EUR 25,000,000,000 Programme for the Issuance of Debt Instruments

Größe: px
Ab Seite anzeigen:

Download "EUR 25,000,000,000 Programme for the Issuance of Debt Instruments"

Transkript

1 This document compiles two base prospectuses relating to different categories of securities pursuant Art. 22 (6) of the Commission Regulation (EC) No 809/2004 of 29 April 2004 (the Prospectus Regulation ): (i) the base prospectus concerning non-equity securities within the meaning of No. 4 of Article 22 (6) of the Prospectus Regulation ( Non-Equity-Securities ), and (ii) the base prospectus containing Pfandbriefe as non-equity securities within the meaning of No. 3 of Article 22 (6) of the Prospectus Regulation (together, the Debt Issuance Programme Prospectus or the Prospectus ). Prospectus Dated 14 May 2008 (incorporated as public law institution (Anstalt des öffentlichen Rechts) established under, and governed by, the laws of the Federal Republic of Germany and the Federal States (Bundesländer) of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen-Anhalt)) EUR 25,000,000,000 Programme for the Issuance of Debt Instruments Under this EUR 25,000,000,000 Programme for the Issuance of Debt Instruments (the Programme ) Norddeutsche Landesbank Girozentrale (also referred to as NORD/LB or as Issuer ) may from time to time issue instruments (including Pfandbriefe unless otherwise stated) (the Instruments ) denominated in any currency (subject always to compliance with all legal and/ or regulatory requirements) as agreed between the Issuer and the relevant dealers as defined in the Prospectus (the Dealers ). The Issuer has requested the Bundesanstalt für Finanzdienstleistungsaufsicht of the Federal Republic of Germany in its capacity as competent authority (the Competent Authority ) to provide the Commission de Surveillance du Secteur Financier ( CSSF ) with a certificate of approval attesting that this Prospectus has been drawn up in accordance with the German Securities Prospectus Act (the Wertpapierprospektgesetz ), which implements the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 into German Law (the Notification ). The Issuer may request the Competent Authority to provide further competent authorities in additional Member States within the European Economic Area with a Notification. The Issuer will make an application to list Instruments issued under the Programme on the regulated market (as defined by the Directive 2004/39/EC) of the Luxembourg Stock Exchange. Instruments issued under the Programme may be admitted to trading on the Luxembourg Stock Exchange. They may also be listed on an alternative stock exchange or may not be listed at all. Notice of the aggregate nominal amount of Instruments, interest (if any) payable in respect of the Instruments, the issue price of Instruments and any other terms and conditions not contained herein which are applicable to each issue of Instruments will be set forth in the final terms to the Instruments (the Final Terms ). This Debt Issuance Programme Prospectus replaces and supersedes the Prospectus dated 15 May 2007 and all previous information memoranda relating to the Programme. Arranger for the Programme NORDDEUTSCHE LANDESBANK GIROZENTRALE Dealers BARCLAYS CAPITAL COMMERZBANK CORPORATES & MARKETS DEUTSCHE BANK HSBC MERRILL LYNCH INTERNATIONAL NOMURA INTERNATIONAL UBS INVESTMENT BANK CITI CREDIT SUISSE DRESDNER KLEINWORT JPMORGAN MORGAN STANLEY NORDDEUTSCHE LANDESBANK GIROZENTRALE

2 2 [page intentionally left blank]

3 3 TABLE OF CONTENTS Page I. SUMMARY SUMMARY OF THE RISK FACTORS SUMMARY OF THE PROGRAMME SUMMARY OF THE DESCRIPTION OF THE ISSUER SUMMARY OF THE INSTRUMENTS ZUSAMMENFASSUNG ZUSAMMENFASSUNG DER RISIKOFAKTOREN ZUSAMMENFASSUNG DES PROGRAMMS ZUSAMMENFASSUNG DER EMITTENTENBESCHREIBUNG ZUSAMMENFASSUNG DER WERTPAPIERBESCHREIBUNG II. RISK FACTORS RISK FACTORS RELATING TO MACROECONOMIC DEVELOPMENTS RISK FACTORS RELATING TO THE ISSUER RISK FACTORS RELATING TO THE INSTRUMENTS a) General Risk Factors relating to the Instruments b) Specific Risk Factors relating to Product Group A Instruments c) Specific Risk Factors relating to Product Group B Instruments d) Specific Risk Factors relating to Product Group C Instruments III. RESPONSIBILITY IV. NORDDEUTSCHE LANDESBANK GIROZENTRALE AUDITORS GENERAL INFORMATION BUSINESS OVERVIEW ORGANISATIONAL STRUCTURE INFORMATION ON TRENDS GOVERNING BODIES OF NORD/LB OWNERS OF NORD/LB FINANCIAL INFORMATION ON THE ASSET, FINANCIAL AND EARNINGS POSITION OF NORD/LB V. DESCRIPTION OF THE INSTRUMENTS TO BE ISSUED UNDER THE PROGRAMME PRODUCT GROUP A INSTRUMENTS a) Description of Product Group A Instruments b) Terms and Conditions c) Final Terms PRODUCT GROUP B INSTRUMENTS a) Description of Product Group B Instruments b) Terms and Conditions c) Final Terms PRODUCT GROUP C INSTRUMENTS a) Description of Product Group C Instruments b) Terms and Conditions c) Final Terms

4 4 Page VI. GENERAL DESCRIPTION OF PFANDBRIEF MARKETS VII. TAXATION VIII. SUBSCRIPTION AND SALE IX. GENERAL INFORMATION Issue Procedures Interest of natural and legal persons involved in this issue Use of proceeds Authorisation Approval of this Prospectus and notification Availability of Documents Incorporation by Reference Stabilisation Important Notices about this Prospectus X. ANNEX Financial Statements 2007 of NORD/LB Group F-1 Group Annual Account F-3 Notes to the Consolidated Financial Statements F-10 Auditor s Report F-95 Financial Statements 2007 of Norddeutsche Landesbank Girozentrale F-96 Balance sheet and income statement F-98 Notes to the Accounts of Norddeutsche Landesbank Girozentrale as at 31 December F-103 Auditor s Report F-131 XI. NAMES AND ADRESSES G-1 XII. PAGE OF SIGNATURES H-1

5 I. Summary 5 I. SUMMARY The following constitutes a summary (the Summary ) of the essential characteristics and risks associated with the Issuer and the Instruments to be issued under the Programme. The Summary should be read as an introduction to this Prospectus. Any decision by an investor to invest in the Instruments should be based on consideration of this Prospectus as a whole, any supplements thereto and the relevant Final Terms. Where a claim relating to the information contained in this Prospectus, any supplement thereto and the relevant Final Terms is brought before a court, the plaintiff investor may, under the applicable national legislation, have to bear the costs of translating the Prospectus, any supplement thereto and the relevant Final Terms before any legal proceedings are initiated. Civil liability attaches to those persons who have tabled this Summary including any translation thereof, and applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. The following Summary does not purport to be complete and is taken from and qualified in its entirety by the remainder of this Prospectus and, in relation to a particular Series of Instruments, the relevant Final Terms. Expressions defined and used in the securities description and in the Terms and Conditions shall have the same meaning in this Summary. 1. SUMMARY OF THE RISK FACTORS 1.1 Summary of the Risk Factors related to Macroeconomic Developments The subprime crisis which starting in 2007 caused turbulence in the international money and capital markets is still continuing at the date of this Prospectus. As an effect of the ongoing turbulence, the international financing markets are still extremely volatile. There is a risk that the financing crisis might spill over to other areas of the economy, further increasing uncertainty for macroeconomic development and slow down the economic growth worldwide, which might negatively effect the business conditions and opportunities of the Issuer. 1.2 Summary of the Risk Factors Risk Factors relating to the Issuer Credit risk: Credit risks are a component of the counterparty default risk an describe the risk that a loss occurs due to default or deterioration in creditworthiness of a debtor. The credit exposure of NORD/LB and its subsidiaries acting as financial institutions was valued at EUR billion at 31 December 2007 and has thereby risen by 7.3 per cent. compared with the end of the previous year. The portfolio of individual and portfolio value adjustments fell in 2007 compared to 2006 and the adjustment quota, being the ratio of the individual value adjustments to the sum of entire exposure, was 0.39 per cent. in The share of receivables of the credit exposure which are either overdue or have already been value-adjusted during the financial year ended 31 December 2007 amounted to 0.78 per cent. Although the credit risks of individual loan exposures and the entire loan portfolio have been and will be reviewed, it cannot be ruled out that undetected, unforeseen and unavoidable risks or risks that were not identified in the past will arise and lead to loan losses which could have a negative effect on the net assets, financial and earnings position of the NORD/LB Group. Participation risk: Participation risk describes the risk of a loss arising from the provision of equity to a third party.

6 6 I. Summary In January 2008 NORD/LB acquired approximately 98.5 per cent. of the shares and voting rights in Deutsche Hypothekenbank (Actien-Gesellschaft) in the course of a takeover offer. It is possible that unforeseen developments will lead to a reduction in the value of participations which could have a negative effect on the net assets, financial and earnings position of the NORD/LB Group which would limit its ability to fulfil its obligations towards investors under the Instruments. Market price risk: Liquidity risk: Operational risks: Market price risks comprise the potential losses which may result from changes to market parameters. The Nord/LB Group differentiates market price risks into interest rate risk, foreign exchange risk, equity and fund price risk and volatility risk. In the event that market developments are not anticipated or forecast by NORD/LB and its subsidiaries acting as financial institutions or if forecasts regarding market developments prove to be incorrect, this could have a negative effect on the net assets, financial and earnings position of NORD/LB Group and in extreme cases lead to NORD/LB Group not being able to fulfil their obligations towards the investors under the Instruments. Liquidity risk covers risks that may arise from disturbances in the liquidity of individual parts of the capital market, unexpected events in the lending or deposit business or the deterioration of the Issuer s own refinancing conditions. NORD/LB differentiates between classical liquidity risks, refinancing risks and market liquidity risks. The liquidity balance as at 31 December 2007 for NORD/LB and its subsidiaries acting as financial institutions shows liquidity requirements in the maturity band of less than one year which will have to be covered by refinancing on the market. As a result of the ongoing subprime crisis, the possibilities for refinancing are limited or have become considerably more expensive. If the subprime crisis continues in the course of the year 2008, possibilities for refinancing of NORD/LB Group might be further limited or become more expensive. In addition, NORD/LB s capital markets rating may be affected in the event of negative developments in the business development of NORD/LB or its net assets, financial and earnings position. A downgrade in rating or other unforeseeable circumstances may make it more difficult for NORD/LB to raise funds in the capital markets. Should the available resources not be sufficient for the continuation for business activities or should it become impossible to raise liquidity in the capital markets using the cover funds available, the net assets, financial and earnings position of NORD/LB could be impaired, and in the worst case scenario its ability to fulfil its obligations towards investors under the Instruments could be limited. Operational risks are the risks of losses caused by the inadequacy or failure of internal processes, employees or technology or external influences including legal risks and reputation risks as consequential and secondary risks. It cannot be ruled out that the precautions taken by NORD/LB and its subsidiaries acting as financial institutions against operational risks may be insufficient in individual cases and the realisation of such a risk could have a negative effect on the net assets, financial and earnings position of NORD/LB Group which would limit its ability to fulfil its obligations towards the investors under the Instruments.

