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Bad Banks : Experiences from Swedish bad banking

Thu, 07 Jan 2010 12:35:59 +0000

by Aksel Bratvedt

Sweden was through a major bank crisis in the 90s. 3 out of the 4 major banks were insolvent. The Swedish government chose to establish two bad banks Retriva and Securum. Retriva took over all the nonperforming loans from Gotabank and Securum took over the non-performing loans from Nordbanken. From the experiences that the Swedes had in the nineties there are a lot to learn and use for the bad banks being established and for the restructuring in the banking industry that presently is going on in a number of countries around the world. Here are some major conclusions: – By separating the non-performing loans from the banks makes it possible to start the process of focusing the banks back to lending. To try to work-out all the non-performing loans inside the bank will only prolong substantially the healing process in the organisation and reduce the ability of the bank to lend more to the public and business.

- To repair the balance sheet of the banks is only one important element to get the banks back to normal lending activities. The other major element is the organisational processes.

- The organisational requirements are very different in a bad bank than in a normal “good bank”. A good bank is a process organisation while a bad bank is a project organisation. The skill set and the emphasis on type of skills are different in a restructuring and winding up situation than in a lending situation.

- The first year of the bad bank determines its success. The challenge is the large number of non-performing loans in a wide variety of situations with regards to geographical location, type of industry, size and type of problem. If the bad bank does not quickly get control of the loans a lot of value is lost and the capital requirements of the bad bank can change dramatically. To be successful a well defined process on how to handle the different loans has to be established. This process has to be followed and managed with force and speed in the organisation. If not the bad bank will easily end up in chaos.

- When a bad bank has gone through its credit work-out process the remains of the bad bank is often asset ownership. Therefore the bad bank in its life span changes dramatically from being at the outset basically a bank with a large number of loans to later in life a large asset owning company. The type of “animal” created after the credit –work out process does not normally exist. The asset composition of the bank would have been a “mad man’s work” as there is no logic in the composition of the assets that the bad bank ends up owning. A common mistake is to think of this last phase of the bad bank as a kind of investment company logic. An investment company has very well defined objectives regarding what type of assets they want to acquire. They choose the assets they want to acquire. A bad bank gets all the assets that are left after the credit work-out process.

- Is it logical to think that a bad bank should have a life time of 10-15 years. That time horizon is too long for planning purposes. The world changes substantially in such a long life span. Most banking crisis has been over in a 5-6 year period. A 5-6 year time span is the logical time to use for planning purposes and the timeline to use for winding down a bad bank.

Aksel Bratvedt is a management consultant in London. He spent 3 years working as advisor to the CEO and the deputy CEO in Retriva which was one of the 2 bad banks set up by the Swedish government in the mid nineties to solve the banking crisis there.

Several prospects of Orion Cable

Sat, 29 Aug 2009 08:03:52 +0000

This is apparently the first Orion subsidiary Tele Columbus. Of the Level 4 operator is mostly in the eastern German federal states, as well as various West German regions present. In addition to the Tele Columbus is also especially well-represented in Berlin providers Primacom to Orion Group, which is in turn controlled by the Luxembourg Escalin holding company. Overall, the group indicated that reached after approximately 3.8 million households and 3.2 million have joined them.

According to Handelsblatt Escalin groaning under a debt of 1.7 billion euros. A slight billion of which is for information the Financial Times Germany (FTD) alone on Tele Columbus omitted. The investment company behind Escaline were saddled with the financing of the acquisitions of several smaller cable operators formed from the Orion Group. While Tele Columbus is solidly positioned operationally, but the huge debt eat up the profits of the company, according to FTD and brought to the brink of insolvency.

A debt moratorium for the payment of interest due in August, which will endorse a large number of lenders gives Tele Columbus again to breathe and a chance to reorganize the debts. According to FTD, the owners and banks that want to prevent the debt will be sold at cut-price operators need. The currently available bids of around 450 million euros were the owners too low.

The interest of KDG Obviously, Germany’s Cable Primus would gain access networks in new regions. Blackstone was awarded the contract, the investor could pass on the various networks to interested cable operators. Both would encourage the consolidation of the fragmented German cable market.

Versatel other hand, sees as a telephone and DSL providers an opportunity with the acquisition of the cable network’s position in the expanding telecommunications market and position themselves as competitors of the two cable sizes KDG, Unity Media. The Düsseldorf had taken over the past year, the smaller cable operators MediaHome and AKF. Versatel has been in the past even acted again as a takeover candidate.

However, Versatel could lift the acquisition of Tele Columbus is not alone, says the Handelsblatt. In financial circles would assume that the Insertion Versatel owner the necessary means. The investor Apax Partners holds more than 40 percent of the network operator, with 25 percent cırt investments and the Internet service provider United Internet are involved.

Chipped or combative Dieter Althaus campaigning

Sat, 29 Aug 2009 07:58:47 +0000

Dieter Althaus, 2008 was the unchallenged top man of the CDU in Thuringia. The party relied entirely on him. Then the skiing accident happened at the Althaus-inflicted death of a young mother, Althaus, but also made a tragic manner known nationwide. On Sunday Althaus is re-election in Thuringia.

“Yes, you’ve obviously noticed, and some have already shaken the hands of our Prime Minister Thuringia Dieter Althaus. Welcome!” (Applause.)

A campaign stage in Gera, East Thuringia. The sun is shining, a dozen beer table is occupied. Dynamic sprints of the CDU’s leading candidate on the stage.

“Thank you dear Gerda, and thank you for the wonderful reception. I’m glad to be here.”

All here know him. For the fans are sitting. A weighed audience. Many Frenchman.

“I am delighted to be here today in Gera. Nice to see you’re here.”

CDU Prime Althaus praises the region, the Christian Democrat, the successes of the city. He counts everything that has been created, built and sustained. He regionalized its text blocks, which he then repeated, and so similar to many occasions. Instead of “Thuringia is well under way” is now “well advanced in eastern Thuringia,” instead of A 71 and A 73 is the bypass Geras, on which one could be proud of. Althaus wants to sell success. And make it clear that the CDU knows where the problems lie.

