EUR 3000000000 debt issuance programme, 10 ... - Volksbank AG

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TABLE OF CONTENTS GENERAL INFORMATION RELATING TO THE DEBT ISSUANCE PROGRAMME ....1 1. SUMMARY OF THE DEBT ISSUANCE PROGRAMME.............................................5 1.1 Principal Features......................................................................................................5 1.2 Summary Regarding the Risk Factors.......................................................................11 1.3 Summary Regarding the Issuer.................................................................................15 1.4 Summary Regarding VBAG.....................................................................................15 2. DESCRIPTION OF THE STRUCTURE OF THE PROGRAMME...............................17 2.1 General Structure ....................................................................................................18 2.2 The Compartment Assets .........................................................................................19 2.3 Description of the Obligors of the Main Compartment Assets ....................................21 2.4 Description of the Derivative Counterparty...............................................................22 2.5 General Description of the Main Compartment Assets...............................................23 2.5.1 Debt Instruments ..................................................................................................23 2.5.2 Equity Instruments ...............................................................................................23 2.5.3 Fund Instruments..................................................................................................23 2.6 Description of the Derivative Agreements.................................................................23 2.7 Other Aspects of the Programme - Security Holders’ Rights under Austrian Law........25 3. RISK FACTORS.......................................................................................................28 3.1 Risk Factors Relating to the Issuer ...........................................................................28 3.2 Specific Risk Factors relating to VBAG....................................................................30 3.3 Risks Regarding the Securities .................................................................................34 3.5 Special Risks of Individual Specifications and Categories of Securities ......................41 4. DESCRIPTION OF THE ISSUER AND OTHER ENTITIES PARTICIPATING IN THE ISSUANCE ..........................................................................................................46 4.1 The Issuer...............................................................................................................46 4.2 VBAG and the VBAG Group...................................................................................49 4.3 Other Parties Participating in the Issuance and Their Functions..................................50 5. THE AUSTRIAN BANKING MARKET....................................................................52 6. TERMS AND CONDITIONS OF THE SECURITIES.................................................53 6.1 General...................................................................................................................53 6.2 Issuance Procedures ................................................................................................53 6.3 Terms and Conditions of the Notes...........................................................................55 6.3.1 Supplementary Terms and Conditions for Cash-or-Share-Notes...............................76 6.3.2 Form of Final Terms of the Notes..........................................................................81 6.4 Terms and Conditions of the Certificates ................................................................ 109 6.4.1 Form of Final Terms of the Certificates ............................................................... 128 7. BEDINGUNGEN DER WERTPAPIERE.................................................................. 143 7.1 Allgemeines.......................................................................................................... 143 7.2 Emissionsverfahren ............................................................................................... 143 7.3 Emissionsbedingungen der Schuldverschreibungen ................................................. 144 7.3.1 Ergänzende Emissionsbedingungen der Aktienanleihen (Cash-or-Share- Schuldverschreibungen) .............................................................................................. 168 7.3.2 Formular für die endgültigen Bedingungen von Schuldverschreibungen................. 173 7.4 Bedingungen der Zertifikate................................................................................... 202 7.4.1 Formular für die endgültigen Bedingungen von Zertifikaten.................................. 223 8. TAXATION ........................................................................................................... 240 8.1 Austria ................................................................................................................. 240 VI
8.1.1 Tax Treatment of Austrian Tax Resident Investors ............................................... 240 8.1.2 Qualification as Units in a Non-Austrian Investment Fund.................................... 241 8.1.3 Tax Treatment of non-Austrian Tax Resident Investors......................................... 244 8.2 Germany............................................................................................................... 246 8.2.1 General remarks ................................................................................................. 246 8.2.2 Taxation of German Tax Residents before 1 January 2009 .................................... 246 8.2.3 Business Tax Reform 2008.................................................................................. 248 8.2.4. Foreign Tax Residents ....................................................................................... 250 8.2.5 EU Directive on the Taxation of Savings Income.................................................. 250 8.3 Czech Republic ..................................................................................................... 250 8.3.1 Czech income taxation........................................................................................ 250 8.3.2 EU withholding tax in the Czech Republic ........................................................... 252 8.3.3 Inheritance and gift tax ....................................................................................... 253 8.4 Hungary................................................................................................................ 253 8.4.1 Hungarian Corporate Income Taxation regarding the Securities............................. 253 8.4.2 Hungarian personal income taxation regarding the Securities ................................ 255 8.4.3 Inheritance and Gift Tax ..................................................................................... 256 8.5 Luxembourg ......................................................................................................... 257 8.5.1 Withholding Tax ................................................................................................ 257 8.5.2 Taxes on Income and Capital Gains..................................................................... 