Landeskreditbank Baden-Württemberg - L-Bank

The following table sets forth the incurred and projected payments of Baden-Württemberg with respect to
the German Unity Fund for each of the years indicated:
German Unity Fund Repayment Obligations
2004 2003 2002 2001 2000
(in millions of EUR)
Baden-Württemberg payments .................................. 344 379 389 461 500
Payments of all obligated German states .......................... 2,071 2,208 2,185 2,570 2,725
Source: State Ministry of Finance, Department 5, Team 52.
PUBLIC DEBT
Summary of Debt
At December 31, 2004, Baden-Württemberg’s total outstanding direct debt amounted to EUR 37.6 billion.
In 2004, Baden-Württemberg spent 8.4% of its tax revenues on interest payments.
The following table sets forth the total principal amount of direct debt of Baden-Württemberg outstanding at
December 31 of each of the years indicated:
2004 (3) 2003 (3) 2002 (3) 2001 (3) 2000 (2)
(in millions of EUR)
Direct debt (1) ........................................... 37,554 35,676 33,378 31,897 29,506
(1) Does not include public sector debt.
(2) Includes borrowing for the purchase of a silent participation in LBBW for an amount of EUR 302.9 million.
(3) Includes borrowing for the purchases of silent participations in LBBW for a total amount of EUR 1,312.6
million (EUR 302.9 million in 2000 and EUR 1,009.7 million in 2001).
Source: State Ministry of Finance, Department 2, Team 26.
In addition to its own direct debt obligations, at December 31, 2004, Baden-Württemberg had liabilities to
the public sector and others in the amount of approximately EUR 1.6 billion. Furthermore, Baden-Württemberg
guarantied the payment of the principal of and interest on certain obligations of various public and private
enterprises.
The following table sets forth the aggregate principal amount of such debt guarantied by Baden-
Württemberg outstanding at December 31 of each of the years indicated:
2004 2003 2002 2001 2000
(in millions of EUR)
Guarantied Debt (1) ...................................... 10,870 10,895 10,720 10,437 10,396
(1) Does not include obligations under existing support mechanisms, such as maintenance obligation
(Anstaltslast), explicit guaranty or guaranty obligation (Gewährträgerhaftung) with respect to liabilities of
certain state-owned entities organized under public law.
Source: State Ministry of Finance, Department 5, Team 54.
In the period from 1952 to 2003, the long-term average default rate for the aggregate guarantied debt
amounted to 0.91%. The aggregate guarantied debt contains guarantied debt for economic development
programs, the long-term average default rate of which amounted to 7.33%.
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