+ All Categories
Home > Documents > W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z...

W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z...

Date post: 27-Jul-2020
Category:

Documents
Upload: others
View: 15 times
Download: 0 times
Download Report this document
Share this document with a friend
52
Providing for the Future Sustainability Bond #5 State of North Rhine-Westphalia
Transcript
Page 1: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Providing for the Future

Sustainability Bond #5 State of North Rhine-Westphalia

Page 2: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

2

• Sustainable Development is a centralguiding principle for the State of NRW.

• Sustainable development means integrated environmental, social and economic development. The concept is closely related to the principles of prevention and inclusion.

• The NRW Sustainability Strategy has been approved by the State Government in 2016. It comprises 19 fields of action and seven focal areas.

• The Strategy is meant to implement the global Sustainable Development Goals (SDGs) at the State level. It also serves as the political reference for the bond.

Access to education

and scienceLocal

sustainability agenda

Gender mainstreaming

Inclusion and social

coherence

Engaged citizens

Regional, European and international

dimension

Environmental responsibility

NRW Sustainability StrategyImplementing the 2030 Agenda at the regional level

7 Focal Areas

Page 3: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

• Progress in the implementation of the State's Sustainability Strategy ismeasured against 60 specific indicators which relate to the 19 fields ofaction and to the 17 SDGs. The first Sustainability Indicator Report waspublished in 2016. Additional results are published on a dedicated websitewith regular update (www.nachhaltigkeitsindikatoren.nrw.de/sdgs).

• The State's Sustainability Strategy is currently under revision in order toimprove the interaction with the new German Sustainability Strategy of2017. A new indicator report will be published in 2019.

3

NRW Sustainability StrategyRevision

Page 4: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

4

https://sustainabledevelopment.un.org/sdgs

2030 Agenda for Sustainable DevelopmentSustainable Development Goals (SDG)

Page 5: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

5

A. Education and Sustainability Research

D. Climate Protection and Energy Transition

C. Public Transport and Local Mobility

E. Protection of Natural Resources

F. Sustainable Urban Development

B. Inclusion and Social Coherence

G. Modernisation of Educationaland Public Health Facilities

Use of Proceeds of Sustainability Bonds NRWProject categories mainly relate to 10 out of 17 SDGs (+ 1 affected secondarily)

Page 6: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

6

1. Use of Proceeds2. Process for Project Evaluation and Selection3. Management of Proceeds4. Reporting

Green Bond and Social Bond PrinciplesICMA, June 2018

Page 7: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

7

Framework• Use of proceeds categories offering

added social or environmental value• Sustainability criteria for each

project category

Second Party Opinion• Evaluation of sustainability

performance of financed projects• Verification of alignment with

Green Bond / Social Bond Principles

Sustainability Quality of the BondVerification and Evaluation

Impact Assessment• Annual reporting, prepared by

Wuppertal Institut gGmbH

• Analysis of both environmental as well as social impact

• Environmental focus on avoided greenhouse gas emissions

• Social focus on effects of education and broadband expansion

Page 8: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

• Projects are selected in accordance with the categories and criteria set out in the "Sustainability Bond Framework", based on ICMA Green/Social Bond Principles and Sustainability Bond Guidelines.

• The sustainability performance of all projects has been verified by ISS-oekom. Second Party Opinion (of February 13, 2019) and Sustainability Bond Framework are available at www.sustainability-bond.nrw.de.

• All projects are part of the State's discretionary spending of the fiscal year 2018 and can be traced to the NRW 2018 Budget (Haushaltsplan 2018). Only the State's own expenditures (net of EU grants, federal grants or other revenues earmarked for specific purposes) are taken into account. The State's personnel costs as well as projects prescribed by federal law are excluded.

• Full allocation of net proceeds is disclosed pre-issuance. A detailed list of projects is available at www.sustainability-bond.nrw.de.

8

Process for Project Selection and EvaluationComprehensive Pre-Issuance Disclosure

Page 9: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

• An amount equivalent to the net issue proceeds of the State TreasuryNotes will be used to cover expenditures of the fiscal year 2018 and willthereby substitute money market positions.

• The fiscal year 2018 closes on or about the end of the first quarter 2019.

9

2018 2019

BondBudget

Management of ProceedsFunding the public sector

Page 10: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

• Impact reporting on the projects included in the Sustainability Bond ispublished on a regular basis and covers both environmental and socialimpact. The environmental focus is on avoided greenhouse gas emissions.The reports cover also among others the effects of the education andbroadband expansion.

• The third investor briefing, prepared by Wuppertal Institut für Klima,Umwelt, Energie gGmbH, will be available in February 2019.

• An extended impact report including an outline of the sustainability focusof the State's budget in general will be available later in March 2019.

