commiss decis juli measur implement feder republ germani westdeutsch landesbank girozentral westlb notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur complaint date march bundesverband deutscher banken quot bdb quot repres privat own bank germani urg commiss initi procedur laid articl ec treati feder republ germani claim german bank supervisori author bundesaufsichtsamt für da kreditwesen bakr infring articl council direct eec april fund credit institut fund direct amend document access austria finland sweden accept asset wohnungsbauförderungsanstalt de land nordrhein westfalen wfa merg westdeutsch landesbank girozentral westlb fund letter date bdb inform director gener iv respons competit asset transfer alleg distort competit favour westlb decemb file formal complaint request commiss initi procedur laid articl ec treati feder republ germani februari march decemb ten individu bank complaint associ letter date januari februari novemb decemb januari commiss ask german author inform order determin asset transfer constitut state aid german author repli letter date februari march march april april januari number letter document submit parti commiss repres met repres german author westlb landesbank complain meet juli august januari march april june august octob octob februari march june januari june exchang inform commiss deem initi procedur laid articl ec treati relev decis adopt octob commiss conclud measur question constitut aid mean articl ec treati need addit inform carri apprais inform relat measur land north rhine westphalia hereinaft land ensur proper particip addit profit westlb gener basi capit transfer effect inadequ liquid content transfer capit effect fact land influenc westlb increas effect preferenti natur fix remuner aspect determin level remuner level wfa capit underpin westlb commerci busi amount exceed sum shown westlb balanc sheet tax exempt waiver liabil profit westlb alleg synergi complaint refer similar financi measur lower saxoni berlin schleswig holstein hamburg bavaria favour norddeutsch landesbank landesbank berlin landesbank schleswig holstein hamburg landesbank bayerisch landesbank complaint focus transfer wfa westlb account exception high volum capit transfer procedur initi address case commiss state review capit transfer bank light find present procedur decis initi procedur laid articl ec treati notifi german govern letter date octob minor error decis correct commiss decis decemb notifi german govern letter date decemb remov confidenti data public agre letter date novemb decemb german govern submit observ letter februari extens deadlin request letter novemb grant letter decemb commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment measur receiv comment westlb associ français de banqu british banker associ june bdb june letter date june forward german govern reaction duli receiv letter august extens deadlin request letter june grant letter juli meet place repres bdb januari septemb repres westlb septemb letter date septemb commiss depart invit german author westlb bdb joint meet aspect case bdb provid inform letter date octob meet parti place novemb meet commiss depart request addit inform document german author bdb letter novemb letter date januari bdb submit inform request extens deadlin request letter decemb grant letter decemb german author submit inform letter date januari extens deadlin request letter novemb grant letter decemb addit inform provid letter date april german author refus provid inform commiss enjoin german govern decis march submit inform decis german govern letter date march german govern compli injunct letter date april extens deadlin request letter april grant letter april commiss decid arrang independ studi carri remuner ask land transfer wfa westlb repres consult charg task attend meet parti novemb ii detail descript measur westdeutsch landesbank girozentral westlb beneficiari transfer wfa public law institut anstalt de öffentlichen recht land law stipul function fulfil bank westlb act central bank legal econom independ local save bank north rhine westphalia ensur equalis save bank liquid supraregion servic juli westlb act central institut save bank land brandenburg virtu contractu agreement westlb engag issu debt instrument handl financi transact public sharehold state bank function westlb oper normal commerci bank notwithstand special legal provis westlb subject bank supervis german bank law kreditwesengesetz westlb publicli own largest singl stake nomin capit held land sharehold municip associ landschaftsverbänd rheinland westfalen lipp associ local public save bank sparkassen und giroverbänd rheinland westfalen lipp ownership structur exist time transfer remain unchang public law institut westlb benefit form guarante public owner quot institut respons quot anstaltslast quot guarantor liabil quot gewährträgerhaftung anstaltslast mean owner westlb respons secur institut econom basi oper entir durat exist guarante creat liabil part public author bank term gewährträgerhaftung owner meet bank liabil satisfi asset establish liabil part guarantor vi vi creditor bank guarante limit time origin westlb region institut concentr supplement activ local save bank turn focus initi primarili social function provid financi servic sector characteris market failur save bank long develop purpos credit institut likewis decad westlb develop increasingli independ commerci bank strong competitor german european bank market time transfer westlb group rank german credit institut deutsch bank ag dresdner bank ag measur balanc sheet total westlb group offer financi servic enterpris public institut import player intern capit market account manag issuer debt instrument german purpos bank westlb hold stake financi financi enterpris annual report westlb oper bank offic countri end year number risen european countri end westlb present countri worldwid westlb busi oper germani account percentag point europ consolid interest surplu percentag point europ consolid net incom financi transact percentag point europ consolid commiss surplu percentag point europ consolid oper incom annual report westlb held end major direct indirect stake total equiti compani financi servic sector thoma cook group thoma cook reisebüro thoma cook tui reisebüro reisebüro manag ltu grupp köln düsseldorf deutsch rheinschiffahrt kaufhof warenhau ta triumph adler accumulatorenwerk hoppeck carl zöllner amp sohn teliu grundstücksverwaltung gesellschaft preussag stake held niedersachsen hold westlb interest deutsch babcock ag märkisch faser mühl product amp servic und thüringer baustoffhandel isi multimedia net schuh union aw beteiligung bmbh compani stake freseniu kommunal energi beteiligungsgesellschaft compani stake vew westdeutsch lotteri westdeutsch spielbanken westlb number import hold financi servic sector run number subsidiari special legal provis westlb public credit institut unlik privat bank conduct mortgag lend save bank activ organis roof oper westlb rank germani comprehens purpos bank hand westlb oper dens network retail branch market segment cover local save bank westlb act central institut balanc sheet structur westlb reflect circumst liabil bank account group total liabil bond issu liabil custom connect liabil bank note local save bank requir law deposit surplu liquid west lb fund credit institut financi market facilit bank tripl rate westlb profit measur pre tax profit percentag capit reserv group level exce averag year preced transfer wfa show clear upward tendenc perform substanti german european averag tabl kei figur westlb group annual report gt tabl gt tabl westlb group increas balanc sheet total transfer balanc sheet total westlb increas period dem million eur million dem million eur million wohnungsbauförderungsanstalt wfa wfa found oper decemb public law institut anstalt de öffentlichen recht independ entiti nomin capit dem million eur million land north rhine westphalia sole sharehold section north rhine westphalian law promot hous wohnungsbauförderungsgesetz wfa devot exclus promot hous grant low interest interest bear loan account profit charact exempt corpor tax körperschaftssteu properti tax vermögenssteu tax busi capit gewerbekapitalsteu public law institut wfa cover land quot institut respons quot anstaltslast guarantor liabil gewährträgerhaftung liabil guarante chang account transfer largest singl sourc financ hous promot activ land hous promot fund landeswohnungsbauvermögen built interest incom hous loan grant wfa annual cash inject land budget resourc earmark serv exclus fund base hous loan virtu section law promot hous account wfa refinanc dem million eur million decemb prior transfer wfa guarante land liabil incur hous promot purpos year line land repay liabil wfa guarante transform reimburs claim land wfa reduc land hous promot fund liabil wfa fallen due longer need revenu interest loan recoveri order perform public task amount dem million eur million end shown directli balanc sheet quot line quot tabl kei figur wfa annual report gt tabl gt capit requir fund direct solvenc ratio direct council direct eec solvenc ratio credit institut solvenc ratio direct fund direct bank fund equival risk adjust asset risk bear balanc sheet transact direct necessit amend german bank law effect januari requir enter forc june date german credit institut oblig fund equival risk adjust asset threshold fund origin fund basiseigenmittel consist capit item credit institut unrestrict cover loss occur origin fund crucial import level bank total fund prudenti purpos fund lower qualiti quot addit fund quot ergänzend eigenmittel accept amount origin fund underpin risk bear busi bank amount fund limit bank exposur larg risk time wfa transfer german bank law section laid singl loan grant exce bank fund total loan exceed bank fund higher time bank fund amend german bank law bring line council direct eec decemb monitor control larg exposur credit institut reduc maximum loan bank fund laid sum singl loan exceed bank fund higher time total fund size qualifi hold credit financi institut limit articl council direct eec decemb coordin law regul administr provis relat take pursuit busi credit institut amend direct eec special provis german bank law section base european legisl found member state limit total amount long term invest includ hold financi enterpris total amount bank fund german bank