“It remains the most important task, which applies to Gera, which covers eastern Thuringia, which applies to the whole of Thuringia, the existing middle class, given the existing economic structures, and assist them so that they grow in the coming years. For then have the people here, their future, and then the wage can be designed so that the perspective on life can be successfully performed on. ” (Applause.)

He is again good shape, but seems a bit slower. He is tanned, but leaves a faint impression. The suits are sitting good, but it has lost in stature, has shown little clear edges, can play no muscles. The CDU-based but is glad he is back in action, and keeps his unbroken loyalty.

“Out of conviction. First, I am anyway CDU member, secondly, I stand 100 percent behind our prime minister, behind our whole policy, and then it’s very, very important that on Sunday the election turns out well.”

A young man holds up the “main-Thuringia” sign. He was behind Althaus, because there was still more of a younger, he says.

“Also I like his way of how to deal with people, as he approaches to the human, as well as problems when they occur, they worked.”

Behind the rows of beer-demonstrators are wearing yellow T-shirts. “Out for a better family policies,” it says. Two Green hold up their election posters: Old out, green clean. For the CDU-based Gera Dieter Althaus, however, remains the undisputed top man.

“I am for Dieter Althaus, because the transfer of Bernhard Vogel Dieter Althaus to actually a deliberate and was for many years he has attended in his cabinet and thus has been related to a stringent policy for over 20 years in Thuringia Dieter Althaus. ”

Althaus, sits down at one of the beer halls and signed photographs and a CD with a song of Thuringia, where he sings along a line.

“Well, do you? What’s your name?” “Anna” “Anna?”

Althaus going to contact. Is affable.

“Do you live in Gera? “Yes.” “A real Gersch.”

The CDU has ruled since the fall of Thuringia. Time in a coalition, sometimes – like now – alone. Bernhard Vogel was the great predecessors. He has merged the Thuringian CDU, the wings at peace, has moderated the economic development of the country, has represented democracy. In 2000, Bird made the CDU chairmanship to the country Althaus. 2003 Vogel also passes the prime ministership.

“The reconstruction of a country that has won ten years after reunification, a new profile, the center, has indeed become the strong heart of Germany to accompany this path is, for me was a fascinating thing. And to do that, but In retrospect, I am very, very grateful. ”

He trusts it Althaus, the ambitious math teacher from the Eichsfeld that he, just 33-years old, as minister of culture brought into the government. Catholic and conservative, as he did. Althaus takes over and emerges from the shadow of the bird. He becomes a shooting star. The eastern face of the West German CDU dominated. Welcome interviewees in all media. He shines as a man of “Solidarity Citizen’s money.” Familiar with Merkel – both are natural scientists – he now belongs to their competence team, responsible for Eastern issues, although with both feet in Thuringia. His desire to consolidate the country. Slowly and financially independent. Even coming out of every euro that is spent in the Free State, 47 cents from the rich countries of the Federal Republic and the EU. Althaus creates the net zero.

“From 2007 we have made no new debts. That is, we have ensured by their own decisions, that we are not just talking about consolidation, but that we also support the consolidation of bold steps.”

The Government shall endeavor to mainly small and medium-promoting economic structure. The gross domestic product by 2008, rising by 15 percent. Even though the average wage in Thuringia has persisted in more than 20 percent below Western levels. The central theme of Dieter Althaus, a member of the Central Committee of Catholics, is the family. It wants to strengthen it and protect it.

“And then they have – also said to gloss over it again then – we had an antiquated family photo. I do not know which image you have of family. For me, family is the foundation of a society. She has done it for centuries in difficult times , always provided society with a future. To me family is the basic element of society. In sociology you can read this: The principles of order, it is always number one. ”

Family policy nationwide is outstanding. But the Thuringian struggling for more. Internally, all parties to compete better early childhood education, more educators. A legal right to a nursery place from the first year of life will the SPD, even from birth, says the Left.

“All the best and good luck.”
“I would like an autograph from you.”
“Do you leave here?” Do you live with relatives? ”
“We are here with relatives.”

The queue of those who want an autograph by Althaus, is long. He is a popular father of his country. Depending on the survey, it would choose the present 42 percent of the Thuringian again as prime minister if she could jump. His challenger, Christoph Matschie of the SPD and Bodo Ramelow of the Left Party are well behind it. Althaus is known. He is also without end in the country on the move, cuts ribbons, barnstorms about festivals. His workload even compels respect from critics. And he exudes Stallgeruch – “The Dieter’s one of us”. “Those are voters, says the CDU parliamentary leader Mike Mohring:

“Where the Thuringian say – in a survey, we have made – for well over 50 percent – they feel for him most of all in all three leading candidates, the Thuringia-identity in him is visible and they have the feeling that he fight for this country wants. ”

Althaus plays from this bonus. He knows the earthiness of Thuringia. When he surprisingly auswechselt in April 2008 two thirds of his cabinet, he will improve with recognizable heads of Thuringia, the mood in the country and party.

“It was natural for me that I do not look now, where is externally nor someone who can be added as an expert, but very carefully respects: how the people are too credible in its representative office in Thuringia. And they are all, they are credible, because their lives are working with people and myself can describe their own reunion story. ”

Group leader Mohring confirmed that there was almost a yearning in the country to be able to positively represent their own biographies. Nobody should be ashamed to have lived in the GDR. This newly formed Eastern and Thuringia-identity has a downside. To feel they get, among other things and prominent Althaus challenger Bodo Ramelow of the Left Party. He is held up much, very explicitly, but mainly imported from West Germany. “None of us”, ran the Young Union.

“The really dangerous thing about it,”

says Bodo Ramelow,

“so that it shows that it is strange here – and I am now aware of strangers – not desirable. And ‘alien’ is meant anything which is not from here.”

He knew from the villages where the so-called Beigefreiten, so those who have married a woman of the village, to be fair amusement.

“The fact that an entire State, an entire state at one time by a political elite at the level of a village behavior should be characterized, which I think is ludicrous. Because: It makes us all the doors.”