7 I. Summary 7 Abolition of the Guarantor s Liabilities which were agreed after 18 July 2001 and until the end of 18 July 2005 shall Liability (Gewährträgerhaftung) continue to be covered by the guarantor s liability provided that their final maturity and Modification of the Maintenance does not exceed 31 December Obligation (Anstaltslast) Risks relating to the financial The NORD/LB Group in its opening balance sheet according to IFRS as of 1 January 2006 market crisis first consolidated two special purpose vehicles (Asset Backed Warehouse Limited, Dublin, and Hannover Funding Company LLC, New York). Furthermore, NORD/LB Group has business relations with institutions (IKB Deutsche Industriebank AG, Sachsen LB) affected by the subprime crisis. Over the past few months the subprime crisis has led to spread increases in the capital markets. The ABS, hedge funds and credit derivatives segments have been particularly affected. In consequence NORD/LB Group s portfolio of fungible assets and credit derivatives has fallen in value, although no direct defaults were recorded in Should the subprime crisis continue, it might have a negative impact on the net assets, financial and earnings position of NORD/LB Group. 1.3 Summary of the General Risk Factors relating to all Instruments issued under this Programme Instruments may not be a suitable Each potential investor in Instruments issued under this Programme must determine investment for all potential investors: the suitability of that investment in light of his own circumstances. Some Instruments are complex financial instruments. A potential investor should not invest in Instruments which are complex financial instruments unless it has the expertise (either alone or with a financial adviser) to evaluate how the Instruments will perform under changing conditions, the resulting effects on the value of the Instruments and the impact this investment will have on the potential investor s overall investment portfolio. Liquidity Risk of Instruments: Instruments issued under this Programme may be listed or unlisted. Regardless of whether Instruments are listed or unlisted, there is no assurance that a liquid market for the Instruments will develop or, if existent, will continue to exist. A listing of Instruments on any stock exchange does not necessarily lead to greater liquidity. It is therefore not certain whether a Holder will be able to sell the Instruments at any time and/or at fair market prices. The possibility to sell the Instruments might additionally be restricted by country specific regulations. Sale of Instruments prior to Maturity: The stock market price of listed Instruments may be subject to significant fluctuations and may fall below its issue or purchase price. For unlisted Instruments, it may be more difficult to obtain pricing information, which may adversely affect their liquidity. Additionally the possibility to sell unlisted Instruments may be restricted for countryspecific reasons. The price of Instruments for which interest rates will be calculated at the end of an interest period is likely to decrease on each interest payment date. In the event of any sale of Instruments prior to maturity, a Holder may lose all or part of the capital invested. Currency Risk/Dual Currency Instruments: Risk of Early Redemption: Holders of Instruments denominated in a foreign currency and Holders of Dual Currency Instruments are exposed to risks due to fluctuating currency exchange rates, which may affect the value and the rate of return of such Instruments. If the Issuer has the right to redeem or to call the Instruments prior to the maturity date or if the Instruments are, due to the occurrence of an event set out in the terms

8 8 I. Summary and conditions, Instruments, redeemed prior to the maturity date, a Holder of such Instruments is exposed to the risk that the yield will be lower than expected. Credit Rating: Provisions and Fees: Taxation: Change of Law: Instruments issued under the Programme may be rated or unrated. A security rating is not a recommendation to buy, sell or hold securities and any change in the credit rating of the Issuer or any Instruments could adversely affect the trading price of the Instruments. In the event of a sale of Instruments prior to maturity, a Holder would then incur a loss of the capital invested. Provisions, fees and other costs may reduce any return on the investment in the Instruments. Potential investors should therefore consult their own financial advisers about any provisions, fees and other costs which are incurred when purchasing or while holding the Instruments prior to any investment. Taxation and its effects depend on the individual circumstances of the relevant Holder. Holders of Instruments should therefore obtain information from and consult their tax adviser on the tax consequences applying to their individual situation prior to any investment decision. The terms and conditions of the Instruments are governed by German law. Any discussion of German law in this Prospectus is based on the laws and regulations of Germany in effect as of the date of this Prospectus and no assurance can be given as to the impact of possible judicial decisions or changes in German law or administrative practice after the date of this Prospectus. 1.4 Summary of the Specific Risk Factors relating to Product Group A Intruments In addition to the general risk factors, the following specific risk factors apply to Product Group A Instruments. With the exception of Bond Redeemable Instruments, for Product Group A Instruments redemption at par value or at a specified percentage of their par value is guaranteed; therefore, the specific risk factors mainly relate to the payment of interest that prospective investors may receive. In the case of Bond Redeemable Instruments, Product Group A Instruments may also be redeemed by delivery of bonds at the option of the Issuer. For such Instruments, the redemption at par value is not guaranteed. Fixed Rate Instruments/ Step-up/Step-down Instruments: Zero Coupon Instruments: Floating Rate Instruments with or without a Cap: The value of Fixed Rate Instruments generally depends on the market interest rate. A Holder of such Instruments is exposed to the risk that the price for the Instruments falls due to an increase in the market interest rate. The same risk applies to Step-up/ Step-down Instruments if the market interest rate for comparable bonds is higher than the rate for such Instruments. A Holder of such Instruments is exposed to the risk that the price for the Instruments falls due to an increase in the market interest rate. Changes in the market interest rate have an even stronger impact on the price of Zero Coupon Instruments, as prices for such Instruments are more volatile than prices for Fixed Rate Instruments due to the lack of annual interest payments. A Holder of Floating Rate Instruments 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 Instruments prior to redemption The interest rate for Floating Rate Instruments may be capped at a specified level. In the event of a cap, a holder will not benefit from the reference rate rising above the cap.

9 I. Summary 9 Constant Maturity Swap Instruments with or without a Cap: Range Accrual Instruments: A Holder of Constant-Maturity-Swap Instruments is exposed to the risk of fluctuating swap rate levels and an uncertain interest income, which makes it impossible to determine the yield of this Instrument in advance. If the level of the swap rate is capped at a specified level, the yield of the Constant-Maturity-Swap Instruments may be lower than the yield of similar structured Instruments without a cap. The interest rate level for floating interest periods of Range Accrual Instruments will be influenced by several factors. Relevant factors are the base value, the development of which dictates the interest rate, as well as the stipulated range or threshold for the reference value. A Holder of such Instruments is exposed to the risk of a fluctuating base value, which impacts the interest rate for the relevant interest period. The lesser the number of interest determination dates during an observation period on which the reference interest rate lies within the stipulated range or threshold, the more the interest rate for the respective Interest Period decreases. Strong fluctuations of the base value within the respective Interest Period may result in a lower interest rate and a lower yield for Range Accrual Instruments than for Instruments without this structure or even result in no interest income for the holder for one or several floating rate interest periods. In the worst case, the Instruments may bear no interest for all floating rate interest periods. Instruments with a redemption A Holder of Instruments with a redemption at par value or by delivery of bonds at the at par value or by delivery of bonds option of the Issuer is exposed to the risk that if bonds are delivered, there is no assurat the option of the Issuer: ance that there will be a market for these bonds, which may be listed or unlisted. The proceeds from a sale of these bonds may be lower than the invested capital and the Holder may incur a loss. 1.5 Summary of the Specific Risk Factors relating to Product Group B Instruments In addition to the aforementioned summarised general risk factors and the summarised risk factors relating to Product Group A Instruments, the following summarised risk factors apply to Product Group B Instruments. Since for Product Group B Instruments the redemption at par value may not be guaranteed, the specific risk factors are mainly related to the payment of redemption. Prospective investors should be aware that they may face a loss of all or part of their investment. Product Group B comprises Instruments that are linked to an index or to equities as well as Instruments which, at the option of the Issuer, may be redeemed at par value or against delivery of shares. Index Linked Instruments: An investment in Index Linked Instruments entails significant risks that are not associated with similar investments in a conventional fixed-rate debt security. If the interest rate of Index Linked Interest Instruments is linked to an index, other factor and/or formula, it may result in an interest rate that is lower than that payable on a conventional fixedrate debt security issued at the same time, including the possibility that no interest will be paid, and if the redemption amount of Index Linked Redemption Instruments is linked to an index, other factor and/or formula, the principal amount payable at maturity may be less than the invested capital, including the risk that no redemption will be paid. A Holder should be aware that the market price of Index Linked Instruments may be highly volatile (depending on the volatility of the relevant index, other factor and/or formula). The current or historic performance of the relevant index, other factor and/or formula should not be taken as an indication of the future performance of such index, other factor and/or formula during the term of Index Linked Instruments.

10 10 I. Summary Equity Linked Instruments: Instruments with a redemption at par value or by delivery of shares at the option of the Issuer: Potential Conflict of Interest in Respect of the Underlying Value: An investment in Equity Linked Instruments entails significant risks that are not associated with similar investments in a conventional fixed rate debt security. If the interest rate of Equity Linked Interest Instruments is linked to equities and/or a formula, it may result in an interest rate that is lower than that payable on a conventional fixed rate debt security issued at the same time, including the possibility that no interest will be paid, and if the redemption amount of Equity Linked Redemption Instruments is linked to equities, the redemption amount payable at maturity may be less than the invested capital, including the risk that no principal will be paid. A Holder should be aware that the market price of Equity Linked Instruments may be highly volatile (depending on the volatility of the relevant equities). The current or historic performance of the relevant equities and/or formula should not be taken as an indication of future performance of such equities and/or formula during the term of Equity Linked Instruments. A Holder of Instruments with a redemption at par value or by delivery of shares at the option of the Issuer is exposed to the risk of a decrease in the price of the shares. If in this situation the Issuer redeems the Instruments against delivery of shares, a loss may occur amounting to the difference between the invested capital and the aggregate market value of the shares per Instrument delivered at maturity. Independent business area s of the Issuer, the Dealer(s) or any of their respective affiliates may independently do business with companies that might be issuers of an underlying of an Instrument or issuers of equities included in an index to which Instruments are linked. The decision of these business areas may have an impact on the underlying value. 1.6 Summary of the Specific Risk Factors relating to Product Group C Instruments The redemption of Product Group C Instruments at par value is guaranteed. Therefore, the same specific risk factors as described for Product A Instruments shall apply, with exception of the risk factor relating to Bond Redeemable Instruments. 2. SUMMARY OF THE PROGRAMME Issuer: Arranger: Dealers: Fiscal Agent: Paying Agent: Listing Agent: Norddeutsche Landesbank Girozentrale Norddeutsche Landesbank Girozentrale Barclays Bank PLC, Citigroup Global Markets Limited, Commerzbank AG, Credit Suisse Securities (Europe) Limited, Deutsche Bank Aktiengesellschaft, Dresdner Bank Aktiengesellschaft, HSBC Bank plc, J.P. Morgan Securities Ltd., Merrill Lynch International, Morgan Stanley & Co. International plc, Nomura International plc, Norddeutsche Landesbank Girozentrale, UBS Limited and any other dealer appointed from time to time by the Issuer in relation to a particular Series of Instruments. Fortis Banque Luxembourg S.A. Fortis Banque Luxembourg S.A., Norddeutsche Landesbank Girozentrale and other institutions, all as indicated in the applicable Final Terms. Fortis Banque Luxembourg S.A. as to the listing on the Luxembourg Stock Exchange.

