festzulegen, wobei der Spread zwischen minus 0,15 % und plus 0,35 % liegen muss.
Jener Zinsfestsetzungstag gemäß (a), an dem die Emittentin von ihrem Spreadänderungsrecht Gebrauch macht, wird als „Spreadänderungstag“ bezeichnet. Jene Zinsperiode gemäß (a), deren Zinsfestsetzungstag dem Spreadänderungstag in der zeitlichen Reihenfolge unmittelbar vorausgeht, wird als „letzte variable Zinsperiode vor Spreadänderung“ bezeichnet.
46
Die Neufestsetzung des Spreads gilt unwiderruflich ab Ablauf der letzten variablen Zinsperiode vor Spreadänderung bis zum Laufzeitende der Schuldverschreibung.
Die Ausübung des Spreadänderungsrechtes durch die Emittentin und die neu festgesetzte Höhe des Spreads werden spätestens 7 TARGET- Geschäftstage vor dem Zinsfestsetzungstag gemäß Punkt „Veröffentlichungen“ bekannt gemacht.
(d) Das Zinswandlungsrecht gemäß (b) und das Spreadänderungsrecht gemäß (c) schließen einander aus, d.h. sollte die Emittentin von ihrem Zinswandlungsrecht Gebrauch machen, erlischt das Spreadänderungsrecht, bzw. macht die Emittentin von ihrem Spreadänderungsrecht Gebrauch, ist die Ausübung des Zinswandlungsrechts ausgeschlossen.
Laufzeit: vom 15.2.2007 bis 28.8.2016
Stückelung: in Stücken zu Nennwert EUR 50.000,--, die zur Gänze durch eine Sammelurkunde vertreten werden
Ausgabekurs: 100,00 % des Nennwerts
Tilgung: Die Schuldverschreibung wird am 28.8.2016 zum Nennwert eingelöst.
Verjährung: Der Anspruch auf die Zinsen verjährt 3 Jahre, der Anspruch auf das Kapital 30 Jahre nach Fälligkeit.
Sicherheit: Die Emittentin haftet für die Schuldverschreibung mit ihrem gesamten Vermögen. Außerdem haftet noch das Bundesland Niederösterreich als Ausfallsbürge nach Maßgabe des § 5 NÖ Landesbankgesetz sowohl für die Verzinsung als auch für die Rückzahlung dieser Schuldverschreibung gemäß § 1356 ABGB.
Mündelsicherheit: Die Schuldverschreibung ist zur Veranlagung von Mündelgeld geeignet.
Börseeinführung: kann erfolgen
KMG-Prospekt: Daueremission, gemäß § 3 (1) Z. 3 Kapitalmarktgesetz in Verbindung mit § 17b (2) Kapitalmarktgesetz unterliegt diese Schuldverschreibung nicht der KMG-Prospektpflicht.
Veröffentlichungen: Alle Bekanntmachungen, welche die Schuldverschreibung betreffen, erfolgen rechtsgültig jedenfalls im „Amtsblatt zur Wiener Zeitung“ oder auf der Homepage der Emittentin oder durch schriftliche Benachrichtigung der Inhaber der Schuldverschreibung. Sollte die Wiener Zeitung ihr Erscheinen einstellen, so tritt an ihre Stelle die dann für amtliche Bekanntmachungen dienende Tageszeitung.
Zahlungen: Die Zahlungen erfolgen in EURO
Anwendbares Recht: österreichisches Recht
Gerichtsstand: St. Pölten
47 Sollte eine Bestimmung dieser Bedingungen, aus welchem Grund auch immer, unwirksam oder undurchführbar sein oder werden, so wird die Wirksamkeit der übrigen Bestimmungen dieser Bedingungen nicht berührt. Die unwirksame oder undurchführbare Bestimmung wird durch eine solche ersetzt, die dem in diesen Bedingungen zum Ausdruck kommenden Willen am nächsten kommt.
Stand: Februar 2007
48 ANNEX 2 - AT0000A04NZ7
Festverzinsliche Schuldverschreibung
der HYPO NOE Gruppe Bank AG 2007 – 2016/39 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN AT0000A04NZ7
Bedingungen nach Zinswandlung per 28.2.2011 und Veröffentlichung auf der Homepage der Emittentin am 21.1.2011 (Ausübung Zinswandlungsrecht) und am 24.2.2011 (Zinsfestsetzung)
Emittentin: HYPO NOE Gruppe Bank AG
Emissionsvolumen: Nennwert EUR 50 Millionen
Verzinsung: 3,24% p.a., act/act, zahlbar am 28.8. eines jeden Jahres, erstmals am 28.8.2011 (Basis unadjusted, following, TARGET), kurzer 1. Fixkupon von 28.2.2011 bis 28.8.2011
Laufzeit: vom 20.2.2007 bis 28.8.2016
Stückelung: in Stücken zu Nennwert EUR 50.000,--, die zur Gänze durch eine Sammelurkunde vertreten werden
Ausgabekurs: 100,00 % des Nennwerts
Tilgung: Die Schuldverschreibung wird am 28.8.2016 zum Nennwert eingelöst.