Under Althaus newfound identity has its strike side to xenophobia. The government itself may not stand for it. He wants, he said, an outward-Thuringia. The small Free State need immigrants. From anywhere. Althaus raises the issue of integration appears even – on one of his election posters. Since broadcasts along with other well-born Angolans Zeca sound for the prime minister. What he is threatened by the NPD. Zeca Schall says, laughing, he was probably the only black member of the Thuringian CDU. He rightly sees as a right-wing attack on democracy.

“So an attack and insult to my person is a total attack Union and also an attack all values of democracy.”

But integration is more a matter of Althaus’ opponents, even qua family. SPD state and parliamentary leader Christoph Matschie is married to a native Eritreerin, has two children with her. Wife of the Left Party point man Bodo Ramelow comes from Italy. Both are indeed living in the cosmopolitan image of Thuringia. So they do not peddled past. Mainly to protect her family, knowing about the latent xenophobia of many features of Thuringia. Only now in the final stage shows Matschie Mitslal with his wife in a brochure. Althaus scores with his wife Catherine Thuringia. Also in the party and government’s abilities to integrate and communicate rather less pronounced. His leadership style is autocratic. He has of course also not allow enough room with a group that has only a wafer-thin majority in parliament, the CDU has 45 seats left and the SPD along 43rd Bodo Ramelow:

“Otherwise it is a rope in the high, hard mountains, can not be left in any of the rope. Then there is a fear of losing the majority and government. Because there was no time to experiment, by Dieter Althaus, as party chairman and as a Prime Minister, majorities see time in parliament. I believe that this is a structural problem in our own thinking and action that one has the feeling that one should not reach out to others. ”

But Althaus is the undisputed top man. The CDU is relying entirely on him. Back to the country’s congress late last year, she gave him her 100-percent backing. It addresses the entire campaign for him. What a shock when, on the first of January at the Riesneralp in Styria accident while skiing. And even worse: that a woman leading to death. The party is paralyzed at first. But it works. The team led by the Deputy Althaus Birgit Diezel, the earth’s Finance Minister, is closed through the exciting time.

“There is no Plan B.”
“There is no reason for discussion.”
“Our lead candidate is Dieter Althaus.”
“We really have outside a debate that we get each week permanently reingetragen to us that we should think about a Plan B. And everyone is just surprised that the CDU Thuringia is so closed.”

Week after week, the Thuringian Christian anxious to Dieter Althaus. He scores points for her – in absentia. For news, he crashed the poor at a time Althaus runs on all channels. Any medical opinion will be broadcast live by at least two television stations. Any recovery progress reported.

“Sometimes it seems that it is almost clear, and then he again has phases where he forgets a lot and onto things that have set back a quarter, can no longer remember.”

All of Germany meets the “fit individual Dieter” know who can ski so fast that it leaves even his bodyguards away. It learns the faithful wife Catherine to know which places the job on hold to nurse her husband. Which goes to the funeral of the slain. The family portrait of the CDU is transported not better. The conviction for manslaughter will be accepted without comment. When the CDU in March draws up its list of state elections, a candidate Althaus – in writing. He is still in treatment. The CDU elect him to first place. Not exactly a good feeling, because no one knows how he has handled the story, but still significant:

“There were 123 votes in favor, seven against, no abstention, Dieter Althaus is chosen with 94.62 percent of the vote.”

Even his now 76-year-old predecessor, Bernhard Vogel, gives his blessing.

“We need him and we are waiting for him.” (Applause.)

After 110 days, on 20 April this year, returns to the government back to the State Chancellery. As Althaus is physically and mentally remarkably restored. Only the soul seems to have remained on the runway.

“Mr. Christandl lost his beloved wife and the year-old child in the family his mother. From the report, which is present, it appears that I am guilty. That affects me, and I wear them hard.”

Formula imprisonment and emotionless, he graduated from the media circuit.

“I feel fit, I feel good.”

Does analytically strong, controlled and logical. But it is not intuitive.

“And I am happy that now I am back on the stage that I am back in the team, and that I am full again as prime minister can be responsible.”

The Thuringian react differently.

“He’s a very honorable man that he almost acknowledges this debt also.”
“He could now actually say what he wants, because: The woman is indeed dead, as all know.”
“He did not consciously made. This was clearly an accident. No more and no less.”
“I retired I would have.”

Althaus withdraws not. He thought for a minute of stopping, he says. He wants to fight. To each voice. With all his strength. And without prejudice? Althaus manifests itself first in tabloid newspapers to what has made the accident with him – he had become more sensitive and had again fallen in love with his wife, he prays daily for the deceased. That annoys the opposition that the accident really did not want thematise. But now is the rival in the media, the victim of a blow of fate. Whether intended or not, the opposition certainly call this a production that was the indecent. And she was given backing by the lawyer for the widower, who said Mr. Christandl feel some remarks as disrespectful. Since Althaus is thin-skinned, even briefly aggressive. But then again distanced answer:

“I have not a single event in Thuringia seen in recent weeks when the issue has been addressed by voters in Thuringia. And I myself have not even addressed in a single place. Therefore, it is not at all in everyday life in Thuringia instead. And I am pleased that the Thuringian voters think so too, and act exactly how I personally feel. ”

The first of January – a fateful day, which is privately Dieter Althaus and processed as a politician, who is quite the old man again? Yeah, sure, says his deputy Birgit Diezel.

“So I say: I know him in the Cabinet, he is quite the old man. As for the daily work and the work in the party. He is there quite the old man.”

If he is all there – which then puts his feelings? What he says is true, largely but not to heart. The facts are in, but do not convince them. He answered accurately, but not imaginative. What is written and powerful sounds optimistic, but is pronounced without the necessary spark of emotion. It felt as adolescents. On a Thursday, the top three candidates are debating a guest at the “Youth”: Christoph Matschie, SPD, Bodo Ramelow of the Left Party and Dieter Althaus. The result is clear:

“I found the most likable of the SPD.”
“The best I found Matschie.”
“In any case, the SPD has convinced me the best.”
“I also found Ramelow, as he has spoken of his own person, which I found very convincing.”
“Mr. Ramelow I found a bit aggressive and loud.”
“Althaus Yes, well, did not stop me now so completely convinced.”
“Dieter Althaus as the person has not revealed much of himself, has done just his job.”
“He has spoken correctly drum rum.”
“Cool, he seemed a bit disinterested.”