11 I. Summary 11 Programme Amount: Method of Issue: Final Terms: Distribution: Maturities: Taxation: Use of proceeds: Clearing and Settlement: Governing Law: Jurisdiction: Selling Restrictions: EUR 25,000,000,000 (or its appropriate equivalent in other currencies). Instruments will be issued on a continuous basis in tranches (each a Tranche ), each Tranche consisting of Instruments which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a series (the Series ) of Instruments. Further Instruments may be issued as part of existing Series. The specific terms of each Tranche (which will be supplemented, where necessary, with supplemental terms and conditions) will be set forth in the relevant Final Terms. The Final Terms determine the contractual terms of a specific Series by supplementing, completing and/or replacing the terms and conditions of each Series and contain the information items describing the specific Series for example by preparing an annex. Instruments may be distributed by way of private or public offerings and, in each case, on a syndicated or non-syndicated basis. The method of distribution of the Instruments will in each case be stated in the relevant Final Terms. There is no minimum nor maximum maturity and Instruments may be issued with no specified maturity date provided, however, that Instruments will only be issued in compliance with all applicable legal and/or regulatory requirements. Payments in respect of any Instruments will be made without withholding in respect of taxes, contribution or fees imposed, levied or collected by or on behalf of the jurisdiction of incorporation of the Issuer or, if such taxes are required to be withheld, will (subject to the exceptions set out therein) be increased as described in the Section Withholding Tax of the terms and conditions. The net proceeds of the issue of each Series of Instruments will be used by the Issuer for the general financing of its activities. Instruments will be accepted for clearing through Clearing Systems as specified in the applicable Final Terms. Clearing Systems may be Clearstream Frankfurt, Clearstream Luxembourg, Euroclear, or any other clearing system specified in the applicable Final Terms. German Law Hanover is the place of performance with regard to the Instruments. For all merchants (Kaufleute) within the meaning of the German Commercial Code (Handelsgesetzbuch), legal persons under public law (juristische Person des öffentlichen Rechts), special government funds (öffentlich-rechtliche Sondervermögen) and persons without a general place of jurisdiction in the Federal Republic of Germany, Hanover is the non-exclusive place of jurisdiction for all disputes arising under the matters regulated in the terms and conditions. For a description of certain restrictions on offers, sales and deliveries of Instruments and on the distribution of offering material in the United States of America, Japan,

12 12 I. Summary the European Economic Area, Italy and the United Kingdom, see the information in Subscription and Sale. Further restrictions may be required in connection with any particular Series of Instruments and will be specified in the applicable Final Terms. 3. SUMMARY OF THE DESCRIPTION OF THE ISSUER Name: Legal Form: Registered Offices: Administrative head Office: Governing Bodies: Norddeutsche Landesbank Girozentrale (NORD/LB) Institution under German public law having legal capacity (rechtsfähige Anstalt des öffentlichen Rechts) in the federal states of Lower Saxony (Niedersachsen), Saxony- Anhalt (Sachsen-Anhalt) and Mecklenburg-Western Pomerania (Mecklenburg- Vorpommern); registered at the Hanover Municipal Court (Amtsgericht Hannover) under HRA 26247, at the Brunswick Municipal Court (Amtsgericht Braunschweig) under HRA and at the Stendal Municipal Court (Amtsgericht Stendal) under HRA Hanover, Brunswick, Magdeburg Hanover Management Board (Vorstand), Supervisory Board (Aufsichtsrat) and Owners Meeting (Trägerversammlung) Members of the Management Board:Dr. Hannes Rehm, Chairman Dr. Gunter Dunkel, Vice Chairman Christoph Schulz, Vice Chairman Dr. Jürgen Allerkamp Eckhard Forst Dr. Johannes-Jörg Riegler Supervisory Board: Owners: Remit: The composition of the Supervisory Board is determined in the Articles of Association (Satzung) of NORD/LB. The owners of NORD/LB are the German states of Lower Saxony (Niedersachsen) and Saxony-Anhalt (Sachsen-Anhalt), the Savings Banks Association of Lower Saxony (Niedersächsischer Sparkassen- und Giroverband) (Sparkassenverband Niedersachsen), the Savings Banks Holding Association of Saxony-Anhalt (Sparkassenbeteiligungsverband Sachsen-Anhalt) and the Special Purpose Savings Banks Holding Association of Mecklenburg-Western Pomerania (Sparkassenbeteiligungszweckverband Mecklenburg- Vorpommern). The Owners delegate their representatives to the Owners meeting in accordance with the provisions of the NORD/LB s Articles of Association. NORD/LB is the state bank (Landesbank) in the German states of Lower Saxony and Saxony- Anhalt. In both aforementioned German states as well as in Mecklenburg- Western Pomerania NORD/LB fulfils the remit of a central and clearing bank (Sparkassenzentralbank). Furthermore as a commercial bank NORD/LB conducts all the usual banking business. NORD/LB acts as an issuer of bonds and other obligations and takes part in the building society business by itself or through independent subsidiaries.

13 I. Summary 13 In the Brunswick Region NORD/LB fulfils the task of a savings bank under the name Braunschweigische Landessparkasse. Business Segments: The NORD/LB acts as general commercial bank (Geschäftsbank) in the following business segments: - Savings Banks Network Within the Savings Banks Network NORD/LB provides the savings banks in its business area with all products and services they require as direct customer or to complete their product range. The savings banks are offered money and capital market products, derivatives and funding products as direct customers. - Retail Clients In the business segment Retail Clients NORD/LB offers all the usual banking services under the name Braunschweiger Landessparkasse and over the Bremer Landesbank as well as in a smaller range in its own name. Amongst others those are acount-, investment-, credit- and Private Banking products. - Corporate Clients In the business segment Corporate Clients NORD/LB is a full service provider of banking products and services across the entire range of corporate client operations. For complex corporate finance projects Corporate Finance was established as subsegment in 2007, where comprehensive solutions are developed. Beyond Corporate Finance the business segment Corporate Clients is divided into the further subsegments Corporate Clients (supra-regional), Agri-Banking, Housing Industry and Corporate Finance. - Structured Finance In the business segment Structured Finance, NORD/LB focuses on: - Ship- and Aircraft Financing (financing of modern and market-standard tonnage and of regional aircraft and short, medium and long-haul aircraft) - Structured Finance/ Renewable Energy (structured finance of commercial power plants and infrastructure projects) - Real-Estate Finance (financing large-volume commercial properties and real estate portfolios in Germany and abroad) - Financial Markets The business segment Financial Markets is responsible for selling money market, foreign exchange and capital market products, as well as, generating market access for these products and manages market price risks for the Bank as a whole. - Promotional operations The promotional operations remit is wide-ranging and includes promoting economic, agrarian, corporate and infrastructural development, as well as the development of living space and urban development. Promotional Operations also covers other development programmes carried out for the above mentioned German states using resources from the EU, the German government, individual federal German states or financed by public sector funding, e.g. through the European Investment Bank or the Kreditanstalt für Wiederaufbau.

14 14 I. Summary Group Structure: NORD/LB is the parent company of the NORD/LB Group with its own business activities. Braunschweigische Landessparkasse, which was managed as a special department of NORD/LB up until 31 December 2007, with effect from 1 January 2008 was converted to a limited legal capacity under public law within the NORD/LB (Anstalt in der Anstalt (AidA)). Subsidiaries of NORD/LB are, inter alia the Bremer Landesbank Kreditanstalt Oldenburg Girozentrale, Norddeutsche Landesbank Luxembourg S.A., Deutsche Hypothekenbank (Actien-Gesellschaft), Öffentliche Lebensversicherung Braunschweig and the Öffentliche Sachversicherung Braunschweig and each as a wholly-owned subsidiary of NORD/LB Luxembourg S.A. the NORD/LB COVERED FINANCE BANK S.A. and the SKANDIFINANZ Bank AG, which are included in the consolidated accounts of the NORD/LB. Rating for Unsubordinated Long Term Liabilities of the NORD/LB: Business Address: Website: Aa3 by Moody s Investors Limited, A by Fitch Ratings Limited and A by Standard and Poor s Ratings Services. NORD/LB, Friedrichswall 10, Hanover Tel.: + 49 (0) 511 / SUMMARY OF THE INSTRUMENTS Instruments: For purposes of clarification, Instruments which may be issued by the Issuer under this Programme, have been separated into three product groups: Product group A comprises Instruments for which, with the exception of Instruments, which, at the Option of the Issuer, may be redeemed in cash or by delivery of a fixed number of bonds a redemption at par value or at least at a specified percentage of their par value is guaranteed. Product Group A Instruments may be issued, for example, as Fixed Rate Instruments, Zero Coupon Instruments, Dual Currency Instruments, Step-up/Step-down Instruments and Floating Rate Instruments as well as Constant Maturity Swap Instruments with and without a Cap and Range Accrual Instruments as well as combinations thereof. Product group B comprises Instruments for which the payment of interest or the redemption amount is linked to an index or to equities as well as Instruments which, at the option of the Issuer, may be redeemed at par value or against delivery of shares; a redemption of the Instruments at par value may not be guaranteed. Product group C consists of Pfandbriefe in bearer form pursuant to the German Pfandbrief Act (Pfandbriefgesetz). Pfandbriefe are covered bonds, which may be issued on the basis of acquired mortgages as mortgage Pfandbriefe, covered by separate pools of mortgage loans (Hypothekenpfandbriefe) or on the basis of claims acquired against public-sector bodies as public-sector Pfandbriefe, covered by separate pools of publicsector loans, public-sector bonds or public-sector Pfandbriefe (Öffentliche Pfandbriefe) and which will be redeemed at their par value at maturity.