adapt capit requir june fund cushion landesbank includ westlb compar small transpos solvenc ratio direct german law test calcul made deutsch bundesbank decemb basi provis direct landesbank averag solvenc ratio compar requir june absolut institut rais capit order avoid restrict busi expans maintain current level activ bank demonstr level fund order supervisori author action compli solvenc rule rais addit capit reduc risk adjust asset privat bank satisfi addit demand fund capit market public bank move direct public sharehold decid privatis part credit institut gener tight budgetari situat meant public sharehold undertak cash inject capit solut found provid addit capit case westlb land decid transfer wfa westlb order strengthen fund base similar transact carri länder favour respect landesbank transfer effect transfer decemb parliament north rhine westphalia pass law govern promot hous gesetz zur regelung der wohnungsbauförderung articl order transfer wfa westlb transfer effect januari ground law primari reason transfer increas westlb fund enabl compli stricter capit requir enter forc june transfer financi burden land budget combin hous promot activ wfa westlb secondari effect increas effici part transfer land waiv wfa guarante dem million eur million liabil land connect fund rais hous promot point ii westlb univers legal successor wfa wfa liabil vi vi land debt enter land reason hous promot waiv prior transfer wfa organisation econom independ public law institut legal capac westlb wfa nomin capit reserv shown westlb balanc sheet special reserv sonderrücklag land continu guarante wfa liabil anstaltslast gewährträgerhaftung asset transfer nomin capit capit reserv land hous promot fund claim wfa futur return flow hous loan remain earmark hous promot articl section law transfer westlb provis establish asset transfer serv equiti capit mean german bank law fund direct basi solvenc ratio bank calcul underpin westlb competit busi occas transfer westlb owner chang cover agreement mantelvertrag agre asset earmark hous promot preserv westlb suffer loss absorb origin capit intern wfa capit subordin liabil westlb remain equiti clarifi agreement westlb owner quot institut respons quot anstaltslast cover wfa special reserv westlb wound land prioriti claim wfa capit state cover agreement increas westlb equiti base integr wfa constitut act monei worth geldwert leistung land annual remuner act agre owner financi result year onward protocol note cover agreement date novemb notwithstand intern agreement guarante wfa asset intern subordin wfa capit distinct drawn westlb extern relationship wfa hous promot activ function provid fund westlb transfer asset fulli instantan westlb cover loss event bankruptci cover creditor claim manag contract hous promot law geschäftsbesorgungsvertrag zum wohnungsbauförderungsgesetz conclud land westlb lai westlb special reserv underpin busi activ fulfil wfa legal bind task guarante wfa lost legal independ hous promot divis westlb integr westlb account integr operation westlb remain distinct entiti westlb wohnungsbauförderungsanstalt nordrhein westfalen anstalt der westdeutschen landesbank girozentral hous promot divis westlb includ westlb account publish separ westlb exist hous promot depart merg wfa wfa transfer capit reserv asset futur profit earmark hous promot administ separ westlb commerci activ time separ prerequisit continu recognit hous promot activ profit make german tax legisl german author assum integr wfa remain profit make entiti tax exempt mention point ii abolish westlb competitor oppos merger monopoli wfa westlb fear westlb advantag inform gather hous promot field acquir custom commerci busi author respons undertaken ensur distort competit caus proxim separ hous promot divis commerci divis westlb term personnel inform wfa decemb nomin wfa capit transfer westlb dem million eur million dem million eur million account land hous promot fund resourc serv financ hous promot loan interest bear low interest loan long grace period order establish actual nomin capit heavili discount januari westlb commiss valuat wfa deliv april note valuat carri land decid transfer wfa valuat method auditor state continu oblig reinvest futur incom wfa low interest interest bear hous promot loan institut fact capitalis earn oblig ceas event realis wfa advantag wfa westlb consist firstli increas fund result abil expand busi increas credit stand consider strengthen equiti capit westlb receiv advantag wfa normal activ establish proce event sale reinvest oblig exist intern relationship asset valu amount result normal return discount serv basi nomin return flow normal market return auditor revalu item wfa asset liabil hous loan adjust dem million eur dem eur million arriv net asset wfa dem million eur million correspond discount compar nomin net asset wfa dem million eur million time revalu dem million eur million enter westlb account special capit reserv hous promot sonderrücklag wohnungsbauförderungsanstalt ask westlb accept amount dem million eur million westlb origin fund bakr commiss audit firm carri valuat valuat deliv septemb valuat bakr examin plausibl made westlb accept methodolog approach choic discount rate differ treatment redempt matur vorfälligkeitstilgungen valuat bakr arriv net asset wfa rang dem million eur million dem million eur million basi valuat bakr final accept decemb dem million eur million westlb origin fund mean german bank law amount shown westlb balanc sheet dem million eur million amount accept origin fund chang valuat transfer asset base situat waiver wfa liabil vi vi land valu dem million eur million effect wfa transfer westlb decemb westlb recognis fund dem million eur million dem million eur million profit particip certif genußrecht bank solvenc ratio basi provis german bank law adapt eu bank direct percentag point minimum level stipul law result accept wfa capit fund westlb bakr westlb total fund boost dem million eur million increas take account alloc dem million eur million reserv profit westlb fund amount dem million eur million decemb correspond solvenc ratio includ wfa capit risk adjust asset tabl capit requir fund westlb wfa base data provid german author gt tabl gt solvenc ratio includ increas westlb risk adjust asset unrel hous promot dem eur increas place transfer wfa westlb solvenc ratio fallen decemb wfa capit ti hous promot activ part fund mean solvenc rule need underpin risk adjust asset inform provid german author dem million eur million need purpos time capit requir enter forc mean remain dem million eur million westlb time fund underpin competit busi decemb solvenc ratio westlb group percentag point minimum year wfa capit accept bakr ratio includ wfa risk adjust asset asset transfer place group increas hous relat risk bear asset group solvenc ratio fallen percentag point minimum level requir time june german credit institut compli capit requir set fund direct solvenc ratio direct group solvenc ratio includ wfa capit requir calcul basi provis percentag point minimum level origin fund account percentag point addit fund percentag point exclud wfa capit contribut risk adjust asset group solvenc ratio june ratio achiev rais addit fund form subordin loan amount dem million eur million earli westlb rais dem million addit fund bring total fund group mean german bank law dem million eur million end year solvenc ratio fallen slightli end compar june tabl capit requir fund westlb group base data provid german author gt tabl gt absolut figur origin fund dem million eur million increas dem million eur million theoret capac extend busi volum risk adjust asset german bank law minimum solvenc ratio basi minimum solvenc ratio applic june relev figur dem million eur million assum dem million eur million wfa capit westlb group competit busi risk adjust lend capac increas dem million eur million bank asset risk adjust actual credit volum capac increas greater amount end westlb group risk adjust asset includ wfa busi amount dem eur balanc sheet total dem million eur million averag risk weight constant risk structur dem million eur million origin fund permit total expans coverag exist busi dem eur basi threshold laid eu bank direct increas origin fund allow westlb rais addit fund amount equal origin fund actual lend capac indirectli increas conclus drawn firstli capit increas westlb difficulti remain minimum solvenc ratio german bank law adapt eu bank direct wfa transfer westlb group satisfi minimum solvenc ratio solvenc ratio direct reduc risk adjust asset mobilis sourc fund disclosur hidden reserv rais addit fund provid temporari relief level fund limit amount origin fund thirdli capit increas fresh addit fund rais exceed amount need group meet stricter capit requir revis german bank law supervisori restrict individu larg loan threshold laid german bank law equival dem million eur million accept wfa capit accept wfa capit dem million eur million alloc reserv profit threshold rose dem million eur million threshold stipul larg loan total higher time bank fund equival dem million eur million march year accept wfa capit threshold risen dem million eur million westlb capac grant larg loan increas dem million eur million time increas fund result transfer wfa remuner transfer wfa transfer wfa lead chang ownership structur westlb land remuner capit provid higher share dividend paid higher share capit gain hold westlb mention agreement govern relationship owner westlb mantelvertrag amend transfer wfa section agreement owner agre enlarg westlb capit base land constitut financi advantag level remuner capit provid fix westlb financi result short time transfer ground law transfer similar word transfer remuner remuner capit provid final fix annual rate paid westlb profit tax give pre tax burden westlb payabl profit made basi remuner capit wfa recognis bakr origin fund dem million eur million remuner paid part capit need wfa underpin hous promot activ westlb underpin commerci busi part amount dem million eur million capit requir enter forc increas tabl special capit reserv hous promot fund requir wfa base data provid german author gt tabl gt iii comment interest parti complaint observ bdb bdb submit applic quot market economi investor principl quot limit enterpris loss make financi restructur investor guid question enterpris question profit profit correspond market rate capit inject public author