Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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The following table shows the amount and rate of unemployment for each of the years indicated: Unemployment 2003 2002 2001 2000 1999 (annual average) Baden-Württemberg Unemployment (in thousands) ....................... 337 295 264 281 325 Unemployment rate (in %) ........................................... 6.1 5.4 4.9 5.4 6.5 Germany......................................................... Germany Unemployment rate (in %) ................................... 10.5 9.8 9.4 9.6 10.5 Source: Federal Labor Office, data on employment, Jahresberichte, Arbeitsmarkt 2001, pp. 165 and Arbeitsmarkt 2003, pp. 131 and 134, available at www.pub.arbeitsamt.de/hst/services/statistik/ 000100/html/jahr/index.shtml. Trade unions are few but large in Germany and in Baden-Württemberg. The largest labor organization is the German Trade Union Federation (Deutscher Gewerkschaftsbund), which, as of August 2004, was the umbrella organization for eight individual trade unions. Trade unions enroll workers from an entire industry, regardless of the kind of work a person does (the “one union, one industry” principle). Generally, the employers of a given industry deal with only one negotiating partner on the labor side. In comparison to other countries, there are relatively few labor strikes in Germany because of certain statutory provisions that regulate labor disputes. For example, any strike must be approved by an affirmative vote of three quarters of a trade union’s members. Unions and employers, without government intervention, enter into collective bargaining agreements called Tarifverträge. The Tarifverträge apply in practice to all workers in the industry concerned, whether they are unionized or not, if the employing firm is a member of the relevant association of employers, as most are. The terms of Tarifverträge are binding on both sides. Deviations are permissible only if they benefit employees. Such deviations regarding salaries and wages are fairly frequent. Social Legislation and Services Baden-Württemberg and its inhabitants participate in Germany’s comprehensive system of social legislation and services. This system includes public health insurance, retirement and disability pensions, workmen’s compensation, unemployment insurance, child welfare programs, care of the physically and mentally handicapped, allowances to orphans and single persons with dependents, and general public assistance to persons in need. The costs of the social insurance system are borne by the insured and their employers through social contributions (Sozialbeiträge), by direct contributions from federal, state and municipal governments, and by others. The most important part of the social insurance system—retirement pensions, health insurance, insurance for nursing care, and unemployment insurance—is funded primarily by equal contributions from employers and employees. FOREIGN TRADE AND FOREIGN EXCHANGE Foreign Trade The economy of Baden-Württemberg has a substantial connection to foreign trade. Preliminary figures show that in 2004, goods with a value of approximately EUR 733.5 billion were exported from Germany, approximately EUR 114.3 billion of which were exported from Baden-Württemberg. In comparison, imports to Germany for 2004 have been preliminarily valued at EUR 581.8 billion, approximately EUR 91.3 billion of which were imported to Baden-Württemberg. According to these figures, exports from and imports to Baden- Württemberg in 2004 constituted 15.6% of the exports and 15.7% of the imports, respectively, of Germany. 53
Source: Date of computation: March 2005 http://www.destatis.de/basis/d/aussh/aushtab1.php. The following table shows information concerning the foreign trade of Baden-Württemberg for each of the years indicated: Baden-Württemberg’s Foreign Trade 2004* 2003 2002 (in millions of EUR) Total exports .................................................. 114,323 107,682 103,762 Machinery ..................................................... 26,537 24,244 24,345 Automotive .................................................... 27,110 27,729 27,441 Electrical products .............................................. 11,016 10,131 10,800 Chemical products .............................................. 11,050 12,886 9,376 Fine mechanical and optical products ............................... 6,690 6,241 6,249 Ultimate destinations of exports ...................................... Industrialized western countries (1) ...................................... n/a 83,359 80,492 USA ......................................................... 13,595 13,113 14,003 EU countries (25) (2) ............................................. 66,464 63,759 59,422 France .................................................... 11,777 10,737 10,885 Great Britain and Northern Ireland ............................. 8,068 7,859 7,914 Italy ...................................................... 8,748 8,306 7,818 Austria ................................................... 6,077 5,635 5,494 Switzerland .................................................... 6,704 6,289 6,459 Developing countries (1) ........................................... n/a 10,349 11,186 Countries in the process of reform (1) (3) .............................. n/a 13,100 12,013 Total imports ..................................................... 91,292 83,670 77,928 2004* 2003 2002 Industrialized western countries (1) ...................................... n/a 64,768 60,144 EU countries (25) (2) ................................................. 55,436 51,217 46,333 Developing countries (1) ............................................... n/a 7,578 7,899 Countries in the process of reform (1) (3) .................................. n/a 11,644 9,878 Source: State Statistical Office Baden-Württemberg, Außenhandelsdatenbank, available at http:// www.statistik.baden-wuerttemberg.de/AHDB and www.statistik.baden-wuerttemberg.de/HandelBeherb/ Landesdaten/LRt1303.asp and …/LRt1306.asp and www.statistik.baden-wuerttemberg.de/ HandelBeherb/Landeskennzahlen.asp. Preliminary figures: (1) The State Statistical Office Baden-Württemberg discontinued to produce these figures. Due to the EU enlargement and other facts the categories of countries were changed. (2) On May 1, 2004, the number of EU member states rose from 15 to 25. The figures for the past years were adapted as if these countries had been member states at that time. (3) Consists of former Eastern Bloc countries and Asian countries with state-run economies. Foreign Exchange Since January 1, 1999 Germany’s currency is the Euro, the common currency of the Member States of the European Union participating in the third stage of the EU’s Economic and Monetary Union. The Euro is freely convertible. Currency and capital transactions may be made without approval or a license. 54
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INTERNATIONAL PROSPECTUS SUPPLEMENT
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ISSUER Landeskreditbank Baden-Würt
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TABLE OF CONTENTS Use of Proceeds .