15 I. Summary 15 Form of Instruments: Status and Ranking: Instruments are issued in bearer form. The Issuer will deliver a temporary global note, or (if so specified in the relevant Final Terms in respect of Instruments governed by German law to which U.S. Treasury Regulation Section (c)(2)(i)(C) applies) a permanent global note. Such global note will be deposited on or before the relevant issue date therefore with a depositary or a common depositary for Euroclear, Clearstream Luxembourg, Clearstream Frankfurt and/or any other relevant clearing system. Such temporary global note will be exchangeable for a permanent global note or, if so specified in the relevant Final Terms, for notes in definitive bearer form (not applicable to Product Group B Instruments and Product Group C Instruments) on or after the date which is forty days after the completion of the distribution of the Instruments of the relevant Series and provided certification as to the beneficial ownership thereof as required by U.S. Treasury Regulations (substantially in the form set out in the temporary global note or in such form as is customarily issued in accordance with the regulations of the relevant clearing systems) has been received. Instruments in definitive bearer form will, if interest-bearing, have interest coupons attached. Product Groups B and C Instruments will not be issued in definitive bearer form. The Issuer may also issue Instruments in electronic form if permitted by law. The Instruments can also be issued as a New Global Note. Securities in New Global Note form can be deposited with a commercial bank common safekeeper or an ICSD common safekeeper, but only New Global Notes that are deposited with the latter will be eligible as collateral for Eurosystem operations. The Final Terms will specifiy whether the Instruments are issued as Classical Global Notes or New Global Note. Instruments may be issued on a subordinated or an unsubordinated basis, in each case as specified in the Final Terms. Instruments issued on an unsubordinated and unsecured basis will rank pari passu without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Issuer, present and future, except liabilities having prior ranking by law. Instruments issued on a subordinated basis will rank pari passu without any preference among themselves and otherwise as specified in the terms and conditions. In the event of the liquidation or bankruptcy of the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer. Only Product Group A Instruments may be issued on a subordinated basis. Pfandbriefe/Product Group C Instruments will constitute unsubordinated obligations ranking pari passu among themselves and (i) in the case of Public Pfandbriefe at least pari passu with all other obligations of the Issuer under Public Pfandbriefe and (ii) in the case of Mortgage Pfandbriefe at least pari passu with all other obligations of the Issuer under Mortgage Pfandbriefe. Pfandbriefe are covered, however, by separate pools of public sector loans (in the case of Public Pfandbriefe) or mortgage loans (in the case of Mortgage Pfandbriefe).

16 16 I. Summary Redemption: Early Redemption: Interest: Denominations: Currencies: Issue Price: Negative Pledge: Cross Default: Product Group A Instruments: Instruments will be redeemed on the maturity date at their par value or at least at a specified percentage of their par value or, at the option of the Issuer, by delivery of a fixed number of bonds. Product Group B Instruments: Instruments may be linked to an index or to equities, Instruments are, at the option of the Issuer, redeemed at par value or against delivery of shares; a redemption of the Instruments at par value may not be guaranteed. Product Group C Instruments: Pfandbriefe are redeemed on the maturity date at their par value. Early redemption will be permitted for taxation reasons. Unsubordinated Instruments may also be redeemed early, if the Issuer exercises its right to require an early redemption of the Instruments or in case of Product Group A Instruments and Product Group B Instruments only if the holder of the Instruments exercises its right to require an early redemption of the Instruments, if so specified in the relevant Final Terms. The Final Terms may also specify the redemption amount and if applicable the determination of the redemption amount, which is especially relevant for Product Group B Instruments. In the event that call and/or put options are applicable to any Instruments, the details thereof (including notice periods) will be set out in the applicable Final Terms. Calls/puts will in all cases be subject to any legal and/or regulatory requirements providing for minimum maturities for an issue denominated in a specific currency. Instruments may be either interest bearing at fixed or floating rates or non-interest bearing. In case of floating rate interest the rate of interest may depend on the development of a reference interest rate (i.e. EURIBOR, LIBOR), of a reference value (i.e. Foreign Currency Exchange Rate, the value of gold, also EURIBOR or LIBOR), of swap rate(s) or an index or equities and will in each case be determined for the relevant interest periods as specified in the Final Terms. In the case of Step-up/Step-down Instruments the rate of interest may be adjusted at each agreed date, as set out in the applicable Final Terms. Additionally the interest rate may be limited to a maximum amount or a minimum amount or both. Instruments will be issued in such denominations as may be specified in the relevant Final Terms, subject to compliance with all applicable legal or regulatory requirements. Instruments may be denominated in any currency or currencies subject to compliance with all applicable legal or regulatory requirements and as further specified in the relevant Final Terms. Payments in respect of Instruments may, subject to compliance as aforesaid, be made in, and/or linked to, any currency or currencies other than the currency in which such Instruments are denominated. Instruments may be issued at par or at a discount or premium to par as stated in the relevant Final Terms. None None

17 I. Summary 17 Events of Default: The terms and conditions of unsubordinated Product Group A Instruments and Product Group B Instruments provide for events of default entitling holders to demand immediate redemption of the Instruments. The relevant redemption amount will be specified in the applicable Final Terms. Product Group C Instruments will not provide for any event of default entitling holders to demand immediate redemption of the Instruments.

18 18 I. Zusammenfassung I. ZUSAMMENFASSUNG Der folgende Abschnitt stellt die Zusammenfassung (die Zusammenfassung ) der wesentlichen mit der Emittentin und den unter dem Programm zu begebenden Schuldverschreibungen verbundenen Merkmale und Risiken dar. Die Zusammenfassung ist als Einleitung zu diesem Prospekt zu verstehen. Ein Anleger sollte jede Entscheidung zur Anlage in die Schuldverschreibungen auf die Prüfung des gesamten Prospektes, etwaiger Nachträge hierzu und der maßgeblichen Endgültigen Bedingungen stützen. Wenn vor einem Gericht Ansprüche aufgrund der in diesem Prospekt, einem etwaigen Nachtrag oder den Endgültigen Bedingungen enthaltenen Informationen geltend gemacht werden, könnte der als Kläger auftretende Anleger aufgrund anwendbarer einzelstaatlicher Rechtsvorschriften die Kosten für die Übersetzung des Prospektes, etwaiger Nachträge und der maßgeblichen Endgültigen Bedingungen vor Prozessbeginn zu tragen haben. Diejenigen Personen, die die Zusammenfassung einschließlich einer Übersetzung der Zusammenfassung vorgelegt haben und deren Notifizierung beantragt haben, können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen dieses Prospektes gelesen wird. Die Zusammenfassung erhebt keinen Anspruch auf Vollständigkeit. Die ihr zugrunde liegenden Informationen wurden den übrigen Teilen des Prospekts entnommen, welche zusammen mit den in Bezug für die jeweilige Serie maßgeblichen Endgültigen Bedingungen den inhaltlichen Rahmen für den Inhalt der Zusammenfassung vorgeben. Begriffe, die in den Wertpapierbeschreibungen und in den Anleihebedingungen definiert oder verwendet werden, haben die gleiche Bedeutung in der Zusammenfassung. 1. ZUSAMMENFASSUNG DER RISIKOFAKTOREN 1.1 Zusammenfassung der Risikofaktoren im Hinblick auf gesamtwirtschaftliche Entwicklungen Die U.S. Subprime-Krise, die im Jahr 2007 begann, hat zu Turbulenzen auf den internationalen Geld- und Kapitalmärkten geführt und dauert bis zum Datum dieses Prospekts an. Als Folge der andauernden Turbulenzen sind die internationalen Finanzierungsmärkte noch immer extrem unbeständig. Es besteht das Risiko, dass die Finanzierungskrise auf weitere Wirtschaftsbereiche übergreifen, die Unsicherheit bezüglich der gesamtwirtschaftlichen Entwicklung weiter verstärken und das Wirtschaftswachstum weltweit verlangsamen könnte und dadurch die Geschäftsbedingungen und -chancen der Emittentin beeinträchtigt werden können. 1.2 Emittentenbezogene Risikofaktoren Kreditrisiko: Kreditrisiken sind Bestandteil des Adressenausfallrisikos und bezeichnen die Gefahr, dass aufgrund des Ausfalls oder der Bonitätsverschlechterung eines Schuldners ein Verlust eintritt. Das Kreditexposure der NORD/LB und ihrer als Kreditinstitut tätigen Tochtergesellschaften wurde zum 31. Dezember 2007 mit einem Wert in Höhe von 240,3 Mrd. berechnet und ist damit gegenüber dem Vorjahresende um 7,3 Prozent angestiegen. Der Bestand an Einzelwertberichtigungen und Portfoliowertberichtigungen ist im Jahr 2007 im Vergleich zum Vorjahr gefallen. Die Quote an Einzelwertberichtigungen, als das Verhältnis zwischen dem Bestand an Einzelwertberichtigungen und dem Kreditexposure, betrug im Jahr ,39 %. Der Anteil der Forderungen am Kreditexposure, die entweder überfällig oder bereits wertberichtigt sind betrug im Geschäftsjahr zum 31. Dezember ,78 %. Obwohl das Kreditrisiko der einzelnen Kreditengagements und des Kreditportfolios überprüft worden sind und werden, ist nicht auszuschließen, dass unerkannte, unvorhersehbare und unabwendbare Risiken die in der Vergangenheit nicht erkannte