examin case loss make enterpris discrimin privat enterpris infring articl ec treati submit articl ec treati exempt transfer wfa asset competit rule argu articl question protect freedom land creat special asset transfer commerci enterpris competit rule appli remuner capit bdb argu origin fund recognis origin fund dem million eur million underpin busi activ time rais addit fund solvenc reason transfer land enabl westlb oper edg equiti base avoid reduc busi activ expand busi activ open risk amount fund exce actual requir influenc fund cost financi market bdb market economi investor inject capit compani compani financi result consist poor year sign consider improv indic higher return expect futur level remuner bdb stress westlb urgent origin fund transfer wfa doubl westlb origin fund dem million eur million dem million eur million privat investor brought huge amount equiti capit westlb weak financi perform time return provid capit condit privat investor demand premium percentag point top normal return equiti capit bdb quot wetlb profit averag tax ten year prior transfer compar profit figur larg privat german bank averag tax period landesbank gener profit bdb submit calcul return equiti german bank made behalf extern consult method calcul comparison return equiti bdb submit histor rate return calcul arithmet averag compound annual growth rate method impli investor reinvest dividend take addit incom reinvest account calcul dividend reinvest influenc origin invest decis consid separ decis method base arithmet averag compound annual growth rate method averag return larg german privat bank period tax calcul figur bdb account hold period invest sale order avoid bia result take base year share price unusu high low year appli hold period simultan smoothen effect stockmarket fluctuat bdb submit figur westlb low incom sale subscript account capit asset price model central studi provid westlb justifi remuner bdb submit extern studi arriv return equiti basi normal risk premium german market period basi higher expect risk premium figur higher provid westlb differ attribut factor firstli bdb appli higher risk premium equiti appli higher beta factor credit institut risk free base rate westlb calcul method calcul return equiti bdb final quot rang normal return equiti bdb state privat minor sharehold inject addit capit request increas share compani increas duli particip profit exercis greater influenc compani bdb stress agreement westlb sharehold wfa capit subordin liabil equiti westlb fact real effect land virtu institut respons anstaltslast step westlb difficulti fact owner westlb land guarante westlb entir liabil wfa equiti inject receiv remuner mean reduct risk attach transfer capit result increas risk land westlb sharehold risk profil wfa equiti normal equiti comparison equiti instrument financi market submit german govern westlb bdb argu profit particip certif genußrecht cumul perpetu stock compar wfa capit firstli accept origin fund cumul perpetu stock accept addit fund germani qualifi origin fund wfa capit westlb increas fund rais addit fund instrument refer limit time profit particip certif lose addit fund charact year matur wfa capit westlb dispos unlimit period thirdli instrument provid limit part bank fund requir consider share origin fund fourthli capit market instrument trade market mean investor termin invest land opportun return accept lack trade possibl privat investor demand premium percentag point normal return bdb provid commiss data equiti compon solvenc ratio larg german privat bank onward data show begin hybrid origin fund instrument fact german bank transpir inform credit institut gener solvenc ratio minimum requir origin fund total fund bdb comment cover agreement sharehold westlb stipul intern wfa capit subordin liabil liabl equiti capit express liabl equiti capit cover addit fund instrument profit particip certif subordin loan detriment posit argu agreement contract expens parti vertrag zu lasten dritter void risk profil wfa special reserv higher profit particip certif subordin loan reason bdb assum remuner paid westlb constitut market rate take account westlb rais liquid fund order wfa capit full lack particip accumul reserv land share westlb increas bdb suggest rate rang correct remuner rate paid total accept amount dem million eur million ii liquid cost complaint bdb accept quot liquid cost quot reduct percentag point appli calcul remuner capit claim equiti serv underpin balanc sheet busi requir liquid fund figur fact lower observ commiss decis initi procedur laid articl ec treati bdb argu quot liquid cost quot account calcul return wfa capit cost account discount wfa asset dem million eur million bank activ guarante requir liquid cost account small margin percentag point order offset fact wfa asset lock unprofit busi bdb submit expert opinion point figur refinanc cost claim westlb high case basi analysi averag market rate year refinanc instrument accord westlb balanc sheet structur actual rate westlb refinanc market averag year bdb provid commiss figur refinanc cost larg german privat bank time transfer consider lower claim westlb refinanc cost earlier stage procedur bdb distinct drawn figur tax figur tax refinanc cost reduc taxabl profit refinanc cost account rate appli tax consid iii capit basi calcul remuner mention bdb suggest rate rang paid total accept amount dem million eur million claim observ amount recognis bakr origin fund excess amount dem million eur million underpin busi shown equiti balanc sheet benefit westlb rate agenc investor accept origin fund total equiti shown balanc sheet form basi commerci estim cover loss amount increas westlb credit stand remuner compar guarante premium paid iv synergi effect bdb claim synergi effect constitut real reason transfer appar fact law transfer justifi measur ground strengthen westlb competit posit agreement remuner paid act monei worth bdb question synergi effect achiev wfa westlb commerci busi separ econom organis personnel term provid relev legal provis synergi emerg wfa activ reduc cost hous promot regard remuner land westlb tax aspect bdb point wfa remain exempt properti tax tax busi capit corpor tax transfer tax exempt public law credit institut justifi long institut engag exclus promot activ oper competit privat taxabl institut bdb normal bank increas capit year pai properti tax tax busi capit addit capit westlb favour posit compar bank exempt corpor tax benefit westlb indirectli waiver tax incom constitut state aid mean articl ec treati waiver liabil prior transfer wfa releas liabil dem million eur million vi vi land waiv liabil consider wfa westlb market economi investor ask consider waiver waiver decis prerequisit accept bakr origin fund dem million eur million westlb profit directli waiver observ interest parti westlb bdb interest parti comment commiss decis initi procedur laid articl ec treati associ francais de banqu associ francais de banqu argu transfer fund westlb insignific remuner sought continu guarante bank land lead distort competit detriment french credit institut westlb owner demand return capit normal level westlb offer servic cost dump benefit guarantor liabil westlb tripl rate refin market favour term advantag place french bank oper germani disadvantag time westlb special condit develop busi franc sector municip financ competit bank sector distort germani franc member state british banker associ british banker associ argu westlb activ competitor german bank germani european market aid grant westlb distort effect trade commun call commiss uphold principl singl market exempt publicli own bank competit rule treati observ weslb public commiss decis initi procedur laid articl ec treati westlb submit posit copi german govern observ question declar fulli agreement statement argument german govern gener reflect posit westlb present briefli gener observ transfer westlb market economi investor principl applic invest econom sound profit enterpris confirm court past appli principl case time invest decis enterpris question oper loss consider time activ sector characteris structur overcapac claim basi case law appli principl sound profit enterpris westlb submit wfa special purpos asset compar normal fund transfer westlb unus wfa asset repres commerci asset mean transfer land optimis fund earmark hous promot privat owner act westlb increas land particip transfer unnecessari incompat risk profil wfa capit lack liquid transfer compar capit inject equiti instrument market carri vote right claim remuner receiv land reason price increas westlb profit appar market economi investor requir target profit invest profit compani westlb made profit past establish restructur plan plan requir court case restructur aid loss make enterpris remuner capit westlb remuner paid capit question support opinion westlb submit report invest bank commiss westlb assess remuner expert report compar risk profil wfa capit equiti instrument capit market basi comparison identifi rate rang remuner wfa capit compar cost tax westlb wfa capit westlb stress order full capit requir addit refinanc cost document rang westlb submit figur present bdb return equiti german bank correct reason specif stock exchang develop invest period bdb calcul led high return arithmet averag bdb produc correct result compound annual growth rate method calcul bdb includ calcul invest period relev invest decis account hold period count individu year time bank bdb comput averag rate return equiti larg german bank compar westlb differ core busi westlb averag return equiti present bdb fall adjust factor synergi effect westlb integr wfa westlb led consider cost save wfa year wfa staff staff wfa hous promot divis westlb cost born wfa transfer reduc earli year transfer led annual save dem million eur million wfa result synergi reduct staff number continu annual save expect increas dem million eur million onward amount benefit exclus hous promot busi land document refer synergi effect dem million eur million annual merger chang pension system wfa employe cost westlb dem eur payment pension institut feder state länder payment reduc wfa subsequ expens synergi effect westlb wfa exempt tax correspond system german tax law tax question appli institut serv public purpos competit tax pai institut westlb fulli liabl tax benefit exempt applic wfa note properti tax tax busi capit levi januari januari