10

ReportingEnvironmental and Social Impact

Page 11: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

11

Sustainability Bond # 5 NRWAllocation of proceeds

Project Category Use of Proceeds"social" "green"

A. Education and Sustainability Research 686.3 686.0 686.0

B. Inclusion and Social Coherence 379.3 379.3 379.3

C. Public Transport and Local Mobility 192.0 192.0 40.0 152.0

D.Climate Protection and Energy Transition

55.9 55.9 55.9

E. Protection of Natural Resources 133.2 133.2 133.2

F. Sustainable Urban Development 323.5 323.5 161.7 161.7

G.Modernisation of educationaland public health buildings

487.7 487.7 487.7

Total 2,257.9 2,257.6 1,267.1 990.5

Proportions 100% 56% 44%

Budget Result Eligible for Bond[EUR m] [EUR m]

Page 12: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

12

• Enlargement of Universities, Additional Training Facilities• Support for Best-in-Class-Universities• Innovation and Sustainable Development• Consumer Protection

607.3m24.9m38.0m15.9m

Category A comprises projects financing the enlargement andimprovement of universities and the creation of additional trainingfacilities at public universities, universities of applied science andprofessional schools. Additionally, consumer protection measuresas well as foundational research are funded.

A. Education and Sustainability Research EUR 686.0m

Page 13: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

13

Growing Demand for EducationBund-Länder Covenant for the Expansion of Universities

www.hochschule-rhein-waal.de

Page 14: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

14

• Inclusion, Integration and Qualification• Language Skills in Early Childhood, Family Centres and

Non-contributory Day Care • School Social Work

89.2m242.9m

47.2m

Activities grouped into Category B support the inclusion ofimmigrants and people with disabilities. Additionally, projectsaddressing early childhood development and successful schoolcareers are funded.

B. Inclusion and Social Coherence EUR 379.3m

Page 15: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

15

Action Plan NRW – One society for all

Working towards an Inclusive SocietyPrevention of Unemployment and Homelessness

Page 16: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

16

• Public Transportation for Low-Income Citizens• Public Transportation for Pupils and Students• Transportation Infrastructure for Cyclists and Pedestrians

40.0m129.8m

22.2m

Projects in Category C include subsidised public transport forpupils, students and low-income citizens. Other projects strive toimprove the infrastructure for cyclists and pedestrians, particularlyon short-haul routes (local mobility).

C. Public Transport and Local Mobility EUR 192.0m

Page 17: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

17

Action Plan Local Mobility

Local Mobility in North Rhine-WestphaliaFinding New Ways for Mobility

Page 18: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

18

• Climate Protection and Renewable Energies• Resource Efficiency

50.4m5.6m

Projects in category D support research and development relatedto climate protection and energy transition, including funding forthe State's Efficiency Agency (EFA), which gives advice tomunicipalities and companies on how to enhance their resourceefficiency and energy efficiency.

D. Climate Protection and Energy Transition EUR 55.9m

Page 19: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

19

Action Plan Climate Protection NRW

From Grey to Blue SkiesClimate Protection in an Industrial State

Page 20: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

20

• Protection of Nature, Landscape and Biodiversity• Flood Protection and River Restoration• Responsible Agriculture and Rural Development

28.3m64.7m40.2m

Projects in category E fund either measures to avoid loss ofbiodiversity and to increase population of endangered species orprovide financial support for flood protection projects and therestoration of the original state of watercourses.

E. Protection of Natural Resources EUR 133.2m

Page 21: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

21

Biodiversity Strategy NRW

Protecting Endangered SpeciesWildlife in an Industrial State

Page 22: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

22

• Urban Reconstruction in the West• Social City• Geriatric Care and Demographic Change• Broadband Expansion

47.0m48.8m

9.2m218.5m

Projects in Category F focus on urban and rural areas withsignificant structural difficulties such as a shrinking population anda stagnating economy. The State also sponsors the development ofa fibre optic-based telecommunications infrastructure.

F. Sustainable Urban Development EUR 323.5m

Page 23: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

23

Urban Reconstruction

Living with an Industrial HeritageUrban Development in North Rhine-Westphalia

Page 24: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

24

• Modernisation of University Buildings• Modernisation of University Medical Clinics

127.0m360.7m

Category G encompasses projects to modernise educational andpublic health facilites. A focus is on the modernisation andextension of university medical clinics. Additional funds aretargeted at the modernisation of general university buildings.

G. Modernisation of Educational and Public Health Facilities EUR 487.7m

Page 25: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

25

Programme for the Modernisation of University Buildings

Caring for SocietyModernisation of University Buildings

RWTH Aachen

Page 26: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

26

Overall evaluation of Sustainability Bond #5• The issuer has defined a formal concept for its Sustainability Bond regarding

use of proceeds, processes for project evaluation and selection, management of proceeds and reporting. This concept is in line with [ICMA’s] Sustainability Bond Guidelines.

• The overall sustainability quality of the asset pool in terms of sustainability benefits, risk avoidance and minimisation is good […].

• Germany, the country in which NRW is located in, shows a good sustainability performance and has been classified as ‘Prime’ […].

