NORD/LB Norddeutsche Landesbank has presented a study on the devel-opment of Japan, this year's partner country to CeBIT Hanover. According to the study, Japanese Prime Minister Shinzo Abe's Abenomics has once again made a success model of the Japanese economy and established a foundation for sustainable growth. In 2016, GDP (Gross Domestic Product) in Japan grew by 1.0 per cent, led by a strong domestic economy as well as increasingly strong exports. In 2017, the Japanese economy is expected to grow by 1.4 per cent.
NORD/LB Norddeutsche Landesbank’s two Euroland analysts, Dr. Jens Kramer und Christian Lips, have taken first place in the Thomson Reuters/StarMine ranking for the accuracy of economic forecasts for the Eurozone. The Thomson Reuters news agency surveyed the forecasts made by over 60 financial institutions of key economic and financial indicators. Having already taken fifth place for their 2015 forecasts, the NORD/LB economists came out as best forecasters worldwide in the ranking for 2016. They were followed in second place by the analysts at the London-based financial institution Market Securities, with the analysts at BHF Bank coming in third.
On Wednesday, NORD/LB Norddeutsche Landesbank issued a EUR 500 million covered bond under Luxembourg law (lettres de gage publiques). This is a transaction of NORD/LB Luxembourg S.A. Covered Bond Bank (NORD/LB CBB), a wholly-owned subsidiary of NORD/LB which is currently the only issuer of lettres de gage benchmark bonds. The issue has a term of four and a half years.
NORD/LB Norddeutsche Landesbank is behind the financing of two wind farms for Danish project developer European Energy A/S. The project in the German federal state of Lower Saxony involves the existing Gilmerdingen wind farm in the Heide district, where the older turbines are being replaced by more efficient and more powerful units as part of a repowering programme.
NORD/LB Norddeutsche Landesbank concluded the first nine months of financial year 2016 with a consolidated loss before taxes of EUR 624 million. After taxes, the consolidated loss stood at EUR 736 million. This was mainly due to a further increase in risk provisioning for ship finance. With this, the bank is reacting to the further intensification of the global shipping crisis over the course of this year and responding to the lower forecasts from all relevant institutions. A disproportionately high share of the risk provisioning is due to ship finance provided by Bremer Landesbank (BLB). BLB will become a 100% subsidiary of NORD/LB at the turn of the year, though its results are already fully incorporated in the Group figures (as in previous years).
25.10.2016>NORD/LB issues 10-year Jumbo Pfandbrief
Monday saw NORD/LB issue a 10-year public-sector Pfandbrief with a face value of EUR 750 million.
NORD/LB Norddeutsche Landesbank has financed further solar rooftop projects in France and, in the course of this, has continued to collaborate with Danish fund manager OBTON A/S. The total financing volume for the three projects closed in 2016 together with OBTON amounts to € 48 million.
At its meeting this Friday, the Supervisory Board of the NORD/LB Norddeutsche Landesbank appointed Günter Tallner (54) as a new member of the Managing Board. Tallner will assume responsibility for the corporate customers business as well as for the Bank’s special finance business.
Christoph Dieng (48) will become the new Chief Risk Officer (CRO) on the Managing Board of NORD/LB Norddeutsche Landesbank. This was decided by the Bank’s Supervisory Board in its meeting this Friday.
The owners of Bremer Landesbank (BLB), Norddeutsche Landesbank (NORD/LB), the Free Hanseatic City of Bremen (FHB) and the Lower Saxony Association of Savings Banks (SVN) have, after intensive negotiations, reached agreement to the effect that BLB is to become a fully owned subsidiary of NORD/LB. To this end the FHB and SVN will sell their shares in BLB to NORD/LB. The future of BLB is thus secured.
