First liquidation agency
| First liquidation agency
|
|
|---|---|
 |
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| legal form | Institute of public right |
| founding | December 11, 2009 |
| Seat | Dusseldorf , Germany |
| management | Christian Doppstadt, Horst Küpker |
| Branch | Financial institution |
| Website | www.aa1.de |
The Erste Abwicklungsanstalt (EAA) is an institution under public law with partial legal capacity within the Federal Agency for Financial Market Stabilization (FMSA).
task
The EAA's task is to take over risk positions and discontinued operations from WestLB AG and to process them in a way that preserves value over the long term so that the risk of loss is as low as possible. The EAA was established on December 11, 2009 by the Federal Agency for Financial Market Stabilization (FMSA). According to its own statements, the EAA is not a bad bank , but is sometimes referred to as that and fulfills the requirements of a bad bank both materially and formally . The EAA is a liquidation agency under public law and as such it is neither a credit institution within the meaning of Section 1 of the German Banking Act, nor does it conduct banking transactions that require authorization within the meaning of EU Directive 2006/48 / EC of June 14, 2006. The portfolio also includes shares of Westdeutsche ImmobilienBank , the former 100% real estate bank subsidiary of WestLB. The real estate subsidiary was sold to Aareal Bank in February 2015 .
structure
The organs of Erste Abwicklungsanstalt are the owners' meeting, the administrative board and the executive board.
Owners and Owners' Meeting
The carriers (also referred to as participants or liable parties) of Erste Abwicklungsanstalt are:
| carrier | Participation rate |
|---|---|
| State of North Rhine-Westphalia | 48.20% |
| Rhenish Savings Banks and Giro Association | 25.03% |
| Savings Banks Association Westphalia-Lippe | 25.03% |
| Regional Association of Rhineland | 0.87% |
| Regional Association of Westphalia-Lippe | 0.87% |
The sponsors have to compensate the institution's losses according to their participation quota. In addition, the state of North Rhine-Westphalia bears a disproportionate liability in favor of the two landscape associations beyond its participation. They form the Board of Owners, which appoints the members of the Board of Directors and can dismiss them for good cause. In addition, the owners' meeting determines the annual financial statements of the establishment.
Board of Directors
The Board of Directors consists of eleven members, who are appointed by the Board of Owners on the proposal of the individual owners. The state of North Rhine-Westphalia has the right to propose five seats, the two savings bank associations for two each and the two regional associations for one each.
The administrative board has to advise the board of directors and monitor its management. He is also responsible for appointing the members of the Board of Management and can make important business decisions.
Board
The board of directors conducts the business of the establishment and represents it externally. The spokesman for the board of directors is Matthias Wargers, who is responsible for the market area. The two other board members are Christian Doppstadt ( back office ) and Horst Küpker ( Treasury / Capital Markets ).
business development
On January 1, 2010, Erste Abwicklungsanstalt took over assets (holdings, loans, securities) from WestLB amounting to 77.5 billion euros ( initial filling ). These had been reduced to 51 billion euros by the end of 2011 through the completion of business and sales. The risk buffer from equity and pension provision at this point in time amounted to 3.9 billion euros and was considered sufficient by the institution's management board. In the course of the demerger of WestLB, Erste Abwicklungsanstalt was transferred with additional assets of 124 billion euros on July 1, 2012 ( replenishment ). As a result, assets with a total volume of around EUR 200 billion were taken over as part of the initial filling and refilling , which are referred to as the "banking book" in the EAA reports. These were reduced to a nominal EUR 106.5 billion in September 2013; As of June 30, 2015, the nominal value was € 39.6 billion and as of September 30, 2019, € 15.4 billion.
In addition, Erste Abwicklungsanstalt took over a trading portfolio from WestLB in mid-2012, which essentially consists of derivatives . The original volume of EUR 1,064 billion was reduced to EUR 384.7 billion as of June 30, 2015 and further to EUR 147.2 billion as of September 30, 2019.
According to the planning from 2012 to 2028, the entire portfolio should be wound up. Both the banking book and the trading portfolio are calculated by the EAA to show the reduction in values at the 2011 and 2012 exchange rates. The values at current exchange rates differ.
Individual evidence
- ↑ About us. (No longer available online.) First resolution agency, archived from the original on March 14, 2014 ; accessed on May 15, 2013 : “The EAA was set up on December 11, 2009.” Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ § 2 Paragraph 1 Statute Erste Abwicklungsanstalt ( BAnz AT May 27, 2016 B3 )
- ↑ FAQ on the EAA website. ( Memento of the original from March 14, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ FAZ.net April 16, 2012: "WestLB - Badbank makes high losses"
- ^ EAA website. Retrieved April 20, 2013.
- ↑ Horst Küpker takes over the newly created board position at the EAA. (PDF; 26 kB) (No longer available online.) Erste Abwicklungsanstalt, May 2, 2013, archived from the original on March 14, 2014 ; Retrieved May 15, 2013 (press release). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Annual Report 2011
- ^ Frankfurter Allgemeine Zeitung of April 17, 2012, page 12
- ↑ Interim reports as of June 30, 2015 and September 30, 2019, p. 2
- ↑ Website of the Erste Abwicklungsanstalt ( Memento of the original from February 20, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Interim reports as of June 30, 2015 and September 30, 2019, p. 2
- ↑ Press release from June 30, 2012 ( Memento of the original from March 14, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 110 kB)
- ↑ Interim report as of June 30, 2015, pp. 14 and 15
Web links
Coordinates: 51 ° 12 ′ 49 ″ N , 6 ° 46 ′ 30.4 ″ E