• ISS-oekom finds that Management of Proceeds proposed by NRW is well aligned with the Sustainability Bond Guidelines, as all the proceeds are to be directly allocated to the 2018 budget.

• ISS-oekom finds that the reporting proposed by NRW is in line with industry best practices.

Conclusion by ISS-oekomSecond Party Opinion, February 13, 2019

Page 27: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

February 2019

State of North Rhine-WestphaliaCapital Markets Presentation

Page 28: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Federal SystemGermany is a Federal Republic, with two concurrent levels ofgovernment: Federation ("Bund") and States ("Länder").

Responsibilities of the LänderThe Länder have their own legislative, judicial and executivepowers. They are independent with regard to their budgets andplay an active role in the federal legislative process.

Zero Borrowing Rule ("Debt Brake")The German Constitution sets out that the Länder must eliminatestructural budget deficits by 2020. Since 2016, the Bund must limitstructural budget deficits to 0.35% of GDP.

Federal Equalisation SystemFederal law provides that tax revenues must be shared betweenBund and Länder in an equitable fashion in order to provide equalstandards of living throughout the country.

Allegiance to the Federation ("Bundestreue")Bund and Länder are under an obligation to share theadministrative tasks and provide mutual assistance, includingfinancial assistance in cases of extreme budgetary hardship.

BERLIN

NRW

DÜSSELDORF

28

Bund and LänderCooperative Federalism

Page 29: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Education27%

Law enforcement,

police14%

Social welfare11%

Regional public

transport 10%

General purpose grants to

municipalities14%

Interest8%

Other16%

Länder (all), EUR 295bn

Social security

46%

Defence etc.11%

Transport6%

General purpose grants to

states7%

Interest13%

Other17%

Bund, EUR 325bn

Länder budgets reflect their responsibilities for education, law enforcementand infrastructure. The federal budget is dominated by expenditures for socialsecurity – health, unemployment and retirement insurance.

29

Bund and LänderSize and Structure of Budgets

Page 30: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

0

1,8201,716

1,4631,402

1,353

1,2221,164

1,018899

752 731 692606 601 565

513

0

200

400

600

800

1000

1200

1400

1600

1800

2000N

o. 1

-6*

Braz

il

Italy

Cana

da

Kore

a

Russ

ia

Aust

ralia

Spai

n

Mex

ico

Indo

nesi

a

Turk

ey

Net

herla

nds

NRW

Saud

i Ara

bia

Switz

erla

nd

Arge

ntin

a

Taiw

an

No.

23

…

71.2 % services28.4 % industry0.4 % agriculture and forestry

*USA, China, Japan, United Kingdom, India, France

Sources: IMF April 2018, Statistical Office NRW

30

One of the Top 20 Economies worldwideGDP 2017 [EUR bn]

Page 31: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Area 34,110 km²

Population 17.9mn

Unemployment Rate 6.7% (Jan. 19)

GDP EUR 691.5bn

GDP per capita EUR 38,645

Real Growth +1.7%

NRW 2017

20 of the largest 50 German companies are headquartered in NRW. The regionaleconomy has a focus on technology and services, media and health care. Itfeatures more than 750,000 small and medium-sized companies.

31

State of North Rhine-WestphaliaLargest German State in Terms of Population and GDP

Page 32: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Federal TaxesEUR 100bn (14%)

Municipal TaxesEUR 68bn (9%)

Länder TaxesEUR 22bn (3%)

Import DutiesEUR 5bn (1%)

Joint TaxesEUR 539bn (73%)

Taxation in Germany is based on federal law.Administration is carried out by the Statesthrough their regional tax offices.

Revenues from Value Added Tax, Income Tax andCorporate Tax (together, joint taxes) are splitbetween Bund, Länder and municipalities(e.g. Income Tax: Bund 42.5%, Länder 42.5%,municipalities 15%).

Bund, Länder and municipalities also haveexclusive revenue claims in specific areas(e.g. Bund: energy tax, Länder: inheritance tax,municipalities: commercial tax).

Value Added Tax: EUR 226bn

Income Tax: EUR 284bn

Corporate Tax: EUR 29bn

32

Taxation in GermanyDistribution of Revenues 2017 [EUR bn]

Page 33: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

The Federation and the Länder shall share equally the revenues from income taxes and corporation taxes.The respective shares of the Federation and the Länder in the revenue from the turnover tax shall be determined by a federal law requiring the consent of the Bundesrat. Such determination shall be based on the following principles:1. The Federation and the Länder shall have an equal claim against current

revenues to cover their necessary expenditures. The extent of such expenditures shall be determined with due regard to multi-year financial planning.

2. The financial requirements of the Federation and of the Länder shall be coordinated in such a way as to establish a fair balance, avoid excessive burdens on taxpayers, and ensure uniformity of living standards throughout the federal territory.

Assignment of Joint Taxes between Bund and LänderArticle 106 (3) Basic Law

Distribution of VAT 2018: Federation approx. 50.6%, Länder 46.7%, Municipalities 2.7%(according to Financial Equalisation Act)

33

Page 34: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

As a starting point, tax revenues accrue to theLänder who collect them (local revenue). VATrevenues are distributed on a per capita basis.