NORD/LB Norddeutsche Landesbank closed the first half of 2016 with earnings before taxes of minus € 364 million. The consolidated loss after taxes totalled € 406 million. In the midst of a challenging environment, the Bank was able to maintain its good earnings position in practically all of its business segments. At the same time, due to the severe deterioration in the situation on the shipping markets, the Bank increased its risk provisioning from ship financing significantly. The increase in the risk provisioning is also partly due to the previously announced reduction in NORD/LB’s shipping portfolio, in which the Bank already has a number of initial successes to report. Since the end of 2015, the value of the shipping portfolio has been reduced from € 19.0 billion to € 17.9 billion.
NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together with a sovereign wealth fund (the “Investors”), will acquire a portfolio of performing and non-performing shipping loans originated by NORD/LB.
NORD/LB Norddeutsche Landesbank and Talanx have jointly provided their support with project financing for two solar parks already in operation since 2010 close to the town of Cottbus in South Brandenburg. This marks the first opportunity for NORD/LB to work with the institutional investor Talanx. As part of this strategic cooperation, NORD/LB and investors of the Talanx Group jointly provided long-term loans upon financial close. NORD/LB handled the arrangement of project financing with the sponsors.
NORD/LB Norddeutsche Landesbank has steadily increased its business across the Group with renewable energies. The financing volume for renewable energies has increased in the last three years by around 21 per cent to € 9.3 billion. Wind energy accounts for the majority of the finance with around 76 per cent (€ 7.1 billion), while solar energy accounts for 14 per cent (€ 1.3 billion) and biogas plants for a further 10 per cent (€ 0.9 billion). These figures are revealed by the bank’s latest Sustainability Report, which covers all the relevant economic, social and environmental activities of the Group in the financial year 2015.
10.06.2016>Statement regarding Bremer Landesbank
NORD/LB, the Lower Saxony Savings Bank Association and the City of Bremen assume joint responsibility for keeping Bremer Landesbank's capital intact at an appropriate level.
NORD/LB Norddeutsche Landesbank closed the first quarter of 2016 with earnings before taxes of minus € 98 million. This was largely due to the situation in the shipping markets deteriorating again and the bank making a significant increase to its risk provisioning of € 435 million as a result. Consolidated profit totalled minus € 84 million. In the first quarter of 2015 the bank had achieved earnings before taxes of € 229 million.
NORD/LB Norddeutsche Landesbank finances the acquisition and operation of a roof-mounted solar power portfolio in France for Danish fund manager OBTON A/S. The overall financing volume amounts to EUR 22 million.
NORD/LB Norddeutsche Landesbank now provides its expertise in the management of foundation assets also in the form a fund solution. The Nordlux Pro – StiftungsPartner A fund combines predictable, regular distributions with the goal of asset maintenance for foundations. Foundation managers benefit from a direct line to the portfolio management team and additional advisory services. Due to its long-term, global investment strategy and low fees, the fund with an asset management character is also suitable for private investors.
In financial year 2015 NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 653 million, more than doubling the prior year’s result (€ 276 million). The same applies to the consolidated profit, which totalled € 518 million (prior year: € 205 million).
The Supervisory Board of NORD/LB Norddeutsche Landesbank appointed the bank’s current Chief Risk Officer, Thomas S. Bürkle, as the Chairman of the Managing Board with effect of 1 January 2017. Mr. Bürkle will take over from Dr. Gunter Dunkel, who has decided to retire at the end of the year.
NORD/LB Norddeutsche Landesbank has implemented a hybrid project financing transaction for renewable energies for the first time in Europe. This involved a structured bank loan in combination with long-term funds furnished by institutional investors. The financing enabled the acquisition of an operating wind power project in Ireland by leading developer and wind farm operator Gaelectric. Comprised of 16 turbines manufactured by Enercon (based in Aurich) with an overall capacity of 46 MW, the wind farm is located in County Kerry.
07.03.2016>Sandra Reich joins NORD/LB's Asia team
Dr. Sandra Reich, until now managing director of the Hamburg Stock Exchange and the Hanover Stock Exchange and member of the Executive Board of BÖAG Börsen AG – the parent company operating the two stock exchanges – is joining the management team at the Singapore branch of NORD/LB. She will be taking over there as head of the German Desk, which has the remit of assisting German companies in their business activities in Asia.