258 8.5.3 Net Wealth Tax .................................................................................................. 258 8.5.4 Inheritance and Gift Tax ..................................................................................... 258 8.5.5 Value Added Tax................................................................................................ 258 8.5.6 Other Taxes and Duties....................................................................................... 258 8.5.7 Residence .......................................................................................................... 259 8.5.8 EU Savings Directive.......................................................................................... 259 8.6 Slovakia ............................................................................................................... 259 8.6.1 Slovak income taxation regarding the Notes......................................................... 259 8.6.2 Slovak income tax regarding certificates.............................................................. 262 8.7 Slovenia ............................................................................................................... 265 8.7.1 Corporate income taxation .................................................................................. 265 8.7.2 Personal income taxation .................................................................................... 267 8.7.3 Inheritance and gift tax ....................................................................................... 269 8.7.4 Tax on Capital Gains Act from Alienation of Derivative Financial Instruments...... 269 9. SUMMARY OF PRINCIPAL DOCUMENTS AND SELLING RESTRICTIONS ....... 270 9.1 Principal Documents ............................................................................................. 270 9.2 Selling Restrictions ............................................................................................... 276 10. GENERAL INFORMATION................................................................................. 280 11. STATEMENTS PURSUANT TO COMMISSION REGULATION (EC) NO 809/2004.................................................................................................................... 282 12. INDEX OF DEFINITIONS.................................................................................... 283 Annex 1 ..................................................................................................................... 287 Appendix ................................................................................................................... 302 VII
Page 1 and 2: This document constitutes the base
Page 3 and 4: ities should be based upon any such
Page 5: Copies of the Prospectus and the do
Page 9 and 10: “2.3 - Description of the Obligor
Page 11 and 12: Use of Proceeds: The net proceeds f
Page 13 and 14: Clearing System: Clearstream AG, Fr
Page 15 and 16: Withholding tax in respect of Notes
Page 17 and 18: Events of Default: The Conditions d
Page 19 and 20: Exposure to Compartment Asset risks
Page 21 and 22: correspondingly affect the ability
Page 23 and 24: Financial information The financial
Page 25 and 26: 1) Examples of typical structures w
Page 27 and 28: suer (acting through its relevant C
Page 29 and 30: (a) Its total assets are at least
Page 31 and 32: arise under such Compartment Assets
Page 33 and 34: under such securities are to be mad
Page 35 and 36: 3. RISK FACTORS Prospective investo
Page 37 and 38: In the advent of such insolvency pr
Page 39 and 40: There is a risk of failing to integ
Page 41 and 42: VBAG is subject to the risk of adve
Page 43 and 44: ments may fall due to circumstances
Page 45 and 46: The interest rate risk may cause pr
Page 47 and 48: Transaction costs/charges When Secu
Page 49 and 50: - under the Certificate Conditions,
Page 51 and 52: Instalment Notes The Issuer may iss
Page 53 and 54: 4. DESCRIPTION OF THE ISSUER AND OT
Page 55 and 56: extent and under the terms permitte
Page 57 and 58:
management services (the Management
Page 59 and 60:
5. THE AUSTRIAN BANKING MARKET The
Page 61 and 62:
Payments Payment of principal and i
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The Noteholders hold a co-ownership
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elow). In such a case it will be in
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tion of interest are contained in t
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soon as possible after their determ
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(b) In the case of 30/360 (see item
Page 73 and 74:
espective Notes on the optional red
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decision either in the Specified Cu
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Any reference in these Conditions t
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(2) References. (a) in the event of
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(iii) such credit institution meets
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6.3.1 Supplementary Terms and Condi
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Scheduled Closing Time means in res
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(b) determine the days or the day r
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These Final Terms do not constitute
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(further details are specified belo
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(i) Interest period: - Interest com
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(iii) Observation Period: not appli
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(iv) Other terms relating to the me
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29a. Redemption payment linked to p
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32. Redemption for tax reasons not
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41. Additional tax disclosure: not
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OPERATIONAL INFORMATION 47. ISIN Co
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1. LISTING Listing: Admission to tr
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The Issuer specifically points to t
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tion) (where the existence of the O
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the Main Compartment Asset since th
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[where information was obtained fro
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Permanent Global Note shall hereby
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ing Business Day or if the market d
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implications on the Underlying due
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Change of law means that due to (A)
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(a) In the case of application of t
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(a) the New Issuer assumes any and
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(i) the relevant Debt Instruments q
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Start Date: [l] Expiry Date: [l] /
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Start Date: [l] Expiry Date: [l] /
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6.4.1 Form of Final Terms of the Ce
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[l] (insert type) 5. Offer Period:
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(xiii) Other details regarding rede
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30. Governing Law: Austrian law 31.