Before horizontal equalisation, relativefinancial capacity of the states ranges from54.3% to 157.2% of average (2018).

After horizontal equalisation, relativefinancial capacity ranges from 90.9% to106.7% of average (in 2018).

Constitutional Law demands equal standards of living for all citizens in Germany. Ina four-step process, the federal equalisation scheme provides the necessaryadjustments with regard to the financial capability of the states.

Equalisation via VATmax 25% of revenue

Step 1

Inter State Equalisation

Step 2

EUR 9.1bnin 2018

EUR 11.4bnin 2018

Horizontal Equalisation ("Länderfinanzausgleich")

34

Federal Equalisation SystemHorizontal equalisation worth EUR 20.5bn in 2018

Page 35: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

2,6

2,2 2,1

1,3

0,5 0,4

0,0

-0,1 -0,1-0,3

-0,7-1,0 -1,1

-1,6 -1,5

-2,7

-4

-3

-2

-1

0

1

2

3

4

Receiver

Payer

Bava

ria

Bade

n-W

uert

tem

berg

NRW

Hes

se

Berli

n

Ham

burg

Rhin

elan

d-Pa

latin

ate

Brem

en

Schl

esw

ig-H

olst

ein

Saar

land

Low

erSa

xony

Bran

denb

urg

Mec

klen

burg

-Wes

tern

Pom

eran

ia

Saxo

ny-A

nhal

t

Thur

ingi

a

Saxo

ny

35

Federal Equalisation System2018 - Equalisation via Value Added Tax [EUR bn]

Page 36: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

6,6

3,1

1,6

0,1

-0,2 -0,2-0,4 -0,5 -0,6 -0,7 -0,7 -0,7 -0,8

-1,0-1,2

-4,4-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

Bava

ria

Bade

n-W

uert

tem

berg

Hes

se

Ham

burg

Saar

land

Schl

esw

ig-H

olst

ein

Rhin

elan

d-Pa

latin

ate

Mec

klen

burg

-Wes

tern

Pom

eran

ia

Bran

denb

urg

Saxo

ny-A

nhal

t

Thur

ingi

a

Brem

en

Low

erSa

xony

NRW

Saxo

ny

Berl

in

36

Federal Equalisation System2018 - Inter-State Equalisation [EUR bn]

Payer

Receiver

Page 37: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

9,3

5,3

2,8

1,1

0,4

-0,3 -0,4 -0,5-0,8

-1,5 -1,6 -1,6-2,2 -2,3

-3,8 -3,9

-6,0

-4,0

-2,0

0,0

2,0

4,0

6,0

8,0

10,0

Receiver

Bava

ria

Bade

n-W

uert

tem

berg

Hes

se

NRW

Ham

burg

Schl

esw

ig-H

olst

ein

Rhin

elan

d-Pa

latin

ate

Saar

land

Brem

en

Low

erSa

xony

Bran

denb

urg

Mec

klen

burg

-Wes

tern

-Pom

eran

ia

Thur

ingi

a

Saxo

ny-A

nhal

t

Saxo

ny

Berli

n

Payer

37

Federal Equalisation System2018 - Aggregation of Horizontal Equalisation [EUR bn]

Page 38: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

States with a financial capacity ofless than 99.5% of average afterhorizontal equalisation are entitledto supplementary federal grants.Relative financial capacity of allStates falls within a range of 97.6%to 106.7% of average afterwards.

Special purpose federal grants arenot related to financial capacityand will be phased out by 2020.

In addition to horizontal equalisation, federal grants provide additional financial support to create a level playing field among all States.

SupplementaryFederal Grants

Step 3

Special PurposeFederal Grants

Step 4

EUR 4.6bnin 2018

EUR 4.1bnin 2018

Ve

rtic

al E

qual

isat

ion

38

Federal Equalisation SystemFederal Grants worth EUR 8.7bn in 2018

Page 39: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

• Horizontal Equalisation– Top-ups of tax revenue for Länder whose revenue falls short of average– Contributions from Länder with surpluses to finance top-ups– Share of municipal tax capacity included in the calculation of States'

financial capacity increases from 64% to 75%– Equalisation rate set at 63% of shortfalls– Top-ups and contributions are carried out through restatement of VAT

(no longer capped at 25% of revenue)– No direct payments between the Länder

• Vertical Equalisation– Federal grants for States whose financial capacity (after restatement of

VAT) is lower than 99.75% of average (equalisation rate 80%)– Supplementary grants for States with special needs

Key Aspects of the New Federal Equalisation SystemEffective from 1 January, 2020

39

Page 40: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Saxony-Anhalt

North Rhine-Westphalia

Mecklenburg- Western Pomerania

Rhineland-Palatinate

Saxony

Lower Saxony

Baden-Wurttemberg

Thuringia

Schleswig-Holstein

Saarland

Hesse

Berlin

Bremen

Hamburg

Brandenburg

Bavaria

+EUR 237m

+EUR 387m

+EUR 336m

+EUR 521m

+EUR 869m

+EUR 261m

+EUR 637m +EUR 483m

+EUR 494m

+EUR 1,555m

+EUR 493m+EUR 604m

+EUR 386m

+EUR 513m

+EUR 997m

+EUR 1,395m

Current legislation concerning the FederalEqualisation System will expire 31 December, 2019.Bund and Länder have agreed on a reform, takingeffect 1 January, 2020.