19 I. Zusammenfassung 19 wurden eintreten und zu Kreditausfällen führen, was sich nachteilig auf die Vermögens-, Finanz- und Ertragslage des NORD/LB Konzerns auswirken könnte. Beteiligungsrisiko: Marktpreisrisiko: Liquiditätsrisiko: Das Beteiligungsrisiko bezeichnet das Risiko der Verlustentstehung aus der Zurverfügungstellung von Eigenkapital an Dritte. Im Januar 2008 sein, erwarb die NORD/LB rund 98,5 % der Anteile und Stimmrechte an der Deutsche Hypothekenbank (Actien-Gesellschaft) im Rahmen eines Übernahmeangebots. Es besteht die Möglichkeit, dass unvorhergesehene negative Entwicklungen zu einer Verringerung des Beteiligungsansatzes und damit zu nachteiligen Auswirkungen auf die Vermögens-, Finanz- und Ertragslage des NORD/LB Konzerns führen, die seine Fähigkeit beeinträchtigen, seine Verpflichtungen aus den begebenen Wertpapieren gegenüber den Anlegern zu erfüllen. Marktpreisrisiken umfassen potentielle Verluste, die sich aus Veränderungen von Marktparametern ergeben können. Marktpreisrisiken werden im NORD/LB Konzern in Zinsrisiko, Währungsrisiko, Aktienkurs- und Fondspreisrisiko und Volatilitätsrisiko unterschieden. Sollten die NORD/LB und ihre als Kreditinstitut tätigen Tochtergesellschaften Marktentwicklungen nicht antizipieren oder vorhersehen oder sollten Marktvorhersagen sich als unzutreffend erweisen, kann sich dies nachteilig auf die Vermögens-, Finanzund Ertragslage des NORD/LB Konzerns auswirken und im Extremfall die Fähigkeit des NORD/LB Konzerns beeinträchtigen, die Verpflichtungen aus den begebenen Wertpapieren gegenüber den Anlegern zu erfüllen. Das Liquiditätsrisiko umfassen Risiken, die sich aus Störungen der Liquidität einzelner Teile des Kapitalmarktes, unerwarteten Ereignissen im Kredit- oder Einlagengeschäft oder der Verschlechterung der eigenen Refinanzierungsbedingungen ergeben können. Es wird zwischen klassischem Liquiditätsrisiko, Refinanzierungsrisiko und Marktliquiditätsrisiko unterschieden. In der Liquiditätsablaufbilanz der NORD/LB und ihre als Kreditinstitut tätigen Tochtergesellschaften zum 31. Dezember 2007 zeigt sich in ein Liquiditätsbedarf in dem Laufzeitband von unter einem Jahr. Aufgrund der andauernden U.S. Subprime-Krise sind die Möglichkeiten zur Refinanzierung eingeschränkt bzw. haben sich erheblich verteuert. Sollte die Subprime-Krise im Verlaufe des Jahres 2008 weiter anhalten, besteht das Risiko einer weiteren Einschränkung bzw. Verteuerung der Möglichkeiten zur Refinanzierung und einer Beeinträchtigung der Refinanzierung der NordLB. Zudem könnte sich das derzeitige Kapitalmarktrating der NORD/LB im Falle einer negativen Entwicklung der Geschäftsentwicklung oder der Vermögens-, Finanz- und Ertragslage der NORD/LB verschlechtern. Ein künftig schlechteres Rating oder andere, nicht vorhersehbare Umstände könnten dann die Mittelaufnahme der NORD/LB am Kapitalmarkt erschweren. Sollten die bevorrateten Mittel für die Weiterführung der Geschäftsaktivitäten nicht ausreichen bzw. anhand der vorhandenen Deckungsmasse keine Liquidität am Kapitalmarkt mehr aufgenommen werden können, könnte dies nachteilige Auswirkungen auf die Vermögens-, Finanz- und Ertragslage der NORD/LB

20 20 I. Zusammenfassung haben und im Extremfall die Fähigkeit beeinträchtigen, Verpflichtungen aus begebenen Wertpapieren gegenüber den Anlegern zu erfüllen. Operationelle Risiken: Operationelle Risiken sind die Gefahr von Schäden, die infolge der Unangemessenheit oder des Versagens von internen Abläufen, Mitarbeitern oder Technologie oder durch externe Einflüsse eintreten. Hierzu zählen neben Rechtsrisiken implizit auch Reputationsrisiken als Folge- und Sekundärrisiken. Es ist nicht auszuschließen, dass die von der NORD/LB und ihren als Kreditinstitut tätigen Tochtergesellschaften gegen operationelle Risiken getroffenen Vorsorgemaßnahmen im Einzelfall nicht ausreichen und der Eintritt eines solchen Risikos negative Auswirkungen auf die Vermögens-, Finanz- und Ertragslage des NORD/LB Konzerns hat und damit die Fähigkeit beeinträchtigt, die Verpflichtungen aus den begebenen Wertpapieren gegenüber den Anlegern zu erfüllen. Wegfall der Gewährträgerhaftung Verbindlichkeiten, die nach dem 18. Juli 2001 und bis zum Ablauf des 18. Juli 2005 und Änderung der Anstaltslast: vereinbart wurden, werden weiterhin von der Gewährträgerhaftung erfasst, sofern ihre Endfälligkeit nicht über den 31. Dezember 2015 hinausgeht. Risiken aus der Finanzmarktkrise: Der NORD/LB Konzern konsolidiert seit der Eröffnungsbilanz nach IFRS zum 1. Januar 2006 zwei Zweckgesellschaften, die Asset Backed Warehouse Limited, Dublin, und die Hannover Funding Company LLC, New York. Darüber hinaus steht der NORD/LB Konzern in Geschäftsbeziehungen mit Instituten (IKB Deutsche Industriebank AG, Sachsen LB), die von der Subprime-Krise betroffen sind. In den letzten Monaten ist zu beobachten, dass die Subprime-Krise zu Spread-Ausweitungen in anderen Märkten geführt hat. Besonders betroffen sind die Segmente ABS, Hedgefonds und Kreditderivate. Im NORD/LB Konzern hat das Portfolio der fungiblen Assets und der Kreditderivate infolgedessen an Wert verloren, direkte Ausfälle waren im Jahr 2007 aber nicht zu verzeichnen. Sollte die Finanzmarktkrise weiter anhalten, können negative Auswirkungen auf die Vermögens-, Finanz- und Ertragslage des NordLB Konzerns nicht ausgeschlossen werden. 1.3 Zusammenfassung der allgemeinen Risikofaktoren in Bezug auf alle Schuldverschreibungen, die unter dem Programm begeben werden Die Schuldverschreibungen Jeder potentielle Anleger muss selbst beurteilen, ob die unter dem Programm sind möglicherweise nicht für begebenen Schuldverschreibungen im Licht seiner individuellen Umstände eine alle potentiellen Anleger eine geeignete Kapitalanlage darstellen. Manche Schuldverschreibungen sind komplexe geeignete Kapitalanlage: Finanzinstrumente. Ein potentieller Anleger sollte nur dann in Schuldverschreibungen investieren, die komplexe Finanzinstrumente sind, wenn er (entweder selbst oder zusammen mit einem Finanzberater) über die Expertise verfügt um zu beurteilen, wie die Schuldverschreibungen auf sich verändernde Bedingungen reagieren werden, welche Auswirkungen dies auf den Wert der Schuldverschreibungen haben wird, und wie sich diese Kapitalanlage auf das gesamte Anlageportfolio des potentiellen Anlegers auswirken wird. Liquiditätsrisiko von Schuldverschreibungen: Schuldverschreibungen, die unter diesem Programm begeben werden, können börsennotiert oder nicht börsennotiert sein. Unabhängig davon, ob die Schuldver-

Labour law and Consumer protection principles usage in non-state pension system

Labour law and Consumer protection principles usage in non-state pension system Labour law and Consumer protection principles usage in non-state pension system by Prof. Dr. Heinz-Dietrich Steinmeyer General Remarks In private non state pensions systems usually three actors Employer

Mehr

BNP Paribas Emissions- und Handelsgesellschaft mbh Frankfurt am Main

BNP Paribas Emissions- und Handelsgesellschaft mbh Frankfurt am Main BNP Paribas Emissions- und Handelsgesellschaft mbh Frankfurt am Main Base Prospectus dated 23 January 2009 pursuant to Section 6 German Securities Prospectus Act (Wertpapierprospektgesetz, WpPG) for the

Mehr

Veröffentlichung einer Mitteilung nach 27a Abs. 1 WpHG

Veröffentlichung einer Mitteilung nach 27a Abs. 1 WpHG Veröffentlichung einer Mitteilung nach 27a Abs. 1 WpHG Peter-Behrens-Str. 15 12459 Berlin First Sensor-Aktie ISIN DE0007201907 Ι WKN 720190 21. August 2014 Veröffentlichung gemäß 26 Abs. 1 WpHG mit dem

Mehr

GIPS 2010 Gesamtüberblick. Dr. Stefan J. Illmer Credit Suisse. Seminar der SBVg "GIPS Aperitif" 15. April 2010 Referat von Stefan Illmer

GIPS 2010 Gesamtüberblick. Dr. Stefan J. Illmer Credit Suisse. Seminar der SBVg GIPS Aperitif 15. April 2010 Referat von Stefan Illmer GIPS 2010 Gesamtüberblick Dr. Stefan J. Illmer Credit Suisse Agenda Ein bisschen Historie - GIPS 2010 Fundamentals of Compliance Compliance Statement Seite 3 15.04.2010 Agenda Ein bisschen Historie - GIPS

Mehr

HYPO Investmentbank AG (incorporated as a joint-stock corporation (Aktiengesellschaft) in the Republic of Austria)

HYPO Investmentbank AG (incorporated as a joint-stock corporation (Aktiengesellschaft) in the Republic of Austria) Prospectus Dated 18 August 2010 This document constitutes two base prospectuses: (i) the base prospectus of HYPO Investmentbank AG ("HYPO Investmentbank" or the "Issuer") in respect of non-equity securities

Mehr

Possible Solutions for Development of Multilevel Pension System in the Republic of Azerbaijan

Possible Solutions for Development of Multilevel Pension System in the Republic of Azerbaijan Possible Solutions for Development of Multilevel Pension System in the Republic of Azerbaijan by Prof. Dr. Heinz-Dietrich Steinmeyer Introduction Multi-level pension systems Different approaches Different

Mehr

Prospectus Dated 14 May 2012

Prospectus Dated 14 May 2012 Prospectus Dated 14 May 2012 This document constitutes two base prospectuses: (i) the base prospectus of Deutsche Postbank AG ("Postbank" or the "Issuer") in respect of non-equity securities within the

Mehr

1. General information... 2 2. Login... 2 3. Home... 3 4. Current applications... 3

1. General information... 2 2. Login... 2 3. Home... 3 4. Current applications... 3 User Manual for Marketing Authorisation and Lifecycle Management of Medicines Inhalt: User Manual for Marketing Authorisation and Lifecycle Management of Medicines... 1 1. General information... 2 2. Login...

