News
[Ad hoc announcement] Settlement of legal proceedings between IKB, CA CIB and FGIC
Today a settlement agreement was signed by Crédit Agricole Corporate and Invest-ment Bank (“CA CIB”, formerly Calyon), Financial Guaranty Insurance Company (“FGIC”), IKB Deutsche Industriebank Aktiengesellschaft (“IKB”) and others.
IKB: Interim announcement as of 30 June 2011
As in the same period of the previous year, the first quarter of the 2011/12 financial year was dominated by the government debt crisis in Europe. In the eurozone, there was uncertainly due to the potential for further rescue measures for Greece in particular, as well as the risk of potential contamination for major euro member states, leading to a further increase in the risk premiums for governments and banks alike.
IKB returns SoFFin guarantees early
IKB Deutsche Industriebank AG has returned additional SoFFin guarantees totalling € 1.3 billion early. The guarantees returned comprise a volume of € 0.6 billion in the bond ISIN DE000A0SMN03 (maturing on 27 January 2012, 2.875%) and a volume of € 0.7 billion in the bond ISIN DE000A0SMN45 (maturing on 13 March 2012, 2.625%). Thus, current SoFFin guarantees for IKB amount to € 7.3 billion.
IKB begins process of buying back SoFFin-guaranteed bonds
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IKB: Results for the 2010/11 financial year
- Consolidated net profit (IFRS) of € 52 million (previous year: consolidated net loss of€ -967 million)
- Net loss at IKB AG (HGB) improves to € -190 million (previous year: € -349 million)
- Low level of provisions for possible loan losses
- Tier 1 capital ratios increase to 11.2% (Group) and 10.2% (IKB AG)
- EU conditions practically fulfilled
- Contracts with rating agencies terminated effective 30 June 2011
IKB Deutsche Industriebank: 6-Month Figures for the 2010/11 Financial YearIKB Deutsche Industriebank: 6-Month Figures for the 2010/11 Financial Year
- IFRS consolidated net loss reduced by more than 50% to € 233 million
- Significant reduction in provisions for possible loan losses
- Extraordinary factors with negative net effect of € 154 million
- Tier I ratio above 10%
- Growth in business with Mittelstand clients
IKB: Results for the 2009/10 financial year
- Consolidated net loss (IFRS): € 974 million
- Net loss for the year at IKB AG (HGB): € 349 million
- Strong opposing extraordinary effects impact consolidated income statement in the amount of € 464 million (net); measurement of equity and liabilities alone leads to losses of € 859 million
- Allowance for losses on loans and advances remains at high level
- Tier 1 capital ratios: 10.4% (Group) and 9.9% (IKB AG)
IKB International S.A.: Annual financial statements 2009/10 prepared – loss participation by silent partner contributions
The Board of Directors of IKB International S.A. has prepared the Bank’s annual financial statements for the 2009/10 financial year ended 31 March 2010 and submitted them to its General Meeting for approval. The preparation of the annual financial statements means that the conditions for calculating the loss participation of the silent partner contribution of IKB S.A. that ended on 31 March 2010 and the silent partner contribution due for repayment on 17 November 2010 have now been defined. These are explained below.
Ad-hoc Announcement pursuant to § 15 WpHG: IKB returns SoFFin guarantee of € 2 billion
At the request of IKB Deutsche Industriebank AG on 4 February 2010, the Special Fund for the Stabilisation of the Financial Market (Sonderfonds Finanzmarktstabilisierung – SoFFin) today ruled to reduce IKB’s guarantee from a total of € 12 billion to € 10 billion effective from 17 February 2010. IKB had filed for the reduction as the Bank’s liquidity situation has now stabilised.
Ad-hoc Correction pursuant to § 15 WpHG: Change in IFRS fair-value result as of 30 June 2009 and as of 30 September 2009
IKB Deutsche Industriebank AG’s Board of Managing Directors resolved on
1 February 2010 to reverse a positive effect of € 56 million which had previously been shown in the fair-value result as of 30 September 2009.