Keeping with the constitutional goal of equalstandards of living, the system maintains a highlevel of equalisation, but the technical approach isdifferent.

Under the new rules, horizontal equalisation will becarried out by a restatement of revenues accordingto the relative financial strengths of Länder andtheir respective municipalities on a per capita basis.

Due to additional federal grants of around 10.2bn,all States stand to benefit (see chart). Bremen andSaarland will receive extraordinary financialsupport of EUR 400m each (included in figuresshown).

40

Every State a winnerEstimated effects of the reform of the equalisation system on 2020 budgets

Page 41: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

With a growing number of retired civil servants, pension expenditures will continue to rise. A pension fund has been set up to mitigate the fiscal impact.As of 31 December 2018, the Fund had a size of around EUR 12.0bn.

Pension expenditures of the State of NRW (forecast IT.NRW, in K€)

41

Providing for the futurePension Fund NRW

Page 42: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

-5.6-4.9

-3.0-3.7

-3.2-2.3

-1.8

0.2

-1.1

0.5

-6.0-6.6

-4.8-4.3

-3.4

-3.2

-1.9-1.8

-1.5

0.01.1 1.2 1.3

-7

-6

-5

-4

-3

-2

-1

0

1

2

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

0.0

Budget Size 2019 EUR 77.9bnCapital Markets Debt 31.12.2018 EUR 136.3bn

budget plan / medium term planning actual figures

* without provisions for the restructuring of WestLB / Portigon and related liability risks

42

Strong Budgetary PerformanceResults and Medium Term Planning* [EUR bn]

Page 43: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

0

5

10

15

20

25

30

1-4 y 5-10 y >10 y

0

2

4

6

8

10

12

14

16

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030-34 2035-39 2040-44 2045-49 >2049

Original Maturities 2016-2018 (EUR bn)Debt Outstanding 31.12.2018 136.3bnWeighted Average Maturity 9.7 yearsMedian Maturity (fixed/floating) 6.5y/1.8y

Funding Programme 2019 14-16bnFunded as of 31.01.2019 4.6bn

Redemption profile

43

Debt PortfolioFocus on duration

• Bonds • Certificates of Indebtedness (Schuldscheine)

Page 44: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

59%29%

4%3%

5%

EUR USD JPY CHF others

Others: GBP, CAD, NOK, AUD, TRL, HUF, MXN, SEK, PLN, ZAR, ISK, HKD, BRL, NZD

DIP issuances (since October 2002)

• 527 trades

• EUR (equivalent) 81.3bn raised

Debt outstanding (as of 31.12.2018)

• EUR (equivalent) 42.6bn with DIP documentation,

including all foreign currency transactions

(EUR equivalent 11.1bn)

• EUR 93.7bn with stand alone documentation

(thereof certificates of indebtedness: EUR 36.9bn)

44

Debt Issuance ProgrammeActive in 18 different currencies

Page 45: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Emittent State of North Rhine-Westphalia

Issue Rating Aa1 by Moody‘s, AA- by S&P, AAA by Fitch, all stable outlook

Issue Size USD 1.5bn (equivalent EUR 1.29bn)

Status and Format Global Bearer Note, Reg S

Maturity Date 25 July 2019

Settlement Date 25 July 2017

Coupon 1.625% annually, 30/360

Reoffer Spread +30 bps vs. US Treasury

ISIN XS1650842336

Lead Managers Daiwa, HSBC, Scotia Bank, Société Générale

67%

32%

1%

Central Banks/OI Banks Asset Managers

46%

30%

24%

Asia Americas EMEA

Investor Distribution

GeographicalDistribution

45

Recent Benchmark IssuesUSD

Page 46: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Emittent State of North Rhine-Westphalia

Issue Rating Aa1 by Moody‘s (stable), AA- by S&P (positive), AAA by Fitch (stable)

Issue Size USD 1.5bn (equivalent EUR 1.32bn)

Status and Format Global Bearer Note, Reg S

Maturity Date 29 January 2021

Settlement Date 29 January 2019

Coupon 3M USD LIBOR + 0,05%, 30/360

Reoffer Spread +19.5 bps vs. US Treasury

ISIN DE000NRW0LJ4

Lead Managers Bank of America Merrill Lynch, Barclays, Credit Agricole,Deutsche Bank