Althaus knows that the election is won on the last meters. He fights. With a strong man in the back. And those who want continuity, they say, to the economic policy of the CDU there is no alternative. Those who are afraid of red-red. Is decided on Sunday.

“Help me. I want to continue to serve my country as prime minister. Good luck! And the 30.8. Will be a day for you and for us, we will be successful.”

Britz and passport: “We must continue to save anywhere”

Sat, 29 Aug 2009 07:52:41 +0000

The race for the entry into the Essen city hall is in the home stretch: Franz-Josef Britz (CDU) and Reinhard passport (SPD) to clarify their positions in the dispute on issues such as debt reduction, child poverty, Limbecker space and transport.

Mr. Britz, Mr passport to grab you at first if you should be elected on Sunday for the mayor?

Franz-Josef Britz: First, I will invite the key decision-makers in the city, association representatives, contractors and volunteers, to talk to strengthen the commitment to eat. I will continue our previously successful work in the city.

Interview with the mayor candidate of the SPD Essen, Reinhard passport.

Reinhard passport, I will close the majority in the Council for appropriate decision for the swimming pool Hesse back to visit all the relevant representatives of urban society and make the new treasurer a cash crash.

Each majority in the Council needs to save face even three billion debt. Curiously enough, which have not been addressed. Now you can reveal: where the citizens can expect to pay cuts?

Britz: Yes, we must continue to save anywhere, no area is excluded: Whether culture, sport or social. We also need to save the theater – the deficit should be increased any further, but we want to maintain the fields. Unbound, we already have in recent years – even under massive criticism for sports. Therefore, the pool is for Hesse 1.5 million for family-oriented recreational and health site converted with water. I hear from Mr. passport and his SPD only where they do not want to save, but not what they want to do. Whoever does so, we could afford everything that is not telling the whole truth.

Pass: That says no, of course we have to save money, we have followed the consolidation rate is always constructive. But it all comes first and foremost on the political willingness to shape where we invest where we cut off. The CDU is designed too little, much can happen.

But where do you want to save?

Pass: In the next ten years, leaving more than 3,000 public servants, the Government – for reasons of age. That discretion, we must use to become more efficient, we need to verify that a shrinking population, the urban functions to cooperate more with other cities – that does not require every city has a fine point. In the end, this also means a reduction in places – but without any redundancies, and in close coordination with the Staff Committee. And that should not affect the quality of service for citizens.

So food has 18 000 employees with too many expensive personnel on board, must be dismantled?

Britz: This flat rate can not say that. We must seize the opportunities to cooperate with other cities to cut costs, as now, the transport company. As a city must go ahead, and we need to be eating, because we want to take a leadership role. Overall, then of course we need fewer staff than at present.

Pass: If you want to cooperate with other cities, we may not occur with harsh cries of “We’re the capital of the Ruhr area”, but needs to make deals at eye level. The mistrust of other communities to the great city of Essen is not exactly small.

Eating is a socially divided city. How important it is for you to fill up the social divide?

Franz-Josef Britz (CDU): “The rebuilding of the railway station will result in spite of all Krinik end up with a decent card for the city.” (Kerstin Kokoska waz photo pool)
Franz-Josef Britz (CDU): “The rebuilding of the railway station will result in spite of all Krinik end up with a decent card for the city.”

Britz: The fact that we have a social gap in the city is not to be denied. This must not continue. But we have worked successfully in the past ten years to reduce the social divide. We have equipped the schools and nursery schools better, we have promoted the knowledge of the German children early on. The Essen-North is now a green city with new parks, with a new lake and the new family-friendly communities. Such a positive development did not exist before. We are even accused now of our party friends in the South, we would be neglecting in favor of the north to the south.

Pass: I am pleased with the commitment to the North. But in our city live an average of 30 percent of the children of welfare, most of which is in the north – the proportion of needy has increased steadily. In the north, much more needs to happen, zuzubauen as open space. We need to invest more instead of heads in stone – with more education and care. We can not treat unequal things equal, but must at the schools in the north a pedagogically valuable full-day care with lunch without extra cost to ensure for the parents. In addition, we need more social workers in schools with difficult students.

The city groans under the population decline. Other cities to lure families with free kindergartens, the SPD proposes to eat at least a royalty-Kita prior year. What do you want to do, Mr. Britz?

Britz: I would I like to do, but who now promises something that tells against better knowledge wrong. For our city, I see no chance. We may indeed not even the parents reimburse the strike days of educators, which prohibits financial supervision. In addition, we have managed to bring the departure of family net to zero, because we also could rebuild many family homes. The daycare charges do not move families to move.

Pass: We do not want the third-year kindergarten make contributory primarily because families threaten to pull away, but to relieve families and increase educational opportunities for children. Food should be as attractive, given the general mobility for families, so they prefer to eat. The old label, child-friendly city ‘is no longer filled with life, especially as 20 kilometers away advertises a city like Dusseldorf with free kindergartens.

Many also see the label, food shopping city ‘damaged because the Kettwigerstrasse threatening bleeding in favor of the shopping center Limbecker place. Was the wrong decision for shopping?

Franz-Josef Britz candidate for the CDU in the local elections in Essen as Mayor video: Stefan Kober

Britz: No, not at all. It is even a model for other cities. For the shopping center is located in the bustling city, not on the edge. The street has come Limbecker already benefited. The property owners on the need to take Kettwiger face of departure from Saturn and C & A competition more actively than before. We do not have too many commercial buildings in Essen. And the station reconstruction will be the end result despite the criticism of an ordinary business card for the city.

Pass: The shopping center was the right decision, because the alternative would be that we have there is still an old department store are crooked. Something had to happen, whether the mall is a timeless beauty that is another question. The rehabilitation of the railway station means just a little new color with no real improvement, since not even to clean the facade. This is not a showpiece, but the station remains an ugly building in which it will be very drängelig for passengers, because the retail space has been enlarged.

