FRANKFURT (Dow Jones) – German bank Commerzbank , and , in view of the forthcoming bank with a significant income tax burden and expect a downward revision of analysts’ estimates for 2011. Several analysts surveyed by Dow Jones Newswires announced on Wednesday to cut their profit forecasts for the German Bank, Commerzbank and Postbank and Aareal Bank under the government’s cabinet approved the bank levy. According to calculations by Dow Jones Newswires and on the basis of the figures for 2009, the German bank would have to fork out around 450 million EUR. ( Reuters photo 🙂
The bank left its charge would skid marks on the balance sheets of banks. "First calculations according to consensus estimates for the fall 2011 pre-tax profit by 3 % to 7 % , "says analyst Andrew about pleasure of MM Warburg. Analyst Christoph Boss man sees the release of the WestLB also not yet reflected in the consensus estimates. "There is Abwärtskorrekturbedarf , "said his assessment .
Based on the figures for 2009 calculated by Konrad Becker , Merck Finck & Co a charge of 450 million EUR for the German Bank and 220 million EUR for Commerzbank AG. Particularly affected are in his view, the banks with a strong corporate and relatively low customer deposits – such as Commerzbank and the German Bank .
turn out to be significantly less burdensome for the far smaller MDAX representative German Postbank and Aareal Bank. According to calculations by Dow Jones Newswires , the German Postbank in 2009 a levy of EUR 11.4 million would have paid to Aareal Bank would be a load of about 2 million EUR approached . Actually, the payment would have to be even higher , but here the cap caused a maximum of 15 % of annual profits for a limit on the levy. Without a cap would be at Postbank EUR 27 million , had been due at the bank Aareal nearly 5 million EUR.
The Bankenabgabge is part of a bill on the reorganization and restructuring of banks, which was approved by the Cabinet on Wednesday. The federal government wants to bring this draft in a shortened procedure by the end of 2010 through Parliament. Scheduled in the law is facilitating rehabilitation of institutions and a reorganization by separating components in a systemically important bank insolvenzähnlichen procedures. The Bankenabgabge is raised for the first time for the next year or be paid in early 2012.
In terms of bank profits by 2006, the Federal Ministry of Finance expects annual revenue of EUR 1.3 billion , just under EUR 700 million of which would be accounted for by private institutions such as German Bank & Co. The amount of Abgabge depends on the total assets minus the liable equity and customer deposits. Then will apply progressive tax rates : up to EUR 10 billion a rate of 0.02 %, between EUR 10 billion and 100 billion EUR of 0.03 % and over 100 billion EUR of 0.04 %. However, currently there is uncertainty as to how the international subsidiaries of German banks included in the calculation in this country or abroad, and taxes to pay separately .
A second component is to contribute to park off-balance sheet derivatives as an additional measure of connectedness . The off-balance sheet derivatives volume is to be charged with 0.00015% . It is planned but a reasonableness limit of 15 % of annual profits. The minimum contribution is 5 % of the regular annual fee.
– From Eyk Henning and Ulrike period , Dow Jones Newswires
+49 ( 0 ) 69 29 72 51 08 , eyk.henning @ dowjones.com
(Andreas Kissler in Berlin contributed to this report. )
DJG / EYH / kgb / kla / ISJ