NORD/LB Norddeutsche Landesbank finances the construction and subsequent operation of a major wind farm in France for the Austrian energy producer WEB Windenergie AG (W.E.B). The overall financing volume amounts to EUR 63 million.
NORD/LB Norddeutsche Landesbank figures among the world's leading institutions in the financing of renewable energies. A new ranking by the internationally prestigious trade publication IJ Global – Project Finance & Infrastructure Journal puts NORD/LB in fourth place worldwide in the "Mandated Lead Arranger Renewables" category. The first three places are taken by Spain's Banco Santander followed by Japan's Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group. The top 10 of the ranking only includes one other German bank besides NORD/LB, namely Deutsche Bank in 6th place.
NORD/LB issued an uncovered bearer bond with a volume of EUR 750 million and five-year maturity on Wednesday. The previous day had seen investors invited to submit their expressions of interest. Within just a few hours it became apparent that the bank could reckon with subscription orders in an amount far beyond the EUR 500 million mark, which is the minimum volume required for a benchmark issue.
26.11.2015>NORD/LB improves business result
NORD/LB Group achieved earnings before taxes of € 630 million in the first nine months of 2015, which represents a significant increase on the profit of € 364 million for the same period of the previous year, while its consolidated profit totalled € 539 million (previous year: € 251 million).
Dieter von Holtzbrinck Ventures GmbH (DvH Ventures) – a subsidiary of Dieter von Holtzbrinck Medien GmbH – and NORD/LB Norddeutsche Landesbank are setting up a joint venture with the purpose of supporting and advancing business models in the sphere of modern financial technology.
NORD/LB is financing a wind farm in Finland for the Bremen-based project development firm wpd AG. The transaction involves an overall loan capital amount of around EUR 100 million, furnished in cooperation with Commerzbank. This is NORD/LB's first project financing deal for the Finnish market.
NORD/LB Norddeutsche Landesbank is providing the finance for the acquisition of two AgustaWestland AW139 helicopters by leasing company LCI Helicopters. The helicopters will be used to provide supplies to wind parks in the North Sea. The total asset value is in excess of $ 30 million (around € 27 million). This is the first time NORD/LB has provided finance in this asset class.
NORD/LB has topped up its “Northvest” credit portfolio transaction for institutional investors by an amount of €5.1 billion. Northvest offers institutional investors the opportunity to invest directly in the bank’s credit-based business model.
NORD/LB closed the first half of 2015 with a consolidated profit of € 290 million after taxes (previous year’s figure: € 243 million). Earnings before taxes totalled € 314 million (€ 348 million).
NORD/LB Norddeutsche Landesbank is augmenting its activities in Singapore and Shanghai in the interests of servicing and assisting its customers in the expansion of their Asian business activities. NORD/LB intends to achieve considerable growth in Asia in the years ahead, in particular with project financing in the spheres of energy and infrastructure, the financing of ships and aircraft as well as in the field of business with German SMEs. With a staff of 60 employees in the Singapore branch and 20 in Shanghai, NORD/LB is already the leading German Landesbank in Asia.
NORD/LB achieved earnings before taxes of € 229 million in the first three months of 2015, a significant improvement on the € 133 million achieved in the first quarter of the previous year. Consolidated profit totalled € 156 million in the first quarter of 2015 (first quarter of 2014: € 92 million).
28.04.2015>NORD/LB doubles earnings before taxes
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 276 million in the financial year 2014 and thereby significantly increased its pre-tax profit. In 2013 its earnings before taxes had totalled € 140 million. Its consolidated profit after taxes totalled € 205 million in 2014. The previous year’s figure (€ 224 million) was boosted by a special tax effect. There was no change in the preliminary figures for the financial year 2014 published at the end of March.
NORD/LB increased its earnings before taxes significantly in the financial year 2014. According to provisional figures, it achieved a consolidated profit before taxes of € 276 million in 2014. In 2013 its earnings before taxes had totalled € 140 million.