The new A52 motorway through the city from north to south and an expansion of the airport are sensitive traffic contentious issues. What is your opinion?

Britz: Well, in any case, we need a regional airport, which is not economical to operate anyway, as we see in the case of Dortmund. Our local airport is not expanded.

Pass: The same way I see it. We do not need the airport, had better look to enable the student pilots their hobby with many takeoffs and landings, who is no longer as close to a big city. However, we urgently need food in the expansion of the A52, to relieve the inner city streets from through traffic. We argue, first durchzustrecken the northern route, then you can take care of the tunneling of the Ruhr Allee.

Britz: For many reasons, the A52 is required, but this link should not only customs union, but also include the inner-city traffic. We are a Ruhrallee tunnel, making this – otherwise the town will not approve the project. We will be able to enforce against Straßen.NRW, because we need the traffic relief for the inner-city streets. We now have at least a good chance of getting a clean A52 to.

The construction of stadiums for RWE is a clear north-south issue. Mr. passport, you will be happy that the professional club was like the stadium to the urban project?

Reinhard passport: “I will take back the decision for closure of the swimming pool Hesse.” Foto: Kerstin Kokoska (kerstin Kokoska waz photo pool)
Reinhard passport: “I will take back the decision for closure of the swimming pool Hesse.” Foto: Kerstin Kokoska

Pass (laughs): Well, it is sponsoring yet so long ago that urban societies the professional association RWE, because companies like to present themselves with a positive mark. But given the state of the association it was necessary that the city as a kind of bad bank had to pay part of the debt in order to save the club – in the hope that RWE will repay it later. The alternative would have been bankruptcy.

If Mr. Britz, professional football, an urban mission?

Britz: No, not at all. But it is clear we need a stadium, because it is so dilapidated. The stadium is part of the city, we would have to invest 15 million euros to renovate anyway, now there are 24 million euros. I compare this with the construction of the Aalto-Theater, which has also not fit into the time, but only led to European success of the Essen Opera. And the stadium will also provide new impetus for RWE.

Pass: The city has for too long, however, failed to seize the opportunities that were there before: The more sporty position of RWE and an increased willingness by private sponsors to give money.

Britz: The offer still stood at that time already, but it was not a sponsor because of money.

Pass: in principle but was made by the city but not a cent available; year and a half before the election it was discovered then that the social bias of the city are covered with the help of the new stadium need. Now the city must pay almost a hundred percent, but that is unfortunately not possible otherwise.

Britz: We could not use alleged earlier chances, because the sponsors have made no reliable commitments.

Even shortly before the election, the voters do not know with whom you actually want to govern eating.

Pass: I believe that two-man situations – except a collaboration of the Great – the Council will not be a majority. Trilateral cooperation are very unstable. One is well advised as mayor to bring about substantive majority moderator. We have already 90 percent of the subjects agreed unanimously by the Council.

Britz: That’s right, that was in the Council always has. But I prefer a true alliance of three parties for a stable clear majority.

The most stable alliance would be a grand coalition.

Britz: To me, that would be considered as the very last, because that would only strengthen the small parties. For urban development that would not be good.

Passport: If brothers and sisters of two giants, I think this is also not as successful – a mayor have to see, finally, that the Council is fully involved as a representative of all citizens. A written collaboration between the CDU and SPD will not give in any case.

But you talk to the Left, Mr passport?

Pass: The Mayor is the Chairman of the Council and to talk to case basis with all groups, but between the SPD and the Left, there will be no formal cooperation. For, apart from fundamental differences on policy issues are among the Essenes left a heterogeneous, is composed by random group of supporters of the Communist Party, MLDP and the former PDS. When, however, raise their left hand, is indeed the case.

Lufthansa acquires Austrian Airlines

Sat, 29 Aug 2009 07:50:23 +0000

Yesterday the EU Commission gave the green light after months of fighting for the takeover of Austrian Airlines (AUA). If Austria is to complete the privatization of former state airline.

“This case shows that the consolidation in the airline sector is nothing in the way, if it is accompanied by appropriate measures to protect consumers”, said yesterday the EU Competition Commissioner Neelie Kroes. The bulky German authorities concealed the explosive nature that lies behind this statement: The World’s trying to airlines, the rising cost and competitive pressures to deal with mergers. Unlike in the U.S., the hurdles are for such mergers in Europe, however, be particularly high. Thus, Lufthansa had to just to agree to submit to the most lucrative routes between one part of Vienna and Brussels, Frankfurt, Munich, Stuttgart and Cologne, in return for EU approval coveted takeoff and landing rights to the competition. With its stilted sentence Kroes clearly wanted to clarify the ground rules for future airline mergers in Europe: The acquiring company must share its synergy gains with the remaining competitors.

What is doubly painful in this case for Lufthansa, the AUA takeover was also without the harsh conditions within the group is already controversial because the Austrians have a considerable deficit. The Austrian government, but nevertheless assumes AUA debt of 500 million euros. Together with the integration of Brussels Airlines and also purchased by British Midland, Lufthansa is so much on industry crisis, despite massive growth.

Consolidation under a foreign flag chemistry

Sat, 22 Aug 2009 07:08:19 +0000

It seems that the government has changed the plans for these companies. Signs were a few new tactics. Without a doubt, the most important was the abandonment of the placing on the stock exchange chemical ZAK. Kędzierzyńska company debut was on the floor in June. However, the government withdrew those plans, even though the company in connection with the planned debut on the Warsaw Stock Exchange, the expenditure already incurred. Officially, the reason for the stock exchange was worse prosperity.

- Everything indicates that we have yet to pause. Procedures relating to the IPO (the Initial Public Offering English – Initial Public Offering) has shown that abstinence is the debut issue of ZAK’s indicated – Deputy Minister of the Treasury considers Krzysztof Zuk.

What is it, exactly explains ZAK’s president Krzysztof Jałosiński.

- At this time, the priority is the privatization of three chemical companies (ZAK-u,-u and zat Ciechu – Assign. Aut.) And in this context, it was considered that the issue of shares in ZAC-could delay this transaction – Jałosiński says.