Mehr

Euro 2,000,000,000 German Note Programme

Euro 2,000,000,000 German Note Programme BASE PROSPECTUS (Basisprospekt) MORGAN STANLEY BANK AG (incorporated as a stock corporation (Aktiengesellschaft) in the Federal Republic of Germany) Euro 2,000,000,000 German Note Programme Under the Euro

Mehr

Euro 2,000,000,000 German Note Programme

Euro 2,000,000,000 German Note Programme BASE PROSPECTUS (Basisprospekt) MORGAN STANLEY BANK AG (incorporated as a stock corporation (Aktiengesellschaft) in the Federal Republic of Germany) Euro 2,000,000,000 German Note Programme Under the Euro

Mehr

ENDGÜLTIGE BEDINGUNGEN / FINAL TERMS

ENDGÜLTIGE BEDINGUNGEN / FINAL TERMS The Final Terms will be displayed on the following website of Commerzbank Aktiengesellschaft (www.newissues.de) in case of a Series of Notes publicly offered in member states of the European Economic Area

Mehr

HYPO ALPE-ADRIA-BANK INTERNATIONAL AG

HYPO ALPE-ADRIA-BANK INTERNATIONAL AG This document constitutes two base prospectuses of HYPO ALPE-ADRIA-BANK INTERNATIONAL AG for the purposes of Article 5.4 of Directive 2003/71/EC and the Luxembourg Law relating to prospectuses for securities

Mehr

COMPREHENSIVE PROGRAMME DOCUMENT

COMPREHENSIVE PROGRAMME DOCUMENT This document constitutes (i) the base prospectus of Österreichische Volksbanken-Aktiengesellschaft in respect of other non-equity securities including warrants ("Non-Equity Securities") within the meaning

Mehr

EUR 250,000,000 Credit Linked Notes Programme

EUR 250,000,000 Credit Linked Notes Programme PROSPECTUS Österreichische Volksbanken-Aktiengesellschaft (incorporated as a stock corporation in the Republic of Austria) EUR 250,000,000 Credit Linked Notes Programme Under the credit linked notes issuance

Mehr

Österreichische Volksbanken-Aktiengesellschaft (incorporated as a stock corporation in the Republic of Austria) 3,000,000,000 Debt Issuance Programme

Österreichische Volksbanken-Aktiengesellschaft (incorporated as a stock corporation in the Republic of Austria) 3,000,000,000 Debt Issuance Programme This document constitutes the base prospectus of Österreichische Volksbanken-Aktiengesellschaft in respect of other non-equity securities including warrants ("Non-Equity Securities") within the meaning

Mehr

HYPO ALPE-ADRIA-BANK INTERNATIONAL AG

HYPO ALPE-ADRIA-BANK INTERNATIONAL AG This document constitutes two base prospectuses of HYPO ALPE-ADRIA-BANK INTERNATIONAL AG for the purposes of Article 5.4 of Directive 2003/71/EC and the Luxembourg Law relating to prospectuses for securities

Mehr

BASE PROSPECTUS (Basisprospekt)

BASE PROSPECTUS (Basisprospekt) BASE PROSPECTUS (Basisprospekt) of UBS AG (a public company with limited liability established under the laws of Switzerland) which may also be acting through its Jersey branch: UBS AG, Jersey Branch (the

Mehr

eurex rundschreiben 094/10

eurex rundschreiben 094/10 eurex rundschreiben 094/10 Datum: Frankfurt, 21. Mai 2010 Empfänger: Alle Handelsteilnehmer der Eurex Deutschland und Eurex Zürich sowie Vendoren Autorisiert von: Jürg Spillmann Weitere Informationen zur

Mehr

Deutsche Postbank AG (incorporated as a stock corporation (Aktiengesellschaft) in the Federal Republic of Germany)

Deutsche Postbank AG (incorporated as a stock corporation (Aktiengesellschaft) in the Federal Republic of Germany) Prospectus Dated 17 December 2009 This document constitutes two base prospectuses: (i) the base prospectus of Deutsche Postbank AG ("Postbank" or the "Issuer") in respect of non-equity securities within

Mehr

METRO AG (Düsseldorf, Federal Republic of Germany) as Issuer and, in respect of notes (the "Notes") issued by Metro Finance B.V.

METRO AG (Düsseldorf, Federal Republic of Germany) as Issuer and, in respect of notes (the Notes) issued by Metro Finance B.V. First Supplement to the Debt Issuance Programme Prospectus dated 10 February 2015 Dated 6 March 2015 This document constitutes a supplement (the "Supplement") for the purposes of Article 16 of Directive

Mehr

Prediction Market, 28th July 2012 Information and Instructions. Prognosemärkte Lehrstuhl für Betriebswirtschaftslehre insbes.

Prediction Market, 28th July 2012 Information and Instructions. Prognosemärkte Lehrstuhl für Betriebswirtschaftslehre insbes. Prediction Market, 28th July 2012 Information and Instructions S. 1 Welcome, and thanks for your participation Sensational prices are waiting for you 1000 Euro in amazon vouchers: The winner has the chance

Mehr

Supplement. Citigroup Global Markets Deutschland AG, Frankfurt am Main

Supplement. Citigroup Global Markets Deutschland AG, Frankfurt am Main Supplement pursuant to Section 16 para. 1 of the German Securities Prospectus Act (Wertpapierprospektgesetz) dated 4 August 2015 to the base prospectuses of Citigroup Global Markets Deutschland AG, Frankfurt

Mehr

WestLB Covered Bond Bank p.l.c. (a public limited company organised under the laws of Ireland with registration number 354677)

WestLB Covered Bond Bank p.l.c. (a public limited company organised under the laws of Ireland with registration number 354677) BASE PROSPECTUS WestLB Covered Bond Bank p.l.c. (a public limited company organised under the laws of Ireland with registration number 354677) EUR 10,000,000,000 Asset Covered Securities and Medium Term

Mehr

OFFERING CIRCULAR. as issuer

OFFERING CIRCULAR. as issuer This Offering Circular will be filed with the Bundesanstalt für Finanzdienstleistungsaufsicht (German Federal Financial Services Office - "BaFin") as an Unvollständiger Verkaufsprospekt (Incomplete Sales

Mehr

Lehrstuhl für Allgemeine BWL Strategisches und Internationales Management Prof. Dr. Mike Geppert Carl-Zeiß-Str. 3 07743 Jena

Lehrstuhl für Allgemeine BWL Strategisches und Internationales Management Prof. Dr. Mike Geppert Carl-Zeiß-Str. 3 07743 Jena Lehrstuhl für Allgemeine BWL Strategisches und Internationales Management Prof. Dr. Mike Geppert Carl-Zeiß-Str. 3 07743 Jena http://www.im.uni-jena.de Contents I. Learning Objectives II. III. IV. Recap

Mehr

Arranger UNICREDIT BANK. Dealers BANCO BILBAO VIZCAYA ARGENTARIA, S.A. GOLDMAN SACHS INTERNATIONAL. The date of this Prospectus is 18 June 2012

Arranger UNICREDIT BANK. Dealers BANCO BILBAO VIZCAYA ARGENTARIA, S.A. GOLDMAN SACHS INTERNATIONAL. The date of this Prospectus is 18 June 2012 PROSPECTUS (incorporated with limited liability under the laws of the Republic of Austria) 40,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME FOR THE ISSUE OF NOTES INCLUDING PFANDBRIEFE AND JUMBO-PFANDBRIEFE

Mehr

(Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m)

(Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) 30,000,000,000 Debt Issuance Programme On 3 July 1998, Erste Bank der oesterreichischen

Mehr

The Royal Bank of Scotland plc

The Royal Bank of Scotland plc 7. Mai 2015 MITTEILUNG ÜBER DIE ERSETZUNG DES INDEX-SPONSORS Wertpapiere: PLN-Total Return Money Market Index Open End Zertifikate ISIN: DE0009187070 WKN: 918707 Ausgabetag: 15. Oktober 2003 Emittentin:

Mehr

HYPO NOE Gruppe Bank AG (incorporated as a joint-stock corporation (Aktiengesellschaft) in the Republic of Austria)

HYPO NOE Gruppe Bank AG (incorporated as a joint-stock corporation (Aktiengesellschaft) in the Republic of Austria) Prospectus Dated 19 June 2013 This document constitutes two base prospectuses: (i) the base prospectus of HYPO NOE Gruppe Bank AG ("HYPO NOE Gruppe" or the "Issuer") in respect of non-equity securities

Mehr

Robert Bosch GmbH. (Stuttgart, Federal Republic of Germany) 2,000,000,000 Debt Issuance Programme. (the Programme )

Robert Bosch GmbH. (Stuttgart, Federal Republic of Germany) 2,000,000,000 Debt Issuance Programme. (the Programme ) PROSPECTUS 8 May 2006 Robert Bosch GmbH (Stuttgart, Federal Republic of Germany) 2,000,000,000 Debt Issuance Programme (the Programme ) Application has been made to list and trade notes to be issued under

Mehr

DEPFA BANK plc (incorporated with limited liability under the laws of the Republic of Ireland (Ireland)) and

DEPFA BANK plc (incorporated with limited liability under the laws of the Republic of Ireland (Ireland)) and In accordance with Article 26 No. 8 of the Commission Regulation (EC) no. 809/2004 (the Regulation), this document constitutes three base prospectuses within the meaning of Article 5.4 of Directive 2003/71/EC

Mehr

voestalpine AG (a joint stock corporation under the laws of Austria, registered number FN 66209t) as Issuer

voestalpine AG (a joint stock corporation under the laws of Austria, registered number FN 66209t) as Issuer voestalpine AG (a joint stock corporation under the laws of Austria, registered number FN 66209t) as Issuer EUR 1,000,000,000 programme for the issuance of debt instruments (the Programme ) This document

Mehr

Total Security Intelligence. Die nächste Generation von Log Management and SIEM. Markus Auer Sales Director Q1 Labs.

Total Security Intelligence. Die nächste Generation von Log Management and SIEM. Markus Auer Sales Director Q1 Labs. Total Security Intelligence Die nächste Generation von Log Management and SIEM Markus Auer Sales Director Q1 Labs IBM Deutschland 1 2012 IBM Corporation Gezielte Angriffe auf Unternehmen und Regierungen

Mehr

BASE PROSPECTUS (Basisprospekt)

BASE PROSPECTUS (Basisprospekt) BASE PROSPECTUS (Basisprospekt) of UBS AG (a public company with limited liability established under the laws of Switzerland) which may also be acting through its Jersey branch: UBS AG, Jersey Branch (the

Mehr

UniCredit Bank AG. Munich, Federal Republic of Germany Euro 50,000,000,000 Debt Issuance Programme for the issuance of Pfandbriefe (the "Programme")

UniCredit Bank AG. Munich, Federal Republic of Germany Euro 50,000,000,000 Debt Issuance Programme for the issuance of Pfandbriefe (the Programme) This document constitutes the base prospectus of UniCredit Bank AG in respect of non-equity securities within the meaning of Art. 22 (6) no. 3 of the Commission Regulation (EC) No. 809/2004 of 29 April

Mehr

Federal State of Saxony-Anhalt

Federal State of Saxony-Anhalt Simplified Prospectus 13 March 2012 Federal State of Saxony-Anhalt EUR 6,000,000,000 Debt Issuance Programme This simplified prospectus (the "Simplified Prospectus") has been approved by the Luxembourg

Mehr

Landesbank Baden-Württemberg (a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany) as Issuer

Landesbank Baden-Württemberg (a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany) as Issuer BASE PROSPECTUS Landesbank Baden-Württemberg (a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany) as Issuer Euro 50,000,000,000 Programme for the Issuance of

Mehr

UniCredit Bank AG Euro 50,000,000,000 Debt Issuance Programme Arranger and Dealer UniCredit Bank AG 20 May 2010

UniCredit Bank AG Euro 50,000,000,000 Debt Issuance Programme Arranger and Dealer UniCredit Bank AG 20 May 2010 This document constitutes two base prospectuses: (i) the base prospectus of UniCredit Bank AG in respect of non-equity securities within the meaning of Art. 22 (6) no. 4 of the Commission Regulation (EC)

Mehr

1. Assignment of rights a. Industrial property rights including experiences and knowledge (e. g plans, models) Type of right (e. g.