NORD/LB provides a non-recourse financing for BayWa r.e. renewable energy GmbH for the construction and operation of a wind farm in the southern Italian region of Basilikata. The wind farm will have a total installed capacity of 46.2 megawatts (MW) when completed, includes an overall investment volume of around EUR 80 million and is the first wind farm to be financed by NORD/LB in Italy.
NORD/LB is currently probing the impacts of the moratorium on payments imposed by Austria's FMA financial supervisory authority in respect of liabilities of Heta Asset Resolu-tion AG (Heta) which is responsible for the liquidation of Hypo Alpe Adria Bank's assets. The moratorium is set for the period ending 31 May 2016 and applies to and for all of Heta's liabilities.
NORD/LB Norddeutsche Landesbank has issued a Public Sector Pfandbrief (Öffentlichen Pfandbrief) with a volume of € 500 million. The term of the issue is four years. Shortly after the order book was opened, it had been allocated and was closed again. After just 15 minutes, purchase orders had been received from institutional investors from eight nations with a volume of more than € 1 billion.
The Talanx Group, NORD/LB Norddeutsche Landesbank and Bankhaus Lampe cooperate in the area of Alternative Investments. Talanx will take a stake of 45 percent in investment service provider Caplantic Alternative Assets GmbH. The owners want to develop Caplantic into one of Germany’s leading service providers for Alternative Asset Management and Financial Solutions.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 364 million in the first nine months of the current year, while its consolidated profit totalled € 251 million. This was significantly higher than the previous year’s figure (€ 108 million before tax / € 112 million after tax).
NORD/LB Norddeutsche Landesbank has passed the EU-wide bank stress test convincingly. The bank’s scores for the Common Equity Tier 1 ratio of 10.93 per cent in the Baseline Scenario (minimum requirement: 8 per cent) and 8.77 per cent in the Adverse Scenario (minimum requirement: 5.5 per cent) were well above the respective minimum capital ratios.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of € 348 million in the first half of 2014, while its consolidated profit totalled € 243 million. The bank’s half-year earnings are therefore well above the previous year’s figures (earnings before taxes € 96 million, consolidated profit € 87 million).
NORD/LB Landesbank for Saxony-Anhalt has expressed satisfaction with the development of its business in the federal state. "We have further consolidated our market position in the region", as Dr. Hinrich Holm, member of the NORD/LB Managing Board, told journalists last Wednesday in Magdeburg. "We, in collaboration with the savings banks, have established ourselves as the premier address for financing solutions tailored to the specific needs of the regional SMEs". He added that 2013 and the first six months of 2014 not only generated pleasing results in the corporate business segment but also in NORD/LB's other spheres of activity in Saxony-Anhalt. This was particularly the case in agricultural banking and the financing of renewable energies. The slight drop of 1.5 percent in the bank's overall financing volume in Saxony-Anhalt was attributable to special effects in individual business segments, for example the improved financial situation among the municipal authorities.
NORD/LB Norddeutsche Landesbank has, together with ERGO Versicherungsgruppe, provided finance for the acquisition of a residential property portfolio by Gewobag Berlin in the amount of EUR 87 million. EUR 54 million of the loan is financed by ERGO with a fixed interest rate for 20 years. The residential housing portfolio comprises 1,058 residential and commercial units in Berlin, which Gewobag has integrated into its total portfolio of 58,000 residential units.
27.05.2014>NORD/LB starts 2014 with profit
NORD/LB achieved earnings before taxes of EUR 133 million in the first quarter of 2014, while the consolidated profit totalled EUR 92 million. NORD/LB closed the first three months of the previous year due to a significant increase in loan loss provisions with earnings before taxes of minus EUR 46 million. In 2013 as a whole NORD/LB achieved earnings before taxes of EUR 161 million.
NORD/LB Norddeutsche Landesbank has presented its first Group-wide Sustainability Report. The report covers the Group’s entire relevant economic, social and ecological performance for the financial year 2013.