32%

60%

8%

Central Banks/OI Banks Asset Managers

45%

37%

14%

4%

EMEA UK Americas Asia

Investor Distribution

GeographicalDistribution

46

Recent Benchmark IssuesUSD

Page 47: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

28%

28%6%

27%

11%

Germany FranceAsia other Europeothers

Investor Distribution

GeographicalDistribution

Emittent State of North Rhine-Westphalia

Issue Rating Aa1 by Moody‘s (stable), AA- by S&P (positive), AAA by Fitch (stable)

Issue Size EUR 1bn

Status and Format Collective Debt Register Claim

Maturity Date 15 November 2028

Settlement Date 15 November 2018

Coupon 0.90% annually act/act ICMA

Reoffer Spread +47.4 bps vs. DBR 0.25% DE0001102457

ISIN DE000NRW0LF2

Lead Managers Bank of America Merrill Lynch, BNP Paribas, J.P. Morgan,

TD Securities, UniCredit

44%

24%

29%

3%

Banks CB/OI Asset Manager Others

47

Recent Benchmark IssuesEUR

Page 48: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Investor Distribution

GeographicalDistribution

Emittent State of North Rhine-Westphalia

Issue Rating Aa1 by Moody‘s, AA- by S&P, AAA by Fitch, all stable outlook

Issue Size EUR 2.025bn

Status and Format Collective Debt Register Claim

Maturity Date 13 March 2028

Settlement Date 13 March 2018

Coupon 0.95% annually act/act ICMA

Reoffer Spread +28.5 bps vs. DBR (DE0001102440)

ISIN DE000NRW0K03

Lead Managers Crédit Agricole, HSBC, LBBW, Rabo, Unicredit

31%

19%18%

13%

7%

7%5%

Germany France UK BeNeLuxNordics Asia Others

53%

35%

11%

1%

Banks Funds CB & OI Insurances

48

Recent Benchmark IssuesSustainability Bond #4

Page 49: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Source: iBoxx indices + Commerzbank Research calculation, based on iBoxx data

49

Stability During the CrisisSwap Spreads of European Sovereigns vs. German Federal States

-100

0

100

200

300

400

500

600

Germany Austria Netherlands France Spain Italy German Federal States

Page 50: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Part of a well-positioned and strong economy

Effective fiscal framework

Excellent alternative to Bunds

comparable credit risk attractive yield pick-up more flexibility in terms of products

Strong credit ratings

Fitch: AAA (stable) Moody's: Aa1 (stable) S & P: AA- (positive)

Sustainability rating (vigeo Eiris)

In the past 4 years NRW reached the highest score of all German Länder

Score „robust" in 2017

0% risk weighting in most countries

German Federal States issuances qualify as level 1 assets under the EU Commission's Delegate Regulation on the liquidity coverage ratio (LCR)

50

State of North Rhine-WestphaliaKey Investment Considerations

Page 51: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

Axel BendiekTreasurerPhone: +49 - (0)211- 4972 - 2315E-Mail: [email protected]

Dr. Kirsten HägerHead of Sustainable FinancePhone: +49 - (0)211- 4972 - 2295E-Mail: [email protected]

Ursula KluckSenior Funding Manager Phone: +49 - (0)211- 4972 - 2800E-Mail: [email protected]

Johannes JehmillerSenior Funding ManagerPhone: +49 - (0)211- 4972 - 2800E-Mail: [email protected]

Stefan WegnerSenior Funding Manager Phone: +49 - (0)211- 4972 - 2800E-Mail: [email protected]

51

Contact DetailsMinistry of Finance, Jägerhofstraße 6, 40479 Düsseldorf, Germany

Page 52: W } À ] ] v P ( } Z & µ µ · W } i P } Ç h } ( W } } ] o P v X µ ] } v v ^ µ ] v ] o ] Ç Z Z ò ô ò X ï ò ô ò X ì ò ô ò X ì

This document contains neither an offer to sell securities nor an invitation to

submit an offer to buy securities. The information contained herein may be

completed and supplemented at any time; it does not constitute an investment

recommendation nor should it serve as a basis for investment decisions. The

State of North Rhine-Westphalia assumes no responsibility or liability for the

completeness or correctness of the information contained herein.

52

Disclaimer


Recommended
user guide spectrum series FR M8 3 - elitescreens.eu · Z À X ì ô ì ï í ò r Z eFUDQ GH SURMHFWLRQ pOHFWULTXH 6pULH 6SHFWUXP ^ µ o ] u v µ o µ ] o ] ] } v µ ] À o } µ

user guide spectrum series FR M8 3 - elitescreens.eu · Z À X ì ô ì ï í ò r Z eFUDQ GH SURMHFWLRQ pOHFWULTXH 6pULH 6SHFWUXP ^ µ o ] u v µ o µ ] o ] ] } v µ ] À o } µ

Documents

PDPU Journal final combined v4pdpu.ac.in/downloads/3. indian_petroleum_industry.pdfW d K< ò U í ð ñ ò U ó ò ñ ó U ñ í ð ô U ï ð ñ õ U î ò ô : } µ v o } ( v P Ç

