CMS Hasche Sigle advises Landesbank Hessen-Thüringen in EU state aid proceedings on transferring residential construction subsidy assets

Owing to a complaint by the Bundesverband deutscher Banken, the Commission decided in October 2004 that the transfer of residential construction subsidy assets to Westdeutsche Landesbank, Landesbank Berlin, Norddeutsche Landesbank, Landesbank Schleswig-Holstein, Bayerische Landesbank and Hamburgische Landesbank was not carried out at the usual market conditions and that the institutions mentioned therefore have to "pay back" EUR 3 billion (with interest EUR 4.3 billion) to the individual states (Länder). However, the remuneration agreed between the state of Hesse and Landesbank Hessen-Thüringen essentially passed the Commission's test; the payment obligation of Landesbank Hessen-Thüringen is therefore limited to EUR 6m.


Advisors to Landesbank Hessen-Thüringen:

CMS Hasche Sigle
Dr Heinz-Joachim Freund (Frankfurt)


Contact CMS Hasche Sigle:
Dr Heinz-Joachim Freund
Tel.: +49(0)69 / 71701-125
E-mail: Joachim.Freund@cms-hs.com



Background:

CMS Hasche Sigle is one of the leading German law firms with more than 350 lawyers. It covers the entire area of commercial law and provides legal advice to major German and international companies from a wide spectrum of industry.

CMS Hasche Sigle operates at all the major business centres. It has offices in Berlin, Duesseldorf, Frankfurt, Hamburg, Leipzig, Munich, Stuttgart, Chemnitz, Dresden, Brussels, Belgrade, Moscow, Prague and Shanghai.

The law firm is a founding partner of CMS, a European association of reputable law firms with more than 1,800 lawyers. In addition to CMS Hasche Sigle, the following firms are also members of the CMS association: CMS Adonnino Ascoli & Cavasola Scamoni (Italy), CMS Albiñana & Suárez de Lezo (Spain), CMS Bureau Francis Lefebvre (France), CMS Cameron McKenna (UK), CMS Derks Star Busmann (the Netherlands), CMS von Erlach Klainguti Stettler Wille (Switzerland), CMS Lexcelis (Belgium) and CMS Reich-Rohrwig Hainz (Austria) with a total of 56 offices in 24 jurisdictions. This network enables CMS Hasche Sigle to offer integrated and extensive legal advice for cross-border projects.

Further information:
CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern
Contact details/List of partners at www.cms-hs.com