waiver liabil westlb point waiver liabil question made transfer subsequ valuat wfa asset dem million eur million reflect situat liabil remuner base westlb receiv advantag waiver iv comment german govern german govern submit transact includ element state aid westlb mean ec treati land receiv remuner correspond term market transact constitut state aid sharehold westlb preserv sharehold structur wfa transfer justifi remuner paid westlb tax exempt wfa includ element state aid westlb affect commerci busi bank opinion german govern commiss examin case basi circumst obtain time invest decis end circumst basi land invest decis subsequ question develop accept fund bakr yearli valuat integr wfa asset liabil westlb account fall scope commiss investig german govern plan integr wfa westlb date back prompt view hous promot made effici transfer procedur receiv hous loan complic wfa westlb involv alongsid relev public author westlb special hous promot depart set cost born wfa structur led duplic post file ineffici transfer beneficiari hous loan deal parti feder govern state westlb met solvenc criteria rais addit fund view secur long term function bank reason increas origin fund show prime reason transfer increas westlb equiti achiev potenti synergi effect improv hous promot procedur chang solvenc rule trigger process legisl initi question laid resourc land hous promot fund remain earmark substanc secur instrument hous promot maintain accord principl wfa manag westlb organisation econom independ entiti draw annual account event westlb wound land preferenti claim wfa net asset wfa incom hous promot part wfa fund underpin asset westlb solvenc purpos land retain special influenc wfa specif supervisori inform cooper right extern liabil respect wfa special reserv unlimit event westlb liquid bankruptci creditor direct access loss offset special reserv limit intern westlb owner laid arrang order liabl capit call wfa capit rank remain equiti capit westlb intern agreement affect extern legal liabil bakr accept special reserv origin fund amount dem million eur million decemb market economi investor principl german govern note land oblig privatis altern transfer privatis allow westlb approach capit market order rais equiti land oblig open westlb privat investor argument infring articl ec treati increas total return westlb equiti unnecessari measur increas return requir state invest loss make compani german govern claim court appli market economi investor principl past state intervent loss make compani sector characteris structur overcapac infer case law commiss examin state invest sound profit public enterpris order determin gener averag return state account long term strateg consider enjoi latitud entrepreneuri decis commiss allow examin decis commiss requir minimum return long assum enterpris question loss make long run concept averag return necessarili impli profit enterpris averag industri clear enterpris period time basi comput averag return state requir guid profit consider take entrepreneuri decis privat investor aspect account part entrepreneuri freedom continu oper enterpris averag return inject addit capit limit state reach behaviour longer econom justifi privat investor test transact justifi basi market economi investor principl measur privat owner virtu earmark special purpos inject capit compar normal equiti inject transfer constitut commerci term effici utilis wfa capit land optimis wfa asset transfer wfa compar privat profit make entiti foundat privat owner entiti act order put asset purpos commerci german govern public purpos wfa asset constitut task gener econom interest articl ec treati subject commiss supervis member state free creat special purpos asset german govern submit adequ remuner paid relev state aid rule land receiv adequ remuner increas particip westlb justifi fact provid land addit econom advantag addit consider redistribut share correspond special natur wfa asset lack liquid intern subordin liabil equiti instrument capit market compar wfa asset carri vote right agre remuner adequ owner westlb receiv addit incom receiv normal market economi condit westlb attract investor increas sharehold structur westlb fix privat sharehold remuner hypothet low fact influenc privat investor sharehold receiv advantag effect save bank small percept land receiv fix adequ remuner westlb profit make enterpris undoubtedli pai agre remuner actual level westlb total return capit fact relev land requir increas bank profit remuner capit german govern submit westlb pai remuner transfer asset fact remuner paid westlb capit provid regard land prerequisit transfer level basi assess remuner intens discuss parti involv clear amount accept bakr origin fund principl actual level remuner fix time transfer actual level fix negoti owner westlb german govern provid commiss document explain figur determin argu decis factor state aid point view consider rate base result fix remuner paid distribut profit dividend paid ow lack profit remuner paid year recoveri payment futur year figur correspond pre tax cost westlb tabl show payment made weslb land remuner capit transfer tabl remuner paid westlb transfer wfa data provid german author gt tabl gt german govern present studi extern consult commiss westlb assess adequ remuner capit invest risk profil wfa asset expert opinion examin extern intern risk exposur capit condit govern remuner payment compar featur equiti instrument found intern capit market order determin remuner comparison explain section studi arriv spread remuner pre tax cost westlb remuner rate amount rate regard adequ addit direct remuner synergi effect aris transfer account comparison equiti instrument studi state return equiti instrument determin risk profil higher risk higher risk premium interest differ paid relat secur govern bond analys risk profil element import arrang current interest payment investor posit event current loss posit event liquid bankruptci studi describ featur equiti capit instrument market ordinari share dormant hold profit particip certif perpetu prefer share trust prefer secur subordin bond compar wfa capit studi wfa capit compar profit particip certif perpetu prefer stock dormant hold instrument mention trust prefer secur perpetu prefer share accept germani studi end capit instrument qualifi origin fund germani ordinari share prefer share vorzugsaktien dormant hold still beteiligungen studi stress wfa asset westlb creditor event bankruptci westlb liabil function haftungsfunkt time westlb offset loss limit wfa special reserv loss compens function verlustausgleichsfunkt intern agreement earmark wfa asset relev connect intern special reserv subordin liabil equiti westlb intern situat decis decis investor loss compens function wfa special reserv compar perpetu prefer share parallel profit particip certif addit fund westlb origin fund exhaust profit particip certif paral riski profit particip certif appli dormant hold liabil function special reserv origin fund dormant hold profit particip certif addit fund wfa special reserv higher risk level profit particip certif dormant hold compar term risk perpetu prefer share studi extrem low probabl bankrutci westlb risk fact disregard investor heavili discount risk cost case wfa capit interest payment made distribut profit prioriti dividend profit suffici remuner paid arrang correspond principl perpetu prefer stock profit particip certif riski miss interest payment defer paid cumul basi year dormant hold cumul repay case wfa capit risk payment limit risk premium liquid cost case instrument full coupon risk free return risk margin risk interest payment risk wfa capit slightli lower instrument studi conclud risk premium wfa special reserv profit particip certif dormant hold perpetu prefer share histor margin tax quot profit particip certif dormant hold perpetu prefer share histor risk margin ordinari share wfa special reserv remuner calcul year rate quot synergi effect account studi conclud remuner paid westlb high year liquid cost cash inject increas fund liquid liquid reinvest earn interest investor demand remuner transfer increas westlb fund provid liquid wfa capit lock hous promot busi unlik cash inject westlb reinvest liquid rais liquid capit market achiev result result addit interest expens lack liquid land shown expert opinion provid demand remuner risk margin differ total return invest return govern bond state practic risk relat asset side bank busi requir liquid swap contract forward contract deriv guarante sureti requir liquid transact shown credit institut balanc sheet relev refinanc cost account base return long term ten year risk free german govern bond secondari market rate bond end actual averag refinanc cost westlb novemb stood capit basi calcul remuner protocol note cover agreement remuner paid annual averag portion wfa special reserv westlb underpin busi payment made realiti westlb pai remuner amount amount usabl portion need underpin wfa busi remaind special reserv part need wfa busi sum dem million eur million enter equiti westlb balanc sheet accept bakr econom westlb underpin addit risk bear asset balanc sheet entri dem million eur million result differ valuat rate agenc experienc investor accept amount dem million eur million econom relev westlb privat investor demand remuner market bank altern possibl rais equiti capit market accept origin fund normal cash inject feder govern wfa asset liabil newli discount year order enter westlb balanc sheet actual repay interest grant long term lower interest hous loan nomin amount wfa asset increas discount risk adjust amount decreas synergi effect german govern land expect synergi transfer amount dem million eur million annual longer term simplif hous promot procedur elimin duplic activ easier faster commun coordin transfer wfa fewer staff save compens payment work carri past westlb hous promot depart wfa claim land expect fulfil manag point view merger wfa westlb achiev synergi effect synergi achiev fall econom freedom land protect articl ec treati german govern point westlb paid dem eur cover exist futur pension entitl wfa employe reduc futur cost wfa payment depreci westlb account period year dem eur annual tax exempt wfa exempt properti tax vermögenssteu tax busi capit gewerbekapitalsteu corpor tax körperschaftssteu provid german tax system wfa public law entiti exempt compet taxabl financi institut