PDPU Journal final combined v4pdpu.ac.in/downloads/3. indian_petroleum_industry.pdfW d K< ò U í ð ñ ò U ó ò ñ ó U ñ í ð ô U ï ð ñ õ U î ò ô : } µ v o } ( v P Ç

Documents

Keynote Song List - Entertainment Exchange...î î î í ó ] ] µ ] } v ] o ^ ] o À ^ ] v P U D î ì õ í ì r í î ò ì ~ ï ì í õ ô ò r ð ò ð ì ~ ô ô ô õ ô ò

Keynote Song List - Entertainment Exchange...î î î í ó ] ] µ ] } v ] o ^ ] o À ^ ] v P U D î ì õ í ì r í î ò ì ~ ï ì í õ ô ò r ð ò ð ì ~ ô ô ô õ ô ò

Documents

คู่มือสถาปนิก เล่ม 1 - Thai Laws¸`˙·•ÕŁ 1 ˚ Ò»„ԡƯ—˙Ô“Ò“Õ¾˚ Ò» µ´¡ˆˆ` à»fi„¡Òˆ¡¯‹Ò˙ Ö ˙Ô“Ò“Õ¾˚

คู่มือสถาปนิก เล่ม 1 - Thai Laws¸`˙·•ÕŁ 1 ˚ Ò»„ԡƯ—˙Ô“Ò“Õ¾˚ Ò» µ´¡ˆˆ` à»fi„¡Òˆ¡¯‹Ò˙ Ö ˙Ô“Ò“Õ¾˚

Documents

v À } W : µ ] Z } U & D ] W ô ñ ô r ô ô î r ò ô î î ] o ... · ... µ Z Y µ v & ] o z î ì í ó ^ v ] P } r r ~ h^/E ^^ t/Z t : ... ô ñ ô r ô ô î r î í ó

v À } W : µ ] Z } U & D ] W ô ñ ô r ô ô î r ò ô î î ] o ... · ... µ Z Y µ v & ] o z î ì í ó ^ v ] P } r r ~ h^/E ^^ t/Z t : ... ô ñ ô r ô ô î r î í ó

Documents

º q p ¢ ; ` z # : Ç ñ » % Þ á Ô e! · 1. P ; c · a > ò µ þ ì ð µ Ì Y þ O È Ì Þ 1 : p + 7 Í ! c · p ï U ò Í µ Ì Y p U Ì Y p B ð Ä C à ú ã 1 ò µ

º q p ¢ ; ` z # : Ç ñ » % Þ á Ô e! · 1. P ; c · a > ò µ þ ì ð µ Ì Y þ O È Ì Þ 1 : p + 7 Í ! c · p ï U ò Í µ Ì Y p U Ì Y p B ð Ä C à ú ã 1 ò µ

Documents

] u o v & v µ ] î ì í ò J d o µ } u ] ( ] > ] Z ] µ u ð ô À · 2019-06-25 · ] u o v & v µ ] î ì í ò J ð ô À î í Z ð ô À í ó X ñ Z ð ô À í ð Z ð ô

] u o v & v µ ] î ì í ò J d o µ } u ] ( ] > ] Z ] µ u ð ô À · 2019-06-25 · ] u o v & v µ ] î ì í ò J ð ô À î í Z ð ô À í ó X ñ Z ð ô À í ð Z ð ô

Documents

o o d u } Z · U l v U D v ~W } v À t ï ò õ ì ì alu… · D _ v ~W } v À t ï ò õ ì ì d ( v } W õ ô ò ô ô ì í ñ ô U & Æ W õ ô ò ô ô ì í ò î ] X ] o o

o o d u } Z · U l v U D v ~W } v À t ï ò õ ì ì alu… · D _ v ~W } v À t ï ò õ ì ì d ( v } W õ ô ò ô ô ì í ñ ô U & Æ W õ ô ò ô ô ì í ò î ] X ] o o

Documents

Investor Presentation - November 2019 v5Fina… · ¨ ò ð ò ¨ ò õ ò ¨ ó í ô ¨ ò õ ñ ¨ ó î ó ¨ ó ó ñ ¨ ô í ó ¨ ô ì ñ ¨ ô ð ó

Investor Presentation - November 2019 v5Fina… · ¨ ò ð ò ¨ ò õ ò ¨ ó í ô ¨ ò õ ñ ¨ ó î ó ¨ ó ó ñ ¨ ô í ó ¨ ô ì ñ ¨ ô ð ó

Documents

D^ ] ] } } W ] u v ] } µ o µ o t > ] µ o í ô X ì ï ì l î ì ì õ t ...€¦ · E, E, E, E, W W W W / / / / D D D ñ ô í î í ò î ï ð ñ î ð ò ô í î ï

D^ ] ] } } W ] u v ] } µ o µ o t > ] µ o í ô X ì ï ì l î ì ì õ t ...€¦ · E, E, E, E, W W W W / / / / D D D ñ ô í î í ò î ï ð ñ î ð ò ô í î ï