NORD/LB Norddeutsche Landesbank increased its profit significantly in the financial year 2013. The Group achieved earnings before reorganisation and taxes of EUR 268 million, following EUR 131 million in the previous year, while its earnings before taxes totalled EUR 161 million (previous year: EUR 78 million). Due to tax revenue as a result of one-off effects, earnings after taxes totalled EUR 245 million (EUR 82 million).
NORD/LB Norddeutsche Landesbank has issued a subordinated bond with a volume of USD 500 million. The Tier 2 issue has a term of 10 years and was priced at the USD swap rate plus 333 basis points.
NORD/LB Norddeutsche Landesbank is offering institutional investors the opportunity to invest directly in the bank’s credit-based business model. In March it issued a securitisation tranche of an extensive credit portfolio comprising four asset classes from the books of NORD/LB.
NORD/LB Norddeutsche Landesbank is behind the financing for the German based STEAG New Energies GmbH of the construction and operation of the large-scale wind farm in Ullersdorf, located in the rural district of Dahme-Spreewald in the federal state of Brandenburg. The overall investment volume amounts to around EUR 86 million, making this one of NORD/LB's largest wind park financing projects to date in the German onshore market.
NORD/LB Norddeutsche Landesbank launched its second Aircraft Pfand-brief Benchmark with a volume of EUR 500 million, rated “A2” by Moody’s. Lead Managers were Commerzbank, DZ Bank, Société Générale, UniCredit Bank and NORD/LB. The Pfandbrief has a 5-year maturity and a spread of 22 bp over mid-swap. Books opened on Wednesday morning and closed at noon.
The Supervisory Board decided in its meeting on Monday to appoint Thomas S. Bürkle as the new Chief Risk Officer of NORD/LB. Mr. Bürkle is currently the Chairman of the Managing Board of Deutsche Hypothekenbank, a subsidiary of NORD/LB. He will take over from the outgoing Chief Risk Officer, Dr. Johannes-Jörg Riegler, on 1 January 2014.
NORD/LB Norddeutsche Landesbank achieved earnings before taxes of EUR 108 million in the first nine months of 2013, while its consolidated profit totalled EUR 112 million. In the first nine months of the previous year earnings before taxes totalled EUR 209 million and consolidated profit EUR 141 million.
NORD/LB achieved earnings before taxes of EUR 96 million in the first half of 2013, while its consolidated profit totalled EUR 87 million. In the first six months of the previous year earnings before taxes totalled EUR 131 million and consolidated profit EUR 67 million.
NORD/LB Landesbank for Saxony-Anhalt has further expanded its business with customers in the SME sector, and 2012 saw the bank's financing volume in corporate banking up by 3.4 percent to EUR 1,879 million (2011: EUR 1,817 million). The trend within the corporate customers segment was particularly positive in the sphere of agricultural banking, with business volume growth of 4.3 percent. Further focal spheres of NORD/LB's business activities in Saxony-Anhalt lie in the financing of residential housing, the arranging of capital market products for SMEs and involvement in major projects in the fields of renewable energies and public infrastructure.
NORD/LB Norddeutsche Landesbank and HSH Nordbank are providing project financing for a portfolio of four wind farms with a total capacity of 72 Megawatts (MW) located in the Nord-Pas-de-Calais and Picardie regions in northern France.
Caplantic Alternative Assets GmbH is a newly established company offering services for the management of alternative assets. This range of services includes the structuring, servicing and risk management of alternative investment products, with the focus on asset categories such as aircraft, renewable energies, real estate and infrastructure projects.
NORD/LB closed the first quarter of 2013 with a consolidated profit before taxes and reorganisation expenses of minus 30 million euros. The quarterly result was strongly affected by the significant increase in expenses for loan loss provisions in the amount of € 241 million, which were made primarily for ship financing. Consolidated profit after taxes totalled minus 32 million euros. In the first quarter of 2012 the bank had achieved a consolidated profit after taxes of 118 million euros.
The growth trend in agricultural banking business at NORD/LB is continuing at a healthy pace. Fiscal 2012 saw the bank's Agricultural Banking division register total lendings more than 10 percent up on the previous year's figures – thus consolidating the positioning of NORD/LB as Germany's leading finance provider in the