state pursu object tax save state provid fewer fund wfa activ westlb fulli tax incom commerci activ underpin wfa capit receiv financi advantag wfa exempt amount accept origin fund increas result tax exempt lead increas accept capit westlb benefit pai adequ remuner addit amount properti tax tax busi capit asset subject taxat tax directli wfa asset exempt primari hous promot subject taxat put addit secondari contrari system underli german tax law appli integr privat tax exempt entiti privat bank exempt provid westlb unpaid advantag constitut state aid tax busi capit properti tax levi feder constitut court rule anti constitut waiver liabil german govern waiver liabil serv avoid situat land hous promot fund constantli reduc liabil creat year waiver reduc land asset event wfa liquid hous promot fund correspondingli higher liabil wfa waiv fallen due event liquid waiver chang land econom posit fact land waiv liabil waiver account valuat wfa equiti capit bakr basi westlb pai adequ remuner waiver produc financi benefit westlb observ comment interest parti comment banker associ german govern remark gener accus made substanti fact actual case complaint credit institut westlb oper market question anstaltslast gewährträgerhaftung rais associ link present case consid separ comment bdb german govern stress transfer wfa ad hoc solut result long term strateg consider increas wfa effici case law court rule invest state sound profit enterpris regard state aid case refer bdb concern compani loss make view fact westlb profit enterpris format market economi investor principl applic german govern believ confirm case law court principl appli sound profit enterpris privat investor return take strateg consider account case rescu restructur aid consider weigh case capit inject profit enterpris invest state assess simpli averag return sector state invest bank averag return constitut state aid time privat investor fact invest enterpris investor guid prospect sector averag state aid rule examin term asset transfer particular wfa asset protect articl ec treati special natur wfa asset protect articl capit transfer compar normal liquid capit inject privat law foundat wfa effect revenu special purpos risk profil wfa capit distinct drawn role land owner westlb investor wfa special reserv investor wfa land bear lower risk intern subordin agreement westlb sharehold risk born land investor wfa limit asset transfer higher claim bdb german govern submit return calcul provid bdb expert opinion incorrect support view refer studi commiss westlb studi main error wrong calcul method arithmet averag compound annual growth rate irrelev invest period adjust error return tax larg privat bank germani german privat bank consider compar westlb differ busi emphasi take bank compar return equiti fall studi bdb repres refer period includ period market rose shorten refer period lower return figur liquid aspect german govern reject bdb argument account lack liquid refinanc cost aris discount wfa asset liquid cost account state discount connect liquid aspect result low yield charact wfa asset liabil reject bdb argument refinanc cost accept small rate tax justifi expert opinion submit bdb connect wrong confus inadmiss manner revenu bank revenu extern investor bdb studi gross revenu net revenu compar appli interest rate low rate long term feder bond end german govern submit studi produc consult synergi aris wfa westlb duplic work exist parallel depart elimin transfer hous divis westlb effect independ separ wfa westlb econom organis personnel term led reduct capit grant land wfa direct result transfer wfa westlb differ wfa special reserv shown balanc sheet amount accept bakr commun world german author creditor assign liabil function part accept solvenc purpos part westlb underpin busi econom bank land remuner respect excess amount waiver liabil account valuat wfa asset bakr basi westlb pai remuner econom postit land affect waiver tax exempt yield benefit westlb assess measur step apprais measur state aid rule ec treati assess constitut state aid mean articl treati state resourc favour treatment undertak earlier wfa public law institut own land north rhine westphalia task promot hous grant low interest interest bear loan land guarante total liabil anstaltslast gewährträgerhaftung wfa main sourc financ land hous promot fund creat annual cash inject land budget interest incom hous loan state asset kind commerci transfer enterpris suffici remuner paid clear state resourc mean articl ec treati involv order verifi transfer state resourc public enterpris favour liabl constitut state aid mean articl ec treati commiss appli market economi investor principl principl accept develop court number case assess principl made point state aid involv westlb undertak mean articl ec treati favour distort competit effect trade member state result liberalis financi servic integr financi market bank commun increasingli sensit distort competit develop intensifi wake econom monetri union dismantl remain obstacl competit financi servic market annual report westlb defin univers internation activ commerci bank cetral bank save bank bank land municip describ european bank group wholesal bank sector activ import financi econom centr world presenc abroad concentr europ subsidiari branch repres offic major countri westlb present countri worldwid tradit legal stipul task westlb local region bank presenc europ intern market point ii group foreign busi contribut consolid revenu annual report bank growth year attribut expans foreign busi fact show westlb offer bank servic competit european bank germani bank european countri activ germani insid germani confirm observ banker associ member state clear aid westlb distort competit affect trade member state recal close link equiti credit institut bank activ basi suffici accept equiti capit bank oper expand commerci oper state measur provid westlb equiti capit solvenc purpos directli influenc bank busi possibl market economi investor principl decid element state aid involv financi measur public owner enterpris commiss appli market economi investor principl principl appli commiss case accept develop court decis commiss bear mind specif circumst case account strategi hold compani group compani distinguish short long term interest investor market economi investor principl appli case hand principl state aid involv fund made term privat investor find accept provid fund compar privat undertak privat investor oper normal market economi condit financi measur consid unaccept market economi investor financi posit compani normal return dividend capit gain expect reason period time commiss base apprais case data investor time decis financi measur question transfer wfa decid relev public bodi commiss assess transact basi data econom market circumst obtain time data decis relat year show effect transfer westlb situat justifi question transact event german govern remind commiss examin case pure basi situat time transfer decis end develop account view impli commiss account fact dem million eur million origin fund request dem million eur million accept bakr fact remuner agre time transfer wfa agre land westlb dem million eur million level remuner fix commiss consid assess oper account situat prevail parti final fix remuner commiss agre german govern westlb market economi investor principl applic sound profit firm support case law fact principl past appli firm difficulti restrict applic categori firm restructur aid firm grant case restructur plan restor firm viabil lead quot normal quot rate return aid firm continu effort quot normal quot market rate return accept market economi investor case matter brought court call question fact commiss requir break situat token return full normal market rate provis effect compani make profit rule priori possibl provis capit element state aid compani profit market economi investor refrain inject capit expect return capit contribut form dividend increas invest compani show expect return time invest market economi investor call measur increas return market economi investor principl applic public enterpris profit loss make adequaci return capit depend turn market economi investor expect similar invest similar exposur risk evid constantli underperform enterpris show sign recoveri viabl long term investor declin meet compani demand capit exist investor eventu disinvest accept loss order redirect capit profit invest commun member state applic state aid rule public undertak commiss state compar action state market economi investor quot compani make loss quot evalu financi posit compani time addit capit inject propos born mind quot sound profit firm quot equat firm make loss firm gener small profit gener profit loss fact regard sound profit difficult determin quot averag profit quot depend number factor level risk industri firm oper firm period gener profit lower gener firm similar risk structur mention elimin market long run posit german govern westlb lead situat state invest firm oper annual profit eur state aid rule treati commiss task initi procedur systemat immedi public enterpris show averag profit privat firm time time lower averag profit exist averag logic impli deviat direct circumst normal firm oper market increas profit carri restructur measur order prevent situat chronic market investor expect measur respect distinct drawn exist invest start point invest decis question basic principl case exist invest investor accept lower neg return short run expect situat improv investor increas invest firm low profit expect improv situat reason return long term hand expect combin risk return poorer compar firm termin invest case invest investor accept lower profit outset state principl decis make situat return expect invest long run take account risk factor equal compar invest compani find fund viabl long run westlb question bank gener averag profit year transfer principl remain unansw fix remuner agre profit suffici maintain remuner long run view accept principl born mind viabil long run depend compani achiev averag rate return equiti capit respect probabl behaviour market economi investor relev bank rais addit capit consequ stricter rule solvenc ratio direct direct impos oblig bank rais addit capit stipul minimum ratio capit risk adjust asset establish legal presumpt bank viabil word condit market economi investor urg bank restructur risk