1. Assignment of rights a. Industrial property rights including experiences and knowledge (e. g plans, models) Type of right (e. g. 1 st copy - for the tax authority of the applicant / Kenn-Nummer Notice pursuant to the Federal Data Protection Act: The data to be given are requested under Sections 149 ff of the German Fiscal Code.

Mehr

HYPO ALPE-ADRIA-BANK INTERNATIONAL AG

HYPO ALPE-ADRIA-BANK INTERNATIONAL AG This document constitutes two base prospectuses of HYPO ALPE-ADRIA-BANK INTERNATIONAL AG: (i) the base prospectus in respect of non-equity securities ( Non-Equity Securities ) within the meaning of Art.

Mehr

Patentrelevante Aspekte der GPLv2/LGPLv2

Patentrelevante Aspekte der GPLv2/LGPLv2 Patentrelevante Aspekte der GPLv2/LGPLv2 von RA Dr. Till Jaeger OSADL Seminar on Software Patents and Open Source Licensing, Berlin, 6./7. November 2008 Agenda 1. Regelungen der GPLv2 zu Patenten 2. Implizite

Mehr

Ingenics Project Portal

Ingenics Project Portal Version: 00; Status: E Seite: 1/6 This document is drawn to show the functions of the project portal developed by Ingenics AG. To use the portal enter the following URL in your Browser: https://projectportal.ingenics.de

Mehr

(Incorporated as a joint stock company in the Republic of Austria under registered number FN 33209 m)

(Incorporated as a joint stock company in the Republic of Austria under registered number FN 33209 m) Prospectus Erste Group Bank AG (Incorporated as a joint stock company in the Republic of Austria under registered number FN 33209 m) 30,000,000,000 Debt Issuance Programme On 3 July 1998, Erste Bank der

Mehr

ISO 15504 Reference Model

ISO 15504 Reference Model Prozess Dimension von SPICE/ISO 15504 Process flow Remarks Role Documents, data, tools input, output Start Define purpose and scope Define process overview Define process details Define roles no Define

Mehr

gemäß 44 Börsenzulassungsverordnung

gemäß 44 Börsenzulassungsverordnung Offering Circular 30th May, 2003 Börsenzulassungsprospekt gemäß 44 Börsenzulassungsverordnung WestLB AG (incorporated as a joint stock company in the Federal Republic of Germany) as Issuer and, with respect

Mehr

Landesbank Baden-Württemberg (a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany) as Issuer

Landesbank Baden-Württemberg (a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany) as Issuer BASE PROSPECTUS Landesbank Baden-Württemberg (a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany) as Issuer Euro 50,000,000,000 Programme for the Issuance of

Mehr

Final Terms 24 July 2014 EUR 10,000,000 1.98 per cent. Public Sector Pfandbriefe due 30 July 2029. Series 25066, Tranche 1

Final Terms 24 July 2014 EUR 10,000,000 1.98 per cent. Public Sector Pfandbriefe due 30 July 2029. Series 25066, Tranche 1 Final Terms 24 July 2014 EUR 10,000,000 1.98 per cent. Public Sector Pfandbriefe due 30 July 2029 Series 25066, Tranche 1 issued pursuant to the Euro 50,000,000,000 Debt Issuance Programme of Issue Price:

Mehr

Deutsche Hypothekenbank (Actien-Gesellschaft)

Deutsche Hypothekenbank (Actien-Gesellschaft) Debt Issuance Programme Prospectus Dated 16 October 2014 This document constitutes two base prospectuses for the purposes of article 5.4 of Directive 2003/71/EC of the European Parliament and of the Council

Mehr

Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft This document constitutes two base prospectuses of Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft (the "Issuer") for the purposes of Article 5.4 of Directive 2003/71/EC and the Luxembourg Law

Mehr

EUR 10,000,000,000 Asset Covered Securities and Medium Term Note Programme. Arrangers. Dealers. CALYON Crédit Agricole CIB Deutsche Bank

EUR 10,000,000,000 Asset Covered Securities and Medium Term Note Programme. Arrangers. Dealers. CALYON Crédit Agricole CIB Deutsche Bank BASE PROSPECTUS WestLB Covered Bond Bank p.l.c. (a public limited company organised under the laws of Ireland with registration number 354677) (unconditionally and irrevocably guaranteed by WestLB AG)

Mehr

DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main Frankfurt am Main, Federal Republic of Germany

DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main Frankfurt am Main, Federal Republic of Germany This document constitutes three base prospectuses for the purposes of Article 5(4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended by Directive 2010/73/EU

Mehr

PROSPECTUS (incorporated with limited liability under the laws of the Republic of Austria) 40,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME FOR THE ISSUE OF NOTES INCLUDING PFANDBRIEFE, JUMBO-PFANDBRIEFE

Mehr

Euro Medium Term Note Programme Prospectus. LANDESBANK BERLIN AG Euro 10,000,000,000 Euro Medium Term Note Programme

Euro Medium Term Note Programme Prospectus. LANDESBANK BERLIN AG Euro 10,000,000,000 Euro Medium Term Note Programme This document constitutes two base prospectuses for the purposes of Article 5.4 of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the "Prospectus Directive")

Mehr

Base Prospectus. RAIFFEISEN BANK INTERNATIONAL AG EUR 25,000,000,000 Debt Issuance Programme for the issue of Notes (as defined herein)

Base Prospectus. RAIFFEISEN BANK INTERNATIONAL AG EUR 25,000,000,000 Debt Issuance Programme for the issue of Notes (as defined herein) This document constitutes two base prospectuses of Raiffeisen Bank International AG: (i) the base prospectus in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission

Mehr

Prospectus Dated 13 May 2013

Prospectus Dated 13 May 2013 Prospectus Dated 13 May 2013 This document constitutes two base prospectuses: (i) the base prospectus of Helaba Landesbank Hessen-Thüringen Girozentrale ( Helaba ) in respect of non-equity securities within

Mehr

ENDGÜLTIGE BEDINGUNGEN / FINAL TERMS

ENDGÜLTIGE BEDINGUNGEN / FINAL TERMS The Final Terms will be displayed on the following website of Commerzbank Aktiengesellschaft (www.newissues.de) in case of a Series of Notes publicly offered in member states of the European Economic Area

Mehr

IBM Security Lab Services für QRadar

IBM Security Lab Services für QRadar IBM Security Lab Services für QRadar Serviceangebote für ein QRadar SIEM Deployment in 10 bzw. 15 Tagen 28.01.2015 12015 IBM Corporation Agenda 1 Inhalt der angebotenen Leistungen Allgemeines Erbrachte

Mehr

XML Template Transfer Transfer project templates easily between systems

XML Template Transfer Transfer project templates easily between systems Transfer project templates easily between systems A PLM Consulting Solution Public The consulting solution XML Template Transfer enables you to easily reuse existing project templates in different PPM

Mehr

Raiffeisenlandesbank Oberösterreich Aktiengesellschaft

Raiffeisenlandesbank Oberösterreich Aktiengesellschaft This document constitutes two base prospectuses of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft for the purposes of article 5.4 of the Directive 2003/71 of the European Parliament and of the

Mehr

Euro 10,000,000,000. Debt Issuance Programme. (the "Programme")

Euro 10,000,000,000. Debt Issuance Programme. (the Programme) Base Prospectus 13 May 2015 This document constitutes two base prospectuses: (i) the base prospectus of ING-DiBa AG (the "Issuer") in respect of non-equity securities within the meaning of Art. 22 (6)

Mehr

Veräußerung von Emissionsberechtigungen in Deutschland

Veräußerung von Emissionsberechtigungen in Deutschland Veräußerung von Emissionsberechtigungen in Deutschland Monatsbericht September 2008 Berichtsmonat September 2008 Die KfW hat im Zeitraum vom 1. September 2008 bis zum 30. September 2008 3,95 Mio. EU-Emissionsberechtigungen

Mehr

Arranger Deutsche Bank Dealers

Arranger Deutsche Bank Dealers Debt Issuance Programme Prospectus Dated 24 April 2008 This document constitutes two prospectuses: (i) the prospectus of Deutsche Telekom AG in respect of non-equity securities within the meaning of Art.

Mehr

IKB Deutsche Industriebank AG

IKB Deutsche Industriebank AG FINAL PROSPECTUS 7 150,000,000 Dated Upper Tier 2 Securities issued by ProPart Funding Limited Partnership (a limited partnership established under the laws of Jersey on 15 September 2005) with the payment

Mehr

RWE Aktiengesellschaft. RWE Finance B.V.

RWE Aktiengesellschaft. RWE Finance B.V. Debt Issuance Programme Prospectus dated 26 April 2012 This document constitutes two base prospectuses for the purposes of article 5.4 of Directive 2003/71/EC (the "Prospectus Directive"): (i) the base

Mehr

Economics of Climate Adaptation (ECA) Shaping climate resilient development

Economics of Climate Adaptation (ECA) Shaping climate resilient development Economics of Climate Adaptation (ECA) Shaping climate resilient development A framework for decision-making Dr. David N. Bresch, david_bresch@swissre.com, Andreas Spiegel, andreas_spiegel@swissre.com Klimaanpassung

Mehr

Disclaimer & Legal Notice. Haftungsausschluss & Impressum

Disclaimer & Legal Notice. Haftungsausschluss & Impressum Disclaimer & Legal Notice Haftungsausschluss & Impressum 1. Disclaimer Limitation of liability for internal content The content of our website has been compiled with meticulous care and to the best of

Mehr

eurex rundschreiben 278/14

eurex rundschreiben 278/14 eurex rundschreiben 278/14 Datum: 23. Dezember 2014 Empfänger: Alle Handelsteilnehmer der Eurex Deutschland und Eurex Zürich sowie Vendoren Autorisiert von: Mehtap Dinc EURO STOXX 50, STOXX Europe 50,

Mehr

Hypo Real Estate Bank AG Munich, Federal Republic of Germany. Euro 25,000,000,000 Debt Issuance Program

Hypo Real Estate Bank AG Munich, Federal Republic of Germany. Euro 25,000,000,000 Debt Issuance Program Investors who have already agreed to purchase or subscribe for Notes issued under the Program (as defined herein) before this Supplement (as defined herein) has been published shall have the right, exercisable

