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Ice Fii

...List of Figures IV
1. Introduction & Challenge of the Case Study 1
2. Grefrath and its situation 2
2.1. The commune’s financial situation 2
2.2. The budget-hedging-concept 5
2.3. The necessity of a new town hall 9
3. CBL as a financial solution for Grefrath 12
3.1. Reasons for CBL-financing 12
3.2. Aspects of Law 13
3.2.1. Aspects Relating to Contract Law 13
3.2.2. Aspects Relating to Tax Law 19
3.3. Accounting Conventions 20
3.3.1. Accounting Principles in HGB 20
3.3.2. Accounting Principles in IAS 21
3.4. Rating dependences of CBL 22
3.5. Financing 26
3.5.1. Participated claim groups 26
3.5.2. The monetary stream in our example 27
3.5.3. Financial calculation 29
3.5.4. Benefit of financial calculation 32
3.6. Lasting effects of financing 34
3.6.1. For the communes 34
3.6.2. For the economy 39
3.6.3. For international dependences 43
3.6.4. For claim groups 48
4. Conclusion & Critical Reflection 53
List of Literature V
Affidavit VII

Abbreviations
BHC Budget-Hedging-Concept
CBL Cross Border Leasing
DCF Discounted Cash Flow
ebo early-buy-out-option
etc. etcetera
e.g. for example (abbr. of "exempli gratia" [Lat.])
HGB German Handelsgesetzbuch
IAS International Accounting Standards
IASB International Accounting Standards Board
IRS Internal Revenue Service
ltd limited; equal to German GmbH
NRW North Rhine Westphalia
OFD Oberfinanzdirection
PUA Payment Undertaking Agreement
SIC Standing Interpretation Committee
SPV Special Purpose Vehicle
sqm square meter
S&P Standard & Poor’s
US United States
List of Figures
Figure 3﷓1: Main important agreements of a CBL transaction 13
Figure 3﷓2: S&P; Correlation of Long and Short Term Ratings 23
Figure 3﷓3: S&P; Sovereign Ratings List (part of); February 20, 2004 25
Figure 3﷓4: S&P; Local and Regional Governments Ratings List (part of); February 20, 2004 25
Figure 3﷓5: money...

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