The President estimates that the cost of preparing share issue by ZAK was several million zlotys, but stresses that sometimes these types of costs you may incur for a higher purpose, which in this case would be successful privatization of the whole group of chemical companies.

- In September, should be whether the sale of three companies was successful. If so, I do not think that was the issue of shares ZAK-u. Of course this can not be ruled out, it will be longer, however, the responsibility of the new owner – the President Jałosiński.

Investors coming

A new concept for the government to sell a whole package of Zakłady Azotowe Tarnów, Ciechu and kędzierzyńskiego ZAK-u, which are still under the control of the Treasury, the foreign investor. Until recently, this appeared to be unrealistic. The reason was simple – the chemical industry was considered to be obsolete and in need of investment.

- It is important to note, however, that the chemical synthesis of a large company operating in the country representing nearly 40 million population. And that means strong demand and the demand for chemicals. It is also pointed out that the consumption per capita in Poland is among the lowest in the European Union. That means gigantic and very forward-looking market – evaluate the situation Jerzy Majchrzak, director of the Polish Chamber of Chemical Industry. – It may encourage investors – he adds.

It is almost certain that when it comes to the integration of the chemical industry, it will be carried out by a foreign investor. Of the Polish companies with such a step might well be tempted only PKN Orlen and PGNiG. However, PKN Orlen, after the declaration of a desire to get rid of Anwilu, resigned from such options. The role of the integrator it is not interested in PGNiG.

- A few months ago we wanted to play the role of integrator of the Polish chemical industry for good and for evil, but the industry turned to this idea with great caution. Everything has its time and today the situation has changed – SZUBSKI says Michael, the head of PGNiG’s.

According to him, the company will no longer buy any new assets in the chemicals sector and does not take into account the leading role to play in the consolidation of the industry.

- As for the purchased shares Azotowe Tarnow, it is for us a medium-term investment. It comes up with when we are able to achieve premium assumed in the purchase of emissions during the last year on the stock market – the president of gas tycoon.

If they do not, then who? Unofficial treasury in the Ministry told us that there are German and Arab investors.

About the company involved is not known. Once already German PCC (owners of the Bank) is very close to buying zat-u-u and ZAK. Then, almost ready storpedował PiS agreement, not one of the recent signing of required documents.

The game also features more Exotic investors. Perhaps the outcome of the spring visit of Prime Minister Donald Tusk in Qatar will be the sale of the Polish chemical company to one of the local investors.

Since this has to do with yards, why not the much better and more perspective in chemical plants. In particular, the benefits for Polish companies could be significant. Access to cash, and assurances of raw material is only the most important.

Good condition, higher price

Despite the crisis, the industry is in quite good (except Policami) the situation and can cope quite well with niesprzyjającym environment.

- It is too early to speculate on whether that’s the end of the crisis. Industrial production continues to reduce, prosperity in key sectors for us are not returned to full form, and there are still restrictions on access to finance. On the other hand, falling prices of raw materials – said Ryszard Kunicki, president Ciechu.

The effects are beginning to bring the action initiated by the Board Ciechu even before the crisis – the restructuring and consolidation of the group.

Introduced at the beginning of the year to reduce operating costs by 71 million and spending on investment 121 million will ensure improvement in the indicators of liquidity, debt and the level of working capital.

In the first quarter of the investments made in kind Ciechu closed by the amount of 87 million €. – After the expected reduction of expenditure, the total investment in kind in this year will amount to 290 million €. It is possible, however, that in fact they are still tens of millions less – recognizes Ciechu head.

Nevertheless Ciech Chemical Group in the first quarter of 2009 reached 33 million net profit in the income in excess of 971 million €. The income of the period to only 6 percent. less than in the corresponding period last year.

There may also complain ZAK. – The first quarter was a success. The second is the decline in traditional sales, because it is not conducive to the holiday. On the other hand, is increasing demand for our products by Oxo alcohols. Overall, the situation is so bad – President stresses Jałosiński.

However, before too optimistic warns Director Majchrzak. – Remember that a lot will depend on what is going on in the German economy. If there is a situation not improve, but unfortunately we could feel the chemistry – she says.

Soundness of the companies could cause the price of the acquisition of their shares will be more attractive. A is important for the budget. For now, it is difficult to say when the decisions may be possible.

We know, however, that if everything could be a positive end, it would be an end to several epic already betting on the future of the great chemical synthesis, or at least most of them.

The government wants companies sprywatyzować United Chemical Synthesis

Sat, 22 Aug 2009 07:07:47 +0000

Both the management and the majority of trade unions depends on the chemical companies that helped finance the privatization and investment to achieve a better position in the international market, however, some trade unionists are concerned about government plans – the result of the comments they met PAP.

Belonging to the Treasury of Poland Nafta has been authorized to dispose of 36.68 percent. share capital of SP in the company Ciech SA. The company also invited bidders willing to negotiate the purchase of shares of the total SP and Polish Oil Azotowe Works in Tarnów-Moscice SA (52.56 percent). Azotowe Works and Kedzierzyn-Kozle, ZAK SA (86.28 percent).. Nafta Poland is waiting for reports to 10 September.

All three companies make up the so-called. Great chemical synthesis. Resort treasury through the sale of shares controlled by them of the three chemical plants wants to have them consolidated.

“Privatization is an opportunity for the Group Ciech. The acquisition will strengthen the long-term investor Ciechu position as market leader in the Polish chemical industry, will enable the completion of investment and further expansion and development of a stable group. The involvement of financial investors in the privatization would also help enhance capital and reduce the debt of the company” – said on Monday, PAP Ciechu President Ryszard Kunicki.

Ciech Chemical Group is the largest chemical company in Poland, Europe’s second producer of calcined soda. It is composed of more than 30 companies, including eight manufacturing companies. Treasury is in the group of 36 percent. shares. 18.77 percent. is in possession of Pioneer Pekao Investment Management SA. Ciechu annual revenue is about 3.5 billion zloty.

Consolidation and privatization of the United chemical synthesis is an opportunity for its further, stable development “- estimated in the conversation with the President of the PAP Azotowe Plants in Tarnów (zat) Jerzy Marciniak. As noted, the Polish chemical companies compete in the global market with several major players, so they will be an opportunity for consolidation and integration into the structure of large capital and strong players.