order compli solvenc rule increas bank capit step directli reduc bank volum busi market presenc public sharehold decid capit inject bank meet capit requir question circumst capit provid accept market economi investor capit measur need meet solvenc requir market economi investor carri measur order preserv invest made insist receiv return newli inject capit market economi investor expect higher return capit invest bank capit resourc deplet urgent capit circumst expos higher risk light market economi investor principl kei question investor suppli westlb capit specif characterist wfa asset condit view probabl return invest question examin articl ec treati german govern argu land north rhine westphalia oblig privatis westlb order increas equiti land principl free transfer wfa westlb order achiev synergi land oblig commun law transfer wfa privat credit institut argument accept german govern claim wfa public remit constitut task gener econom interest wfa subject supervis commiss articl long public entiti carri public task compet commerci enterpris competit rule appli situat implic competit articl ec treati deal situat deviat competit rule order ensur provis servic gener econom interest discuss point hand articl ec treati protect nation system properti ownership justifi infring treati competit rule german author westlb claim constraint impos special purpos assign wfa asset laid hous promot law profit resourc transfer similar public law entiti transfer repres commerci asset question argu remuner transfer addit return wfa capit suffici justifi transfer view market economi investor principl argument accept true wfa transfer westlb subsequ allow westlb part wfa capit solvenc purpos commerci member state free public fund public sovereign purpos demand low profit return commiss question member state creat special purpos fund order fulfil task gener econom interest public fund asset commerci competit activ subject normal market economi rule mean state decid assign public purpos asset commerci seek remuner market term specif natur measur carri transfer oper respons westlb expand origin fund land author chose method increas capit special featur gener idea merg profit credit institut pursu task wfa normal commerci bank oper condit competit aim utilis surplu capit point view solvenc rule profit institut purpos entiti expos competit time asset transfer remain earmark origin purpos approach entiti entiti chosen wfa asset constitut independ close circuit profit gener wfa accru retain institut commiss awar preced capit increas involv quot imperfect quot merger relev state aid point view opinion mechan issu chosen member state analysi financi econom impact competit part entiti imper ensur transpar mechan circumv treati state aid rule assess extent integr carri econom advantag competit divis westlb creation quot close circuit quot point complex case lack directli compar transact free market make judgment difficult commiss devot consider amount time gather inform analys case arrang expert deliv opinion transact remuner regard market term basi data care examin commiss final drawn conclus present decis chang ownership structur inject equiti capit bank market economi investor requir share bank profit ensur particip chang structur ownership give share bank dividend increas disclos disclos result enhanc earn capac ensur adequ return capit provid increas land particip westlb provid bank profit correspond normal rate return market economi investor expect invest avoid discuss rate remuner adopt land german author redistribut share westlb specif natur transact close circuit arrang land prerog valid intern net asset wfa event liquid westlb agre westlb sharehold case land demand remuner form transfer accord market economi investor principl land forgo remuner market demand behav market economi investor grant advantag westlb constitut state aid capit basi calcul remuner german govern westlb submit part accept origin fund westlb underpin commerci busi econom bank result remuner demand land respect part bdb claim amount dem million eur million risk remuner paid amount level remuner accept origin fund dem million eur million remain amount dem million eur million commiss consult base assess assumpt time transfer wfa establish land westlb dem million eur million market economi investor principl seek remuner respect figur develop accept capit part origin fund bakr decis factor fix remuner capit invest circumst obtain time invest decis subsequ event commiss consult accept transact normal commerci practic commiss view sequenc step transfer carri fact point equal remuner capit shown westlb balanc sheet transfer decid carri bakr request accept wfa special reserv origin fund remuner fix close year transfer decis normal market condit bank agre includ wfa balanc sheet sum dem million eur million pai uniform remuner amount check amount accept origin fund supervisori author stress commiss expert ration investor behav consent substanti capit inject agre remuner mechan commiss view sequenc event explain special circumst case land long term financi relat bank main owner small number sharehold public mean practic transpar open compar compani larg number quot quot sharehold list stock exchang special circumst made decid transfer leav decis final remuner open establish wfa capit commerci bank purpos purpos establish remuner distinct made part wfa special reserv westlb amount dem million eur million enter equiti westlb balanc sheet amount dem million eur million accept bakr origin fund amount dem million eur million westlb expand activ primari basi remuner land remain dem million eur million accept origin fund shown balanc sheet need underpin wfa hous promot busi amount dem million eur million shown balanc sheet accept fund solvenc purpos amount shown westlb balanc sheet usabl westlb expand commerci busi total dem million eur million equiti supervisori reason amount equiti shown balanc sheet indic bank lender sound influenc condit bank rais fund contrari argument german govern westlb creditor rate agenc accept fund econom financi situat bank accept fund form part analysi bank credit stand amount dem million eur million set land westlb probabl achiev event wfa sold parti assess reason westlb auditor allow stand balanc sheet amount dem million eur million accept bakr reflect supervisori bodi cautiou approach valuat born mind valuat made bakr spread dem million eur million dem million eur million total amount dem million eur million view potenti creditor secur moni increas credit stand westlb posit effect transfer bank creditworthi state valuat wfa made westlb amount dem million eur million expand busi improv bank appear ey creditor econom function compar respect guarante shown equiti balanc sheet amount dem million eur million econom westlb market economi investor ask remuner paid level remuner lower dem million eur million greater westlb solvenc rule fund expand commerci busi remuner capit invest differ econom qualiti requir differ return analys invest accept investor act normal market condit import bear mind special econom natur financi measur question capit provid westlb complain origin claim transact issu constitut state guarante land westlb debt westlb show transfer asset equiti capit account bakr accept amount dem million eur million origin fund mean fund direct dem million eur million westlb underpin commerci busi coher apprais financi measur light articl ec treati call princip classif capit inject remuner paid financi measur regard capit inject bank supervisori rule guarante treati state aid rule princip classif rule possibl commiss particular liken part equiti westlb quot normal quot equiti guarante purpos calcul remuner comparison equiti instrument german govern claim direct comparison transact remuner capit provid establish compar transfer equiti instrument market end submit studi find conclud wfa capit liken profit particip certif perpetu prefer stock dormant hold commiss opinion fact difficult liken wfa transfer instrument market special natur transfer resembl instrument respect differ compar instrument assign limit comparison studi submit german govern comprehens leav relev instrument vote share born mind instrument comparison german author provid bank limit part fund addit instrument supplement quot basic equiti capit quot consist share capit open reserv contrast wfa capit boost westlb fund solvenc purpos dem million eur million dem million eur million take account increas dem million eur million usabl westlb underpin commerci busi repres increas hybrid instrument issu miximum level increas westlb capit perman basi instrument compar basl committe underlin de facto subordin charact hybrid equiti instrument includ principl accept origin fund nation author decid instrument quot lower tier capit quot futur allow level core capit percentag point core capit requir decis influenc origin assess wfa transfer remuner demend confirm credit institut solid base core capit order make hybrid equiti instrument bank supervisori purpos wfa capit constitut quot hybrid quot capit quot basic quot fund note past rate agenc press sort quot voluntari restrict quot appli share equiti hybrid instrument monitor close reaction basl committe reflect concern supervisori author quot market quot financi commun regard gradual develop instrument connect stress wide rang hybrid equiti instrument credit institut countri origin fund addit fund exist germani back transfer wfa decid westlb compli stricter capit requir instrument develop meantim exist accept germani practic main instrument profit particip certif subordin loan addit fund accept inappropri compar wfa capit hybrid instrument develop meantim countri german govern indirectli reject comparison claim commiss examin case basi fact time decis end german govern studi claim case westlb likelihood bankruptci low fact practic disregard argument strictli investor requir top rate return risk free govern bond invest compani consid safe invest correspond market realiti risk bankruptci low case invest account market economi investor demand signific top invest bank case quot safe quot equiti invest instrument closest benchmark plai central role german author comparison perpetu prefer share profit particip certif number specif point stress perpetu prefer share constitut origin fund core capit countri accept germani profit particip certif