DEPFA FUNDING IV LP
DEPFA Funding IV LP will not pay the next coupon on its Preferred Securities
DEPFA FUNDING IV LP / Key word(s): Miscellaneous 04.03.2011 13:39 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Press Release DEPFA Funding IV LP will not pay the next coupon on its Preferred Securities Dublin/Munich 4 March 2011 - The Board of Directors of Dublin-based DEPFA BANK plc has determined that its Tier 1 issuing vehicle DEPFA Funding IV LP will not make payments on its EUR 500 million Preferred Securities (XS0291655727) on the next Distribution Payment Date scheduled 21 March 2011. Preferred securities are a particular class of subordinated Tier 1 instruments. The conditions for coupon payments are set out in the terms and conditions of each issue. In principle coupon payments are at the discretion of the Board of Directors of DEPFA BANK plc unless a contractual or other legal prohibition on payment exists. As of 4 March 2011 such a situation exists whereby DEPFA BANK plc is not permitted to pay coupons owing to insufficient Adjusted Distributable Reserves (ADR) as calculated from the latest available audited annual accounts of the company. In addition, DEPFA BANK plc considers servicing these instruments would conflict with the EU Commission's rules for banks subject to a restructuring aid investigation. In its Communication on restructuring aid to financial institutions of July 2009 the Commission sets out that 'banks should not use state aid to remunerate own funds (equity and subordinated debt) when their activities do not generate sufficient profits'. DEPFA BANK plc.'s shareholder, Hypo Real Estate Holding AG, has been in receipt of restructuring aid from the Federal Republic of Germany and is awaiting a final ruling on the compatibility of such aid. DEPFA BANK plc will make a decision regarding the payment of coupons on its other subordinated Tier 1 instruments, DEPFA Funding II LP (XS0178243332) and DEPFA Funding III LP (DE000A0E5U85), closer to their scheduled distribution payment dates on 30 October 2011 and 8 June 2011 respectively. Nevertheless, in this context DEPFA BANK plc does not expect that any such coupon payments will be made in 2011. Media contacts: Walter Allwicher, +49-89-2 88 02 87 87, walter.allwicher@hyporealestate.com Oliver Gruß, +49-89-2 88 02 87 81, oliver.gruss@hyporealestate.com 04.03.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: DEPFA FUNDING IV LP 105 Wigmore Street W1U 1QY London Großbritannien Phone: +359 1 792 2222 Fax: +359 1 792 2211 E-mail: info@depfa.com Internet: www.depfa.com ISIN: XS0291655727 WKN: A0LPRW Listed: Freiverkehr in Stuttgart; Open Market in Frankfurt End of Announcement DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found