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HANOVER,GERMANY - EQS - 23 August 2019 - Norddeutsche Landesbank Girozentrale("NORD/LB"), its owners - the state of Lower Saxony, the state ofSaxony-Anhalt (together, the "States"), the Savings Banks Associationof Lower Saxony (Sparkassenverband Niedersachsen) and the Savings BanksHolding Association in Saxony-Anhalt (SparkassenbeteiligungsverbandSachsen-Anhalt) and the Special Purpose Holding Association of the SavingsBanks in Mecklenburg-Western Pomerania (SparkassenbeteiligungszweckverbandMecklenburg-Vorpommern) (together with the States, the "Owners")- as well as the Savings Banks Finance Group (Sparkassenfinanzgruppe)have reached agreement on all material points regarding the bank's realignmentand the implementation of the planned capital measures. In this context,NORD/LB, its Owners and the Savings Banks Finance Group are in close contactwith the relevant supervisory authorities and the EU Commission on an ongoingbasis.
In the course of these consultations with the relevant supervisory authoritiesit became clear today that, due to the complexity of the proceedings and mutualinterdependencies, due to the necessity of consent by the EU Commission, whichhas not yet been granted, due to the necessity of parlamentary proceedings inthe States and also due to the steps required with respect to the regulatoryproceedings, the implementation of the capital measures previously envisagedfor the 3rd quarter of 2019 may only be effected in the 4th quarterof 2019.
NORD/LB is in close contact with the relevant supervisory authorities on anongoing basis also with respect to this adjustment of the previous timing andthe resulting delay in implementing the capital measures.
On this basis, taking into account the continuous progress made in the overallprocess of realigning NORD/LB, NORD/LB's Management Board expects that thecapital injection and the implementation of further capital measures will beeffected in the 4th quarter of 2019.
By implementing these capital strengthening and realignment measures, thecapital ratios of NORD/LB currently failing to meet the regulatory minimumrequirements will significantly increase and comply with all regulatory requirements.
In the course of these consultations with the relevant supervisory authoritiesit became clear today that, due to the complexity of the proceedings and mutualinterdependencies, due to the necessity of consent by the EU Commission, whichhas not yet been granted, due to the necessity of parlamentary proceedings inthe States and also due to the steps required with respect to the regulatoryproceedings, the implementation of the capital measures previously envisagedfor the 3rd quarter of 2019 may only be effected in the 4th quarterof 2019.
NORD/LB is in close contact with the relevant supervisory authorities on anongoing basis also with respect to this adjustment of the previous timing andthe resulting delay in implementing the capital measures.
On this basis, taking into account the continuous progress made in the overallprocess of realigning NORD/LB, NORD/LB's Management Board expects that thecapital injection and the implementation of further capital measures will beeffected in the 4th quarter of 2019.
By implementing these capital strengthening and realignment measures, thecapital ratios of NORD/LB currently failing to meet the regulatory minimumrequirements will significantly increase and comply with all regulatory requirements.
Norddeutsche Landesbank - Girozentrale - |
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