constitut addit fund wfa capit qualifi origin fund greater westlb rais addit fund profit particip certif amount order increas bank fund profit year loss make profit particip certif replenish wfa capit addit wfa capit westlb time limit profit particip certif issu period ten year worth recal enorm atyp size capit inject fact rank event loss context share wfa capit larg quickli major loss occur reason commiss believ peculiar wfa capit comparison hybrid equiti instrument submit german govern suitabl determin remuner paid wfa capit relationship wfa capit equiti instrument bdb claim subordin agreement cover agreement westlb sharehold void encroach right parti lai event loss westlb agreement cover relationship wfa special reserv origin fund provid sharehold practic nomin capit reserv intent make wfa capit subordin addit fund profit particip certif subordin loan ii liquid cost argument german govern westlb liquid cost principl accept quot normal quot capit inject bank suppli liquid fund base requir supervisori reason expand activ order capit full expand risk adjust asset factor divid solvenc ratio capit provid bank refin financi market time put simpli differ time interest receiv time interest paid minu cost bank administr profit equiti wfa capit provid westlb initi liquid asset transfer incom wfa remain earmark law hous promot westlb face addit fund cost equal amount capit rais fund financi market full advantag busi open addit capit expand risk adjust asset time capit amount maintain exist asset level extra cost aris case normal equiti capit remuner reduc market economi investor expect remuner cash inject commiss view contrari opinion westlb german govern entir refinanc interest rate account refinanc cost constitut oper expens reduc taxabl incom mean bank net result reduc amount addit interest expens incur expens offet part reduc corpor tax net cost account addit burden westlb special natur capit transfer commiss accept westlb incur addit quot liquid cost quot extent quot refinanc cost minu tax quot actual interest rate calcul parti agre long term risk free rate year german govern bond end year german govern bond issu secondari market yield time westlb claim actual refinanc cost basi financi structur time transfer investig refinanc rate suggest westlb german govern document meet rate assum westlb rais long term fund offset lack liquid wfa origin fund long term reason govern bond rate rate studi submit german govern level remuner quot figur long term refinanc rate appli german tax rate rate net refinanc cost event refinanc cost higher privat bank accept westlb tripl rate pai lower averag interest rate point complaint bdb accept argument german govern westlb assum calcul remuner reduct amount westlb refinanc cost made part formal consult bdb challeng argument commiss believ quot close circuit quot wfa revenu assert german govern present liquid spill westlb commerci activ iii remuner amount dem million eur million theori doubt wai calcul remuner equiti capit provid german govern westlb suggest capit asset price model order calcul risk premium wfa special reserv simpli disregard risk free base rate liquid cost bdb commiss expert argu basi normal rate return invest bank sector adjust number specif featur transact capit asset price model fact develop purpos price share held portfolio diversifi investor contrast invest decis question decis involv stock diversifi portfolio question bank westlb consult arriv beta factor westlb choic westlb complex internation orient principl approach lead similar conclus point document submit german govern experienc investor data past year basi assess return futur stress principl market economi investor base decis expect return past perform commiss consider alongsid experi statement studi invest bank consult actual expect return equiti invest statement submit parti involv case basi inform relev experi market statist decis past capit provid state commiss assum expect minimum remuner tax type equiti invest time transfer recal histor averag return factor investor invest decis fact investor guid expect futur rate return fact aim averag return endeavour achiev return take account risk invest practic compani convinc investor gener averag return equiti inject compani satisfi expect averag return investor invest compani prospect land explor possibl case invest decis assess investor challeng retrospect market data actual perform market time relev decis featur transact question crucial fix remuner account firstli fact transfer constitut substanti invest compani signific capit shortag low profit restructur plan absenc share vote right thirdli fact perman invest unquot stock exit possibl size amount transfer decis effect westlb point view solvenc regul mention westlb make profit underperform compar bank basi market economi investor demand signific premium inject capit larg rel absolut term wfa asset transfer wfa land expos higher risk event westlb insolv hand transfer wfa provid land addit vote right forgo vote right investor renounc decis bank board compens accept higher risk increas influenc compani normal market economi investor demand higher remuner potenti risk cushion intern agreement sharehold situat compar vote share pai higher dividend ordinari share market economi investor demand compens offset renunci influenc investor time sell equiti instrument mention earlier market end invest special circumst wfa transfer give land opportun statement challeng public purpos hous promot pursu land earmark wfa asset purpos land want remov hous promot divis westlb consid public task question fulfil effici arrang fact land forgo part dispos hous promot fund ti natur invest market economi investor situat demand increas remuner case share remuner depend directli perform compani express form dividend share increas compani land receiv fix remuner level reflect aspect remuner quot normal quot equiti inject argu fact land receiv fix remuner directli link westlb perform constitut advantag justifi reduct rate remuner fix rate constitut advantag compar variabl profit link rate depend compani perform perform poor fix rate benefit investor perform expect place disadvantag subsequ develop judg invest decis base expect part investor bank futur perform born mind event loss remuner paid decis cumul recoveri payment matter westlb respect fix natur rate benefit investor aggreg commiss believ rate remuner chang reason commiss opinion particular transact discuss market economi investor demand premium top normal market return capit provid premium percentag point minimum reason rate basi consider commiss conclud remuner invest question normal return equiti premium percentag point particular transact minu percentag point account financ cost result transfer asset lack liquid westlb mention remuner equiti inject matter agre compani investor case hand level remuner paid westlb agre westlb sharehold unusu depend sharehold accept risk land usabl westlb german govern provid document negoti remuner level calcul claim result level remuner decis commiss assess state aid rule result achiev commiss view remuner fix consider plai part respect provid pointer extent land behav market economi investor agre sharehold westlb remuner fix westlb financi result onward commiss view bank financi result fact relev determin level fix remuner base profit gener westlb risk land potenti benefit transfer bank market economi investor prepar accept lower level remuner result compani question poor agreement suggest behavior investor act normal market economi condit commiss preliminari investig negoti place complain westlb view find solut establish common basi remuner regard line market recours procedur laid articl ec treati negoti success westlb propos event liquid land grant receiv addit exist fix remuner adequ consider increas westlb due addit busi made transfer wfa land addit share westlb open hidden reserv fact suggest westlb transfer capit exceed agre remuner share break agre market economi investor accept hypothet remuner case perpetu compani westlb cash iv remuner amount dem million eur million mention equiti dem million eur million materi westlb econom function compar guarante market economi investor demand remuner return expos risk sort decis initi procedur laid articl ec treati commiss quot rate german govern commiss bank guarante avalprovis bank westlb factor account firstli amount dem million eur million exce cover bank guarante bank guarante transact limit time contrast wfa special reserv westlb dispos time limit factor requir increas premium guarante premium count oper expens reduc taxabl profit remuner wfa capit paid land tax profit rate adapt view commiss opinion rate tax correct remuner kind capit synergi effect german author claim real reason transfer achiev potenti synergi increas westlb equiti true discuss effici hous promot begun lengthi debat transfer place westlb capit requir forc public owner action clear document relev materi transfer law ground law minut parliamentari debat actual purpos transfer provid westlb equiti base need compli solvenc rule synergi effect posit side effect main drive forc transact time german author westlb claim land receiv payment amount dem million eur million benefit synergi effect worth dem million eur million annual result transfer integr wfa westlb takeov wfa pension oblig total dem million eur million cost save synergi aris merger wfa hous promot divis westlb led organis streamlin land hous promot activ reduct staff synergi effect normal consequ merger clear synergi dovetail close circuit approach claim land competit neutral wfa achiev transfer clear separ entiti aris merger wfa hous promot divis westlb past work exclus wfa difficult understand obtain synergi transfer synergi cost save accru wfa hous promot activ land reduc cost regard consider paid westlb provis origin fund synergi reduc usabl transfer capit westlb increas westlb cost transfer influenc level remuner equiti provid market economi investor demand bank actual benefit accru land result synergi competitor forc competit pai land top consider equiti provid quot remuner quot form benefit financi instrument wfa rest synergi effect result merger oper aris merg entiti difficult understand westlb profit advantag westlb made payment wfa pension oblig reduc wfa annual cost payment regard synergi merger regard indirect remuner land paid westlb