“The privatization of companies, which have no strategic significance for the state, and such facilities are East, is a natural process, which is the beginning of commercialization” – said Marciniak. He recalled that Azoty Tarnów have an investment program, which by 2012 is partly financed with funds obtained from issuing shares on the WSE. “Thinking seriously about the future, we should find an investor that will guarantee the implementation of further investment,” – stressed.

Vice-President of Solidarity “in Zbigniew Wróbel Tarnowskich Azotach PAP reported that the trade unions want above all from the State Treasury, that the new owner of the company you select a reliable investor, who will present a package of investment to ensure development for the next decade. “We are opponents of privatization for privatization. We are interested in the money for investment, growth and increase jobs” – said Wrobel. “If you have come to the sale, it will be much attention to the investment package, and benefit package is secondary” – he added.

Azoty Tarnów SA is one of the largest producers of mineral fertilizers and chemicals. Plants zadebiutowały on the Warsaw Stock Exchange in June 2008; IPO brought the company close to 295 million in investment. 49 percent. shares is owned by the Treasury Nafta SA Poland, close to 3.5 percent. shares have the Treasury. More than 10 percent. belongs to PGNiG, and 6.54 percent. – To Ciechu.

Privatization plans concern for trade unionists Azotowe Zakłady Kedzierzyn-Kozle (ZAK SA).

“In this case there is virtually no dialogue. Nobody is trying to explain anything to us or in any way allay. Previously, we were encouraged not to enter the stock exchange, then the concept of a single order ZAK erased from history. We suspect that, as so on goes, there are the stock market in general is not there “- said the head of the PAP in Solidarity Works Azotowe Kedzierzyn, Krzysztof Skrzypczak.

He added that the trade unions will not take any steps at least until the opening of envelopes with proposals for potential investors. “September 15 will be opened envelopes, Nafta Poland will decide who goes to the second round – that is, sell the whole package. At this point, the stock exchange has already barred – because if you buy something that is not there to rozprzedawać it later” – the head of Solidarity in the assessed ZAK.

Among the information they reach the workers kędzierzyńskich nitrogen is such that the offer of shares to one investor has raised a lot of interest. “We set the queue after the three companies – Ciech, Tarnow and Kedzierzyn. We have this slightly different approach. Money is not in the market so that someone would throw these companies. For the moment, wait, he did not know as it will be. We are certainly there for the privatization process is finally completed. negocjowaliśmy Twice already benefit package, as compared to three times the art “- summed up Skrzypczak.

Nitrogen Plants Kedzierzyn SA is one of the largest suppliers of chemicals, among others for agriculture, construction and processing. 80 percent. shares in the company is owned by the Treasury Nafta Poland, and about 6 percent. has the same Treasury.

As PAP chemical Police spokesman Rafal Kuźmiczonek, in assessing the company’s board of choice towards the privatization will be one of the most important decisions in its history, it will identify the company’s competitive position in the market nawozowym. Noted that coincide with the privatization carried out a restructuring program the company. “The idea is to strengthen the market position of Police, to extend the range of products in the nitrogen fertilizer segment and expand the distribution network in Europe” – said.

“Of key importance is the fact that the production of Polic rely entirely on imported raw materials. It should therefore be considered variants (privatization – PAP) to stabilize the conditions of supply” – Kuźmiczonek added. He informed that the Board is currently preparing the best scenario of privatization and financial stabilization of the company. After the first quarter of 2009, the net result of “Police” closed for the loss of 175 million €. Poor performance by the company include low demand for fertilizer in global markets and an increase in prices of raw materials.

As chairman of the PAP works of Solidarity 80 “Roman Bak, privatization Police – which is a consequence of the entry on the stock exchange – not a surprise. He stressed that the attitude of trade will depend on potential investors. “If they talk to us seriously and will be negotiated package of social services, will not fear” – he added. Bak believes that the major problem is the survival of the company in good shape until privatization.

The company is seeking a loan of 190 million, but the bank that it has granted zażyczył the independent audit. The audit runs out in mid-August. Decisions on loan are given at the end of August and September.

Chemical Plant “Police” SA is one of the largest chemical companies. In 1995, he has been transformed into a company of the State Treasury, and in 2005 years debiutowały on the Stock Exchange. ZCH Police is the largest employer in woj. West – where employees are more than 3 thousand. people. Treasury is currently 59.43 percent. shares in the company.

Trade unionists from plants Azotowe “Puławy” SA believe that the state should retain control of a holding company.

President of the Workers’ Trade Union Movement in continuous ZA Puławy Sławomir rung PAP said that the announcement of privatization, as yet, are too general and trade unionists are awaiting detailed information on this topic. “I do not know yet how much and to whom they want to sell, and how exactly this would be carried out privatization” – pointed rib.

He stressed, however, that the state should maintain such a holding, which will ensure him control of the company. “Such a holding should keep themselves in a sustainable way. The company has a very large impact on the development of, inter alia, not only the city but the entire region” – said timber.

Management of the company does not comment on government plans. “These are the decisions of the owner of the company and we will not comment on them” – said the spokesman of the PAP puławskich Azotowe Grzegorz Kulik.

Nitrogen Plants “Puławy” SA for over 40 years of age is the leader of the Polish-nawozowo chemical. Sales of chemicals is now 40 percent. overall production and gradually increasing; Puławy specialize in melaminie. Treasury has 50.73 percent. shares. company. In the first quarter of this year Pulawy profit amounted to more than 30 million €.

Greece calls for immediate reform. The Greek economy is still vulnerable to shocks

Sat, 22 Aug 2009 07:07:06 +0000

This year, the Greek economy is in recession caused by the global economic crisis. As warned on Thursday the International Monetary Fund (IMF, International Monetary Fund, IMF), the country has a long waiting period anemicznego growth, if not Greek government will carry out structural reforms and the state does not correct the fiscal imbalance.
IMF forecasts that the Greek economy, accounting for about 2.5 percent of the euro area economy, will shrink in the year by 1.7 percent, while the unemployment rate will rise to the level of 9.5 percent.