Verjährung: Der Anspruch auf die Zinsen verjährt 3 Jahre, der Anspruch auf das Kapital 30 Jahre nach Fälligkeit.
Sicherheit: Die Emittentin haftet für die Schuldverschreibung mit ihrem gesamten Vermögen. Außerdem haftet noch das Bundesland Niederösterreich als Ausfallsbürge nach Maßgabe des § 5 NÖ Landesbankgesetz sowohl für die Verzinsung als auch für die Rückzahlung dieser Schuldverschreibung gemäß § 1356 ABGB.
Mündelsicherheit: Die Schuldverschreibung ist zur Veranlagung von Mündelgeld geeignet.
Listing: in Luxemburg vorgesehen
49
KMG-Prospekt: Daueremission, gemäß § 3 (1) Z. 3 Kapitalmarktgesetz in Verbindung mit § 17b (2) Kapitalmarktgesetz unterliegt diese Schuldverschreibung nicht der KMG-Prospektpflicht.
Veröffentlichungen: Alle Bekanntmachungen, welche die Schuldverschreibung betreffen, erfolgen rechtsgültig jedenfalls im „Amtsblatt zur Wiener Zeitung“ oder auf der Homepage der Emittentin oder durch schriftliche Benachrichtigung der Inhaber der Schuldverschreibung. Sollte die Wiener Zeitung ihr Erscheinen einstellen, so tritt an ihre Stelle die dann für amtliche Bekanntmachungen dienende Tageszeitung.
Zahlungen: Die Zahlungen erfolgen in EURO
Anwendbares Recht: österreichisches Recht
Gerichtsstand: St. Pölten
Sollte eine Bestimmung dieser Bedingungen, aus welchem Grund auch immer, unwirksam oder undurchführbar sein oder werden, so wird die Wirksamkeit der übrigen Bestimmungen dieser Bedingungen nicht berührt. Die unwirksame oder undurchführbare Bestimmung wird durch eine solche ersetzt, die dem in diesen Bedingungen zum Ausdruck kommenden Willen am nächsten kommt.
Emission: Februar 2007 Zinswandlung: Februar 2011
50 ANNEX 3 - AT0000A04BM0
Festverzinsliche Schuldverschreibung
der HYPO NOE Gruppe Bank AG 2007 – 2017/10 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT000A04BM0
Bedingungen nach Zinswandlung per 29.1.2011 und Veröffentlichung auf der Homepage der Emittentin am 11.1.2011 (Ausübung Zinswandlungsrecht) und am 17.1.2011 (Zinsfestsetzung)
Emittentin: HYPO NOE Gruppe AG
Emissionsvolumen: Nennwert EUR 50 Millionen
Verzinsung: 3,39% p.a., act/act, zahlbar am 29.7. eines jeden Jahres, erstmals am 29.7.2011 (Basis unadjusted, following, TARGET), kurzer 1. Fixkupon von 31.1.2011 bis 29.7.2011
Laufzeit: vom 18.1.2007 bis 29.7.2017
Stückelung: in Stücken zu Nennwert EUR 50.000,--, die zur Gänze durch eine Sammelurkunde vertreten werden
Ausgabekurs: 100,00 % des Nennwerts
Tilgung: Die Schuldverschreibung wird am 29.7.2017 zum Nennwert eingelöst.
Verjährung: Der Anspruch auf die Zinsen verjährt 3 Jahre, der Anspruch auf das Kapital 30 Jahre nach Fälligkeit.
Sicherheit: Die Emittentin haftet für die Schuldverschreibung mit ihrem gesamten Vermögen. Außerdem haftet noch das Bundesland Niederösterreich als Ausfallsbürge nach Maßgabe des § 5 NÖ Landesbankgesetz sowohl für die Verzinsung als auch für die Rückzahlung dieser Schuldverschreibung gemäß § 1356 ABGB.
Mündelsicherheit: Die Schuldverschreibung ist zur Veranlagung von Mündelgeld geeignet.
Listing: Einbeziehung in den Dritten Markt (MTF) Wien oder Notiz im Geregelten Freiverkehr Wien möglich
KMG-Prospekt: Daueremission, gemäß § 3 (1) Z. 3 Kapitalmarktgesetz in Verbindung mit § 17b (2) Kapitalmarktgesetz unterliegt diese Schuldverschreibung nicht der KMG-Prospektpflicht.