benefit aris hous promot busi increas fund commiss take view claim synergi effect repres remuner paid westlb transfer wfa prepar regard amount dem million eur million paid westlb wfa pension cost part remuner paid westlb transfer aid element calcul commiss consid remuner line market condit tax part capit westlb underpin commerci busi dem million eur million end tax differ part amount dem million eur million shown equiti westlb balanc sheet dem million eur million end westlb pai remuner amount underpin commerci busi remuner paid explain commiss accept payment westlb wfa pension claim addit remuner land aid element calcul differ actual payment payment correspond market condit tabl calcul aid element gt tabl gt tax exempt state commiss decis initi procedur laid articl ec treati state aid involv enterpris exempt tax competitor subject normal taxat construct quot entiti entiti quot involv profit tax exempt entiti step ensur econom effect tax privileg strictli limit profit entiti spill enterpris competit sector westlb subject properti tax vermögenssteu tax busi capit gewerbekapitalsteu transfer capit profit wfa activ exempt corpor tax körperschaftssteu transfer german govern tax provis intend favour favour westlb taxabl person profit accru westlb competit busi result wfa capit solvenc calcul tax profit hous promot sector exempt tax similarli exempt tax busi capit properti limit hous promot busi commiss task decid german tax law exempt profit orient activ infring assess measur state aid rule treati exempt properti tax tax busi capit corpor tax enjoi wfa westlb boost wfa profit reduc loss reduc potenti land inject addit fund hous promot subsequ increas wfa net asset wfa part enlarg capit base origin fund busi part westlb underpin competit activ increas time share increas basi remuner paid land increas remuner fix level distort competit favour westlb result tax exempt hous promot busi calcul level waiver liabil german govern argu waiver liabil advers affect land financi posit constitut competit advantag wfa westlb transfer wfa asset land hous promot fund reduc year liabil higher proce event wfa wound higher proce accru land german author state waiver bakr accept dem million eur million origin fund wfa commiss accept argument german author land econom posit principl chang waiver redempt interest debt question paid land event waiver liabil increas wfa current potenti break waiver debt public enterpris public owner principl constitut state aid entiti question engag commerci activ note result transfer land lost latitud enjoi chang hous promot polici put wfa liquid wfa capit function equiti westlb capit simpli withdrawn land fact account commiss level remuner transfer waiver increas wfa remuner paid westlb base valuat wfa waiver take account increas waiver constitut advantag westlb remuner line market compat measur ec treati basi consider state criteria laid articl ec treati met transfer wfa involv state aid mean articl basi assess made aid consid compat common market point german govern invok exempt claus treati regard state aid element connect transfer wfa exempt claus articl ec treati applic aid social charact grant individu consum make good damag caus natur disast except occurr compens econom disadvantag caus divis germani aid region object design promot econom develop area standard live abnorm low underemploy facilit develop econom area articl ec treati region aspect applic aid promot execut import project common european interest aid aim promot cultur heritag conserv econom surviv westlb stake measur place collaps singl larg credit institut westlb lead gener bank crisi germani possibl justifi aid remedi disturb german economi articl ec treati articl ec treati aid found compat common market facilit develop econom activ principl appli restructur aid bank sector case hand condit applic exempt claus met westlb undertak difficulti viabil restor support state aid articl ec treati exempt state aid rule treati condit principl applic financi servic sector confirm commiss report servic gener econom interest bank sector clear transfer effect order enabl westlb compli fund requir regard servic gener econom interest german govern claim transfer wfa design indemnifi westlb provis servic gener econom interest exempt claus appli case hand exempt principl ban state aid pursuant articl ec treati appli aid question found compat treati vi conclus commiss find germani unlawfulli implement aid question breach articl ec treati aid illeg aid found compat articl provis treati aid declar incompat common market discontinu aid element measur illeg put effect recov german govern adopt decis articl state aid germani implement westdeutsch landesbank girozentral year amount dem million eur million incompat common market articl germani measur discontinu recov beneficiari aid refer articl unlawfulli made beneficiari recoveri effect accord procedur nation law aid recov includ interest date dispos beneficiari date recoveri interest calcul basi refer rate calcul grant equival region aid articl germani inform commiss month notif decis measur compli articl decis address feder republ germani brussel juli commiss monika wulf mathi member commiss oj oj footnot section north rhine westphalian law save bank gesetz über die sparkassen sowi über die girozentral und sparkassen und giroverbänd decemb westlb group long term claim custom loan public institut annual report decemb loan account westlb group total claim custom annual report section decre regul busi activ save bank north rhine westphalia verordnung zur regelung de geschäftsrecht und de betrieb der sparkassen nordrhein westfalen wohnungsbauförderungsgesetz version publish septemb offici gazett north rhine westphalia oj capit requir met credit institut consolid subconsolid unconsolid basi term quot risk adjust asset quot describ risk bear risk adjust item fact capit requir enter forc januari implement late germani figur base definit fund narrow set fund direct oj point threshold chang definit quot fund quot quot risk adjust asset quot oj deutsch bundesbank monthli report document parliament north rhine westphalia gesetz zur regelung der wohnungsbauförderung decemb offici gazett land north rhine westphalia decemb german govern express quot act monei worth quot fact imprecis clarifi section law asset transfer state hous promot divis carri task manner neutral effect competit führt ihr aufgaben wettbewerbsneutr durch actual measur end laid agreement westlb land author calcul leav account risk bear balanc sheet transact born mind rule ratio chang definit quot fund quot quot risk adjust asset quot studi submit german govern remuner paid westlb corpor tax rate ad solidar surcharg sake clariti amount remuner paid discuss refer made situat end split dem million eur million dem million eur million irrespect fact divis capit ti wfa busi amount westlb rate laid protocol note cover agreement date novemb german govern explain agreement owner recoveri payment made legal oblig westlb featur countri issu issuer treatment instrument bank regul typic matur treatment event bankruptci liquid loss absorpt callabl defer interest dividend payment cumul deferr wfa capit compar version profit particip certif perpetu prefer stock instrument data american british market perpetu prefer share instrument germani studi capit asset price model calcul rate model start risk free interest rate german govern bond remain period matur year end add risk premium equiti deriv histor market data figur adjust factor reflect systemat risk respect enterpris comparison total market deriv market perform german bank bhf bank ikb base rate corpor tax rate solidar surcharg rate base firstli fact special reserv accept bakr decemb result figur usabl capit calcul purpos dem eur payment westlb dem eur futur pension entitl wfa staff remuner paid westlb land year case itali commiss ecr itali commiss ecr commiss commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector oj point commun deal explicitli manufactur sector principl undoubtedli appli sector financi servic confirm number commiss decis case crédit lyonnai oj gan oj public author hold compani capit commiss posit bull pp oj point invest made profit compani market high risk invest innov technolog compani common case investor invest capit expect start loss risk involv subsequ offset high profit case invest benchmark expect long term return point stress commiss expert criticis fact studi submit german author omit refer size transact compar transfer term size margin instrument expert wfa capit compar origin fund instrument vote share studi drawn support commiss view comment individu assess studi submit german govern shed light quot coupon effect quot state event ongo loss liquid capit part lost studi point subject element studi submit german govern market data select place simpli replac data author experi state explicitli realiti situat complex balanc sheet item risk weight asset risk item princip reason hold situat chang take account possibl rais addit fund amount origin fund factor origin fund decis initi procedur laid articl treati commiss provision rate basi inform submit time westlb document provid german govern corpor tax rate solidar surcharg total net refinanc cost tax rate fell stood give net refinanc cost rate justifi averag rate commiss decis state aid french bank crédit lyonnai state relev rate quot rate capit market order assess return contribut estim made number expert includ crédit lyonnai rate return capit invest bank order quot oj section worth point principl investor primarili net return compar invest assess born studi commiss expert asum rate tax minimum remuner equiti time transact add investor time higher expect percentag point european converg process studi commiss consult loss make bank unit state suffer capit shortag put robust restructur plan order attract investor grant consider discount quot share price case directli compar issu discount appli time inject show larg amount capit urgent need investor ask premium principl vote share yield preferenti dividend normal level establish commiss past decis commiss letter belgium date juli firm sidmar studi commiss expert stress market economi investor expect premium paid special circumst propos aspect premium percentag point report present ecofin council novemb publish obtain competit director gener commiss found commiss websit