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EXCHANGE RATE INFORMATION The follo
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Maturity, Repurchase Maturity. The
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the rules of such stock exchange pe
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THE CLEARING SYSTEMS DTC DTC is a l
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Cross-market transfers between pers
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For the purposes of this provision,
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These activities by the managers or
Page 21 and 22: You should rely only on the informa
Page 23 and 24: PROSPECTUS SUMMARY The following su
Page 25 and 26: APPLICATION OF PROCEEDS As may be m
Page 27 and 28: (4) Loans to customers (i.e., non-c
Page 29 and 30: transferred to independent subsidia
Page 31 and 32: Our housing-related activities are
Page 33 and 34: (1) Holdings in companies for strat
Page 35 and 36: Loan Portfolio Risks We maintain a
Page 37 and 38: securities portfolio. In accordance
Page 39 and 40: The following table shows our borro
Page 41 and 42: authorized limits. A daily risk and
Page 43 and 44: MANAGEMENT INFORMATION Introduction
Page 45 and 46: credit institutions increased by 10
Page 47 and 48: To control the risks of unhedged po
Page 49 and 50: RECENT DEVELOPMENTS Development of
Page 51 and 52: MANAGEMENT Board of Management Our
Page 53 and 54: Wirtsch.-Ing. Bernd Bechtold Presid
Page 55 and 56: REGULATION AND SUPERVISION OF L-BAN
Page 57 and 58: non-banking corporations if the use
Page 59 and 60: Covering Market Risk Positions Mark
Page 61 and 62: ank, and the aggregate nominal valu
Page 63 and 64: may at any time change the reserve
Page 65: The Entschädigungseinrichtung GmbH
Page 68 and 69: ECONOMY General Germany The economy
Page 70 and 71: Industrial Structure General Positi
Page 74 and 75: The Euro-zone follows a mutual mone
Page 76 and 77: Revenue Equalization While the Germ
Page 78 and 79: For more detailed information regar
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Page 82 and 83: DESCRIPTION OF THE DEBT SECURITIES
Page 84 and 85: (iv) a waiver by the holders of the
Page 86 and 87: CURRENCY CONVERSION RATES The follo
Page 88 and 89: TAXATION UNITED STATES FEDERAL INCO
Page 90 and 91: number of complete years to maturit
Page 92 and 93: will equal such U.S. Holder’s ini
Page 94 and 95: using the constant yield method des
Page 96 and 97: We have included the federal income
Page 98 and 99: Capital gains resulting from the di
Page 100 and 101: SUMMARY OF CERTAIN DIFFERENCES BETW
Page 102 and 103: The credit risk of the loan and sec
Page 104 and 105: Under U.S. GAAP, repurchased debt s
Page 106 and 107: LIMITATIONS ON ACTIONS AGAINST THE
Page 108 and 109: GLOSSARY This glossary describes ce
Page 110 and 111: Administrative loans, which are loa
Page 112 and 113: Depreciation and accumulated amorti
Page 114 and 115: Landeskreditbank Baden-Württemberg
Page 116 and 117: Balance sheet as at December 31, 20
Page 118 and 119: Statement of income for the period
Page 120 and 121: Notes to the annual financial state
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Notes to the annual financial state
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Authorities of Landeskreditbank Bad
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Proposal of the Board of Management
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FINANCIAL STATEMENTS OF L-BANK AS O
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Landeskreditbank Baden-Württemberg
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Landeskreditbank Baden - Württembe
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Directorships held by members of th
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State government deputy representat
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Independent Auditors’ opinion We
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Directorships held by members of th
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Authorities of Landeskreditbank Bad
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Proposal of the Board of Management
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Debt of L-Bank at December 31, 2004
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Debt Securities
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Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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