Landeskreditbank Baden-Württemberg - L-Bank

Notes to the annual financial statements of
Landeskreditbank Baden-Württemberg – Förderbank –
for the financial year ended December 31, 2002
Individual subordinated issues exceeding 10% of the total amount of the subordinated liabilities break down as
follows:
Currency Amount in millions Interest rate (%) Due on
EUR .................. 85 0.0000 Dec. 30, 2010
EUR .................. 50 4.0800 Jan. 23, 2009
EUR .................. 250 4.1250 Jan. 14, 2009
EUR .................. 50 4.4600 Jan. 20, 2014
All subordinated liabilities constitute exclusively supplemental capital and meet the requirements of the German
Banking Act (Kreditwesengesetz [KWG]). Of significance here is the subordinated nature of the Bank’s liabilities
in relation to all non-subordinated liabilities due to other creditors. In the event of liquidation, subordinated
creditors are only entitled to receive payment after all liabilities due to other creditors have been paid in full.
Retrospective limitation of the subordinated nature of the liability or the original maturity (of at least five years)
or the agreed period of notice, is precluded.
In accordance with state legislation, L-Bank is unable to file for insolvency.
Individual material items
Other assets
Dec. 31, 2002 Dec. 31, 2001
EUR ’000 EUR ’000
• Premiums on interest rate options ................................... 9,695 18,164
• Objets d’art .................................................... 13,722 13,637
Other liabilities
• Delivery commitments arising from securities operations ................ 78,483 49,692
• Adjustment item for foreign exchange valuation ....................... 492,026 7,596
• One-off payments on swaps due at maturity .......................... 4,700 0
• Liabilities relating to outstanding premiums on interest rate options ........ 9,275 11,594
• Trade payables ................................................. 4,433 6,649
• Taxes to pay ................................................... 2,461 2,352
Deferred items
• Prepaid interest subsidies received from third parties ................... 1,007,367 1,220,285
• One-off payments on swaps due at maturity .......................... 40,822 43,430
Contingency reserves
• Under other reserves, reserves for L-Bank interest subsidies .............. 611,450 654,094
Commissions paid
• Commissions paid for administration of loans in a fiduciary capacity ...... 9,580 10,260
Other operating income
• Rental income .................................................. 8,018 12,041
• Income from services to third parties ................................ 15,949 18,915
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