51 Veröffentlichungen: Alle Bekanntmachungen, welche die Schuldverschreibung betreffen, erfolgen rechtsgültig jedenfalls im „Amtsblatt zur Wiener Zeitung“ oder auf der Homepage der Emittentin oder durch schriftliche Benachrichtigung der Inhaber der Schuldverschreibung. Sollte die Wiener Zeitung ihr Erscheinen einstellen, so tritt an ihre Stelle die dann für amtliche Bekanntmachungen dienende Tageszeitung.
Zahlungen: Die Zahlungen erfolgen in EURO
Anwendbares Recht: österreichisches Recht
Gerichtsstand: St. Pölten
Sollte eine Bestimmung dieser Bedingungen, aus welchem Grund auch immer, unwirksam oder undurchführbar sein oder werden, so wird die Wirksamkeit der übrigen Bestimmungen dieser Bedingungen nicht berührt. Die unwirksame oder undurchführbare Bestimmung wird durch eine solche ersetzt, die dem in diesen Bedingungen zum Ausdruck kommenden Willen am nächsten kommt.
Emission: Jänner 2007 Zinswandlung: Jänner 2011
52 ANNEX 4 - AT0000A03NG9
Festverzinsliche Schuldverschreibung der HYPO NOE Gruppe Bank AG 2006 – 2015/13 mit Ausfallsbürgschaft des Landes Niederösterreich ISIN: AT0000A03NG9
Bedingungen nach Zinswandlung per 29.03.2011 und Veröffentlichung auf der Homepage der Emittentin am 16.03.2011 (Ausübung Zinswandlungsrecht) und am 25.03.2011 (Zinsfestsetzung)
Emittentin: HYPO NOE Gruppe Bank AG
Emissionsvolumen: Nennwert EUR 50 Millionen
Verzinsung: 3,26% p.a., act/act, zahlbar am 29.9. eines jeden Jahres, erstmals am 29.9.2011 (Basis unadjusted, following, TARGET) – kurzer 1. Fixkupon vom 29.3.2011 bis 29.9.2011
Laufzeit: vom 15.12.2006 bis 29.9.2015
Stückelung: in Stücken zu Nennwert EUR 50.000,--, die zur Gänze durch eine Sammelurkunde vertreten werden
Ausgabekurs: 100,00 % des Nennwerts
Tilgung: Die Schuldverschreibung wird am 29.9.2015 zum Nennwert eingelöst.
Verjährung: Der Anspruch auf die Zinsen verjährt 3 Jahre, der Anspruch auf das Kapital 30 Jahre nach Fälligkeit.
Sicherheit: Die Emittentin haftet für die Schuldverschreibung mit ihrem gesamten Vermögen. Außerdem haftet noch das Bundesland Niederösterreich als Ausfallsbürge nach Maßgabe des § 5 NÖ Landesbankgesetz sowohl für die Verzinsung als auch für die Rückzahlung dieser Schuldverschreibung gemäß § 1356 ABGB.
Mündelsicherheit: Die Schuldverschreibung ist zur Veranlagung von Mündelgeld geeignet.
Listing: in Luxemburg vorgesehen
53 KMG-Prospekt: Daueremission, gemäß § 3 (1) Z. 3 Kapitalmarktgesetz in Verbindung mit § 17b (2) Kapitalmarktgesetz unterliegt diese Schuldverschreibung nicht der KMG-Prospektpflicht.
Veröffentlichungen: Alle Bekanntmachungen, welche die Schuldverschreibung betreffen, erfolgen rechtsgültig jedenfalls im „Amtsblatt zur Wiener Zeitung“ oder auf der Homepage der Emittentin oder durch schriftliche Benachrichtigung der Inhaber der Schuldverschreibung. Sollte die Wiener Zeitung ihr Erscheinen einstellen, so tritt an ihre Stelle die dann für amtliche Bekanntmachungen dienende Tageszeitung.
Zahlungen: Die Zahlungen erfolgen in EURO
Anwendbares Recht: österreichisches Recht
Gerichtsstand: St. Pölten
Sollte eine Bestimmung dieser Bedingungen, aus welchem Grund auch immer, unwirksam oder undurchführbar sein oder werden, so wird die Wirksamkeit der übrigen Bestimmungen dieser Bedingungen nicht berührt. Die unwirksame oder undurchführbare Bestimmung wird durch eine solche ersetzt, die dem in diesen Bedingungen zum Ausdruck kommenden Willen am nächsten kommt.
Emission: Dezember 2006 Zinswandlung: März 2011
54