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3 NOTIFICATION [The [include name o
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(i) General information [Insert the
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(viii) Significant changes to the f
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experience, a summary of the provis
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Zahlungen Kapital- und Zinszahlunge
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Teil A - Fixe Verzinsung Bei Schuld
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oder die Vergleichbarkeit mit dem a
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Wenn an einem Feststellungstag in B
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Mitteilung ferner auch gegenüber j
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(ii) Falls der Zinsberechnungszeitr
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dazu verpflichtet sein, in Folge ei
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verschreibungen und Nachrang-Ergän
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maßgeblichen Fälligkeitstag beans
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Berechnungsstelle: Die in den Endg
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notwendigen Ausmaß unwirksam, ohne
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(i) eine Beschreibung dieser Eigenk
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7.3.1 Ergänzende Emissionsbedingun
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Lieferstörung bezeichnet im Hinbli
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(6) Lieferstörung. Liegt vor und n
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gen vor. Die entsprechend angepasst
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[l] pro Stück (bei Stücknotiz) [l
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(iv) Sonstige Einzelheiten zur Zins
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(B) Alternative Zinsberechnungsbasi
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(ii) Zinsperioden: - Verzinsungsbeg
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[l] (andere einfügen) im voraus im
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31. (v) Mitteilungsfrist: 2 (vi) Be
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ALLGEMEINE ANGABEN ZU DEN SCHULDVER
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kaufskurse (bid and offer rates) be
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1. 2. NOTIERUNG TEIL B - Andere Inf
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(iii) Geschätzte Gesamtkosten: [l]
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Schuldinstrument nicht anwendbar an
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(iv) Abschlussprüfer Abschlussprü
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Die hier dargestellten Informatione
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7.4 Bedingungen der Zertifikate Die
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(2) Schutzrechte. Falls erforderlic
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§ 8 (Marktstörung) (1) Marktstör
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gen des Fortbestehens von Marktstö
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Absicherungs-Störung bedeutet, das
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(b) Im Falle der Anwendung der Modi
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§ 15 (Schuldnerersetzung) (1) Erse
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„Geeigneter Schuldner des Serienh
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ausdrücklich ausgeschlossen) und d
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Laufzeitbeginn: [l] Laufzeitende: [
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Laufzeitbeginn: [l] Laufzeitende: [
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passten, ergänzten und geänderten
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14. mäß [l] (anwendbare Ausnahme
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tionen: 20. Zusätzliche Steuerhinw
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Ordnungsgemäß bevollmächtigt Ord
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geben, nicht das Rating des Emitten
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[Sofern anwendbar:] Die Emittentin
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(v) Potenzielle Interessenkonflikte
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Fondsinstrument nicht anwendbar anw
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8. TAXATION This section on taxatio
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81.2.2 Securities in respect of whi
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Income not distributed by the non-A
Page 253 and 254:
funds consists of interest payments
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If the private investor has acquire
Page 257 and 258:
e modified, becoming applicable to
Page 259 and 260:
of the Czech Income Tax Act. If acc
Page 261 and 262:
The corporate tax law does not prov
Page 263 and 264:
8.4.2.2.4 Underlying payments / yie
Page 265 and 266:
y a Luxembourg paying agent (as thi
Page 267 and 268:
deemed prematurely, the difference
Page 269 and 270:
Capital gains arising from notes wh
Page 271 and 272:
Corporations with unlimited tax lia
Page 273 and 274:
No tax shall be charged, withheld o
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• any compensation not being cons
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9. SUMMARY OF PRINCIPAL DOCUMENTS A
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Account and Main Compartment Asset
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(vi) In respect of Cash-or-Share No
Page 283 and 284:
of documents to the authorities in
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United States Securities Act The Is
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10. GENERAL INFORMATION (1) The est
Page 289 and 290:
11. STATEMENTS PURSUANT TO COMMISSI
Page 291 and 292:
Consolidated Income Statement......
Page 293 and 294:
Sub-Custodian .....................
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288
Page 297 and 298:
290
Page 299 and 300:
292
Page 301 and 302:
294
Page 303 and 304:
296
Page 305 and 306:
298
Page 307 and 308:
300
Page 309 and 310:
Appendix German Translation of the
Page 311 and 312:
19, 1090 Wien, Österreich („VBAG
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Vorzeitige Rückzahlung nach Wahl d
Page 315 and 316:
Quellensteuer bezüglich der Zertif
Page 317 and 318:
1.2 Zusammenfassung der Risikofakto
Page 319 and 320:
Fehlen eines aktiven liquiden Hande
Page 321 and 322:
- VBAG könnte einem Insolvenzverfa
Page 323 and 324:
§ Financial Markets; § Immobilien
Page 325:
LEGAL ADVISERS to the Arranger (Lux
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EUR 3000000000 debt issuance programme, 10 ... - Volksbank AG

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