Documents

'W d rd µ } ] o - GPAT TUTORIAL · 2020. 11. 7. · 'w d rd µ } ] o ' d wz r î ì ì ò } v w = õ í õ ô ï ò ô ï ñ î î õ u ] o ] w p µ } ] o p u ] o x } u 4 4 &duu\

'W d rd µ } ] o - GPAT TUTORIAL · 2020. 11. 7. · 'w d rd µ } ] o ' d wz r î ì ì ò } v w = õ í õ ô ï ò ô ï ñ î î õ u ] o ] w p µ } ] o p u ] o x } u 4 4 &duu\

Documents

æ Y A ß. w W - IntelliEPI · ² " Ù Ó ¬ ä ô ` m » ¶ e Z < ¾ I b á þ ô Å Õ Ò ' / 36H!WDTFM Ú & q ô â )JpU* b p ô µ ô / Î ô / ò qIFNU b ! m » Z C ô æ Y Â

æ Y A ß. w W - IntelliEPI · ² " Ù Ó ¬ ä ô ` m » ¶ e Z < ¾ I b á þ ô Å Õ Ò ' / 36H!WDTFM Ú & q ô â )JpU* b p ô µ ô / Î ô / ò qIFNU b ! m » Z C ô æ Y Â

Documents

Kitakyushu - F×µw·× ¿ Ô .Ç¿ Ô !é¿ Ô ó \¿ Ô µ Ó ç è $¿ Ô ¤ª Âǵ¯ Ä Ô ² à µ y Ô z ¤ª Õ \ Ô Ô ÞÊè Óç µ O ^¬ zÝ - G ¬å¢ïÅ à Ø tO Ô

Kitakyushu - F×µw·× ¿ Ô .Ç¿ Ô !é¿ Ô ó \¿ Ô µ Ó ç è $¿ Ô ¤ª Âǵ¯ Ä Ô ² à µ y Ô z ¤ª Õ \ Ô Ô ÞÊè Óç µ O ^¬ zÝ - G ¬å¢ïÅ à Ø tO Ô

Documents

Public Accounts Cover Page 2019-20 - Budget Jharkhand · Ò × " " [ Ù µ 2l 3djh 1r !è Ò ' f 2 Õ # Ô¢ \ Õ ! \ ÔÛ $fwxdo dqg 5hylvhg (vwlpdwh 3urylvlrqdo

Public Accounts Cover Page 2019-20 - Budget Jharkhand · Ò × " " [ Ù µ 2l 3djh 1r !è Ò ' f 2 Õ # Ô¢ \ Õ ! \ ÔÛ $fwxdo dqg 5hylvhg (vwlpdwh 3urylvlrqdo

Documents

1396 Manual 20160807 - NetSuite · &' óy // , } µ ] v P / v µ ] } v D v µ o î ì í ò ì ô ì ô &' óy // , } µ ] v P & v > ] v ~ X E } X í ï õ ò & } Z v } v W } Á ^

1396 Manual 20160807 - NetSuite · &' óy // , } µ ] v P / v µ ] } v D v µ o î ì í ò ì ô ì ô &' óy // , } µ ] v P & v > ] v ~ X E } X í ï õ ò & } Z v } v W } Á ^

Documents

ID1590- Rev1-Supplier Quality Assurance Manual-Manual …µ é Ô Û Ø Þ µ Ä Å Ä â ß Ô Ò Ø Õ Ø Ò á Ô à ä Ø á Ô Ü Ô Ý ã â ] ] µ v {

ID1590- Rev1-Supplier Quality Assurance Manual-Manual …µ é Ô Û Ø Þ µ Ä Å Ä â ß Ô Ò Ø Õ Ø Ò á Ô à ä Ø á Ô Ü Ô Ý ã â ] ] µ v {

Documents

COVID 19 webinar March 16 2020 v2 - sba.gov€¦ · ó í ï ó ñ î ô ð ð ð ^ X µ Z X µ , } µ } v ^ KZ ó í ï ð ô ó ò ñ ò ñ, } µ } v X } X } P t } u v [ µ ] v

COVID 19 webinar March 16 2020 v2 - sba.gov€¦ · ó í ï ó ñ î ô ð ð ð ^ X µ Z X µ , } µ } v ^ KZ ó í ï ð ô ó ò ñ ò ñ, } µ } v X } X } P t } u v [ µ ] v

Documents

informacio general - v - Co-Housing Barcelona · 2019. 12. 9. · ï Z u v d µ í ò ô U í E/& & ò ò ô ò ì ñ ò ì Á Á Á X } Z } µ ] v P o } v X ì ô ì ì ñ r o }

informacio general - v - Co-Housing Barcelona · 2019. 12. 9. · ï Z u v d µ í ò ô U í E/& & ò ò ô ò ì ñ ò ì Á Á Á X } Z } µ ] v P o } v X ì ô ì ì ñ r o }

Documents