Mehr

CHAPTER 7: DYNAMIC AND STATIC PORTFOLIO NOTES ISSUED BY ING BANK N.V. PART 1: TERMS AND CONDITIONS OF DYNAMIC AND STATIC PORTFOLIO NOTES

CHAPTER 7: DYNAMIC AND STATIC PORTFOLIO NOTES ISSUED BY ING BANK N.V. PART 1: TERMS AND CONDITIONS OF DYNAMIC AND STATIC PORTFOLIO NOTES CHAPTER 7 CHAPTER 7: DYNAMIC AND STATIC PORTFOLIO NOTES ISSUED BY ING BANK N.V. PART 1: TERMS AND CONDITIONS OF DYNAMIC AND STATIC PORTFOLIO NOTES The terms and conditions applicable to Dynamic and Static

Mehr

JAB Holdings B.V. (incorporated as a private limited liability company with its corporate seat in Amsterdam, The Netherlands)

JAB Holdings B.V. (incorporated as a private limited liability company with its corporate seat in Amsterdam, The Netherlands) Prospectus dated 28 April 2015 JAB Holdings B.V. (incorporated as a private limited liability company with its corporate seat in Amsterdam, The Netherlands) EUR 600,000,000 1.625 per cent. Notes due 2025

Mehr

Hochschule Esslingen. Modulbeschreibung TBB Internationale Technische Betriebswirtschaft. Inhaltsverzeichnis. Kanalstr. 33 73728 Esslingen

Hochschule Esslingen. Modulbeschreibung TBB Internationale Technische Betriebswirtschaft. Inhaltsverzeichnis. Kanalstr. 33 73728 Esslingen Kanalstr. 33 73728 Esslingen Inhaltsverzeichnis Seite 1 von 6 TBB602 MD International Business 2 Int.Marketing/-Finance & Case Studies Int.Business 3 International Conmmercial Law 5 Erläuterungen 6 Modul

Mehr

(Incorporated as a joint stock company in the Republic of Austria under registered number FN 33209 m)

(Incorporated as a joint stock company in the Republic of Austria under registered number FN 33209 m) Prospectus Erste Bank der oesterreichischen Sparkassen AG (Incorporated as a joint stock company in the Republic of Austria under registered number FN 33209 m) 25,000,000,000 Debt Issuance Programme On

Mehr

HYPO TIROL BANK AG. EUR 5,750,000,000 Debt Issuance Programme (the "Programme")

HYPO TIROL BANK AG. EUR 5,750,000,000 Debt Issuance Programme (the Programme) This document constitutes two base prospectuses of HYPO TIROL BANK AG for the purposes of Article 5.4 of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the

Mehr

Prospectus Dated 13 May 2014

Prospectus Dated 13 May 2014 Prospectus Dated 13 May 2014 This document constitutes two base prospectuses: (i) the base prospectus of Helaba Landesbank Hessen-Thüringen Girozentrale ( Helaba ) in respect of non-equity securities within

Mehr

Düsseldorfer Hypothekenbank Aktiengesellschaft

Düsseldorfer Hypothekenbank Aktiengesellschaft This document constitutes two base prospectuses of Düsseldorfer Hypothekenbank Aktiengesellschaft: (i) the base prospectus in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of

Mehr

5 TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION)

5 TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) 5 TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) The Terms and Conditions of the Notes (the Terms and Conditions) are set forth below in two Parts: PART I sets out the basic terms (the Basic

Mehr

Interactive Brokers Financial Products S.A. a Luxembourg Joint Stock Company

Interactive Brokers Financial Products S.A. a Luxembourg Joint Stock Company This document comprises a base prospectus with respect to different categories of securities pursuant to Article 22(6) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (the Prospectus Regulation)

Mehr

CHAMPIONS Communication and Dissemination

CHAMPIONS Communication and Dissemination CHAMPIONS Communication and Dissemination Europa Programm Center Im Freistaat Thüringen In Trägerschaft des TIAW e. V. 1 CENTRAL EUROPE PROGRAMME CENTRAL EUROPE PROGRAMME -ist als größtes Aufbauprogramm

Mehr

IKB Deutsche Industriebank Aktiengesellschaft. EUR 400,000,000 Issuance Programme For Leveraged Floater

IKB Deutsche Industriebank Aktiengesellschaft. EUR 400,000,000 Issuance Programme For Leveraged Floater Securities Note 5 June 2013 This document is a securities note (Wertpapierbeschreibung) (the "Securities Note") of IKB Deutsche Industriebank Aktiengesellschaft in respect of non-equity securities within

Mehr

METRO AG (incorporated with limited liability in Düsseldorf, Federal Republic of Germany)

METRO AG (incorporated with limited liability in Düsseldorf, Federal Republic of Germany) Debt Issuance Programme Prospectus METRO AG (incorporated with limited liability in Düsseldorf, Federal Republic of Germany) Metro Finance B.V. (incorporated with limited liability in Venlo, The Netherlands)

Mehr

Cooperation Project Sao Paulo - Bavaria. Licensing of Waste to Energy Plants (WEP/URE)

Cooperation Project Sao Paulo - Bavaria. Licensing of Waste to Energy Plants (WEP/URE) Cooperation Project Sao Paulo - Bavaria Licensing of Waste to Energy Plants (WEP/URE) SMA 15.10.2007 W. Scholz Legal framework Bayerisches Staatsministerium für European Directive on Waste incineration

Mehr

DZ PRIVATBANK S.A. Luxembourg, Grand Duchy of Luxembourg

DZ PRIVATBANK S.A. Luxembourg, Grand Duchy of Luxembourg This document constitutes the base prospectus for the purposes of Article 5(4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended by Directive 2010/73/EU

Mehr

Deutsche Telekom AG Bonn, Federal Republic of Germany as Issuer and as Guarantor for Notes issued by

Deutsche Telekom AG Bonn, Federal Republic of Germany as Issuer and as Guarantor for Notes issued by Debt Issuance Programme Prospectus Dated 24 April 2009 This document constitutes two prospectuses: (i) the prospectus of Deutsche Telekom AG in respect of non-equity securities within the meaning of Art.

Mehr

UniCredit Bank AG. Base Prospectus. Notes

UniCredit Bank AG. Base Prospectus. Notes UniCredit Bank AG Munich, Federal Republic of Germany Base Prospectus for the issuance of Notes under the Euro 50,000,000,000 Debt Issuance Programme Arranger and Dealer UniCredit Bank AG 6 May 2015 NOTICE

Mehr

Raiffeisenlandesbank Oberösterreich Aktiengesellschaft

Raiffeisenlandesbank Oberösterreich Aktiengesellschaft This document constitutes two base prospectuses of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft for the purposes of Article 5. 4 of the Directive 2003/71 of the European Parliament and of the

Mehr

Zugangsvoraussetzungen für Airworthiness Review Staff gem. Part-M.A.707

Zugangsvoraussetzungen für Airworthiness Review Staff gem. Part-M.A.707 1) Zusammenfassung der relevanten Part-M Paragraphen und AMC M.A.707 Airworthiness review staff (a) To be approved to carry out reviews, an approved continuing management organisation shall have appropriate

Mehr

Münchener Hypothekenbank eg Munich, Federal Republic of Germany as Issuer. EUR 25,000,000,000 Debt Issuance Programme (the Programme )

Münchener Hypothekenbank eg Munich, Federal Republic of Germany as Issuer. EUR 25,000,000,000 Debt Issuance Programme (the Programme ) This document constitutes two base prospectuses of Münchener Hypothekenbank eg for the purposes of Article 5(4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003

Mehr

OTTO (GMBH & CO KG) (Hamburg, Federal Republic of Germany)

OTTO (GMBH & CO KG) (Hamburg, Federal Republic of Germany) Base Prospectus dated 11 June 2015 This document constitutes the base prospectus for purposes of Art. 5(4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended

Mehr

HYPO TIROL BANK AG. EUR 5,750,000,000 Debt Issuance Programme (the "Programme")

HYPO TIROL BANK AG. EUR 5,750,000,000 Debt Issuance Programme (the Programme) This document constitutes two base prospectuses of HYPO TIROL BANK AG for the purposes of Article 5.4 of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the

Mehr

Umstellung Versand der täglichen Rechnungen Auktionsmarkt

Umstellung Versand der täglichen Rechnungen Auktionsmarkt EEX Kundeninformation 2004-05-04 Umstellung Versand der täglichen Rechnungen Auktionsmarkt Sehr geehrte Damen und Herren, die Rechnungen für den Handel am Auktionsmarkt werden täglich versandt. Dabei stehen

Mehr

Bertelsmann SE & Co. KGaA

Bertelsmann SE & Co. KGaA Prospectus dated 22 April 2015 Bertelsmann SE & Co. KGaA (Gütersloh, Federal Republic of Germany) Subordinated Notes Bertelsmann SE & Co. KGaA ("Bertelsmann" or the "Issuer") will issue Non-Call 8 Year

Mehr

NIEDERÖSTERREICH-WIEN AG

NIEDERÖSTERREICH-WIEN AG This document constitutes two base prospectuses for the purposes of Article 5 sub-paragraph 4 of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended by Directive

Mehr

Securities Prospectus

Securities Prospectus ab2 UBS AG, Niederlassung [London] [Jersey] Securities Prospectus dated 2 February 2007 Base Prospectus pursuant to section 6 of the German Securities Prospectus Act (Wertpapierprospektgesetz) by UBS AG,

Mehr

(Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m)

(Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme Under this Programme (the "Programme"), Erste Group

Mehr

DZ PRIVATBANK S.A. Luxembourg, Grand Duchy of Luxembourg

DZ PRIVATBANK S.A. Luxembourg, Grand Duchy of Luxembourg This document constitutes the base prospectus for the purposes of Article 5(4) of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended (the "Prospectus Directive")

Mehr

Deutsche Telekom AG Bonn, Federal Republic of Germany as Issuer and as Guarantor for Notes issued by

Deutsche Telekom AG Bonn, Federal Republic of Germany as Issuer and as Guarantor for Notes issued by Debt Issuance Programme Prospectus Dated 3 May 2012 This document constitutes two prospectuses for the purposes of Article 5.4 of Directive 2003/71/EC of the European Parliament and the Council of 4 November

Mehr

Extended Ordered Paired Comparison Models An Application to the Data from Bundesliga Season 2013/14

Extended Ordered Paired Comparison Models An Application to the Data from Bundesliga Season 2013/14 Etended Ordered Paired Comparison Models An Application to the Data from Bundesliga Season 2013/14 Gerhard Tutz & Gunther Schauberger Ludwig-Maimilians-Universität München Akademiestraße 1, 80799 München

Mehr