“Greece can not avert during the fiscal consolidation. Given the weak political government facilities, the process of adjustment in the sector of public finances needs to be realistic. The government must demonstrate a determination to repair the balance of the progressive tax, “the experts evaluate the International Monetary Fund.

“Structural reforms are absolutely necessary in order to improve the competitiveness of the economy and re-growth.”

IMF estimates that this year the budget deficit in Greece will rise to 5.9 percent of GDP, while last year it was 5 percent of GDP. This means a significant exceedance of the designated by the European Union limit of 3 percent. Government gross debt will rise to the level of 108.5 percent.

“Fiscal balance of central government is under pressure due to a decrease in budget revenues and additional expenses. The government is trying to compensate for these factors, through actions for fiscal consolidation, and efforts in the area of taxation. The level of debt is growing very quickly and it has a particularly high level, “assesses the IMF.

The Fund also pays attention to the fact that enormous fiscal and external imbalances make the Greek economy highly vulnerable to shocks and strongly emphasize the need to address the problem of loss of competitiveness. If the conditions on the global financial markets remain unfavorable, Greece, threatens the long period of slow economic growth.

“Countries in the euro area are part owners of a large external debt of Greece. If in this country have serious problems, foreign creditors of Greece will also have serious difficulties, “the IMF has estimated. Pokreślił Fund also stated that Greece External debt is currently about 147 percent of GDP, of which about two-thirds of the public debt.

The Directors of the International Monetary Fund stressed the need for structural reforms, particularly in public administration, state enterprises and in terms of labor markets and products.

The Fund also noted the need to intensify efforts to reform the pension system in the face of increasing costs due to aging.

Report of the International Monetary Fund mission to a large extent, repeated observations and comments from other international organizations, which also predict negative growth in 2009, for the first time since 1993. In recent years the Greek economy notowały rapid economic growth at a rate of 4 percent per year.

Conservative government of Greece continues to hope that Greece will avoid recession this year. Recent forecasts about the economic situation of the government that, in 2009 growth will be zero.

As is clear from the report, the Greek authorities based their forecasts on a more optimistic assumptions, under which the tourism sector to reach better results this season, and funded by the European Union infrastructure expenditure will be higher than the assumed IMF.

“International Monetary Fund sees a need for a more firm policy in order to raise investor confidence and avoid a surge in re-spreadów,” the IMF reported.

Spread between the Greek government bonds and German government bonds benczmarkowymi grew in February this year to a record high of 300 basis points. Unikający risk, investors would not buy the debt of countries with the periphery of the European Union. Since then, however, spread fell to around 120 basis points.

Supply of deposits and loans Various options are savings and financing that Bank of Central America offers.

Wed, 19 Aug 2009 07:50:20 +0000

One option offered by Bank of America BAC Central Savings, which is structured so that the client can have their term deposits at your convenience.

There are also incentives to save, because when you open an account with $ 250, the depositor receives a gift, and if the increase to $ 50, participating in a promotion with chances to win cash.

For customers of Bank of Central America that receive remittances also have a special product, a card you can buy in more than 8,000 affiliated shops.

The institution also offers mortgage loan debt consolidation to reduce the amount of dues to pay. Micro and small entrepreneurs are attended by executives in specialized areas such as banking and business Propemi BAC.

Credomatic recognized credit card, refinancing also provides its customers, offering debt cancellation of plastic money issued by other institutions.

According to Salvadoran Banking Association (ABANSA), 30% of cardholders in the country told of their debts canceled, allowing savings of interest and another 60% made good use of the same pay as scheduled, and only 8 % and 10% had problems with payment.

Credomatic not only delivers cards, personal loans also. For those customers is not necessary to have the minimum monthly income of $ 700 and the acceptance of a discount. The longer period is seven years, with an annual interest rate of 10.5%. Conditions improve to become a client of the entity.

Growing supply of Agricultural Bank

Wed, 19 Aug 2009 07:49:47 +0000

“In these times of crisis, we are supporting our customers by providing services such as unemployment insurance and financial education campaigns to make better use of their money.”

The head of the Agricultural Bank Marketing, Zulma Bolaños, says that with its 70 agencies covering the whole country, its wide network of 383 ATMs 7 / 24, the savings account, e-service virtual agency that is open 24 hours and their website confirmed its commitment to provide quality services. And now with the crisis, the bank wants its customers to support unemployment insurance.

“The bank is providing financial education campaigns conducted in various companies, both private and governmental, to educate the customer to invest their money well and improve the household economy,” said Bolanos.

The institution has a wide range of services focusing on credit, and insurance accounts.

In the first, customers can choose Credicash, personal credit multicast you can use to consolidate your debts or simply personal expenses. This service operates with a command that includes discount auto insurance debt and unemployment. There is also the Salary Advancement Service, which consists of a line of credit passed on to employees who receive their salary through the Agricultural Bank. It is free for a credit available to the customer when you need it, which you can request free, just go to an agency.

Encouraging savings

“We are the only bank in the financial system which has the lowest amount to open a savings account, which is $ 5.00,” says Bolanos.

Therefore, the Agricultural Bank facilitates the opening of eight types of accounts. At the helm is Dream Savings, a savings program that allows customers to build a savings goal from the amount of opening and monthly fees that can be uploaded automatically to a credit card or deposit account designated by the customer. For those who want to leverage their resources to save the year is Christmas, a savings service with low fees with amounts from $ 5.00. The funds saved by the client are available in December. For people who receive remittances from relatives in the United States may choose Account America, or for those who want higher returns on their savings, term savings.

For its part, the Optimal Current Account, which is designed to meet the needs of customers who are independent professionals, entrepreneurs, shareholders, rentiers and investors, ensuring a safe and efficient handling of cash.

In this range is the term deposits, deposit money at a specified time, which earns an attractive interest rate, which depends on the agreed period. Electronic Savings Account is another service that requires no book, only managed to Max check debit card with which you can save money, get paid for payroll and pensions. Finally, to inculcate the habit of saving from the youngest of the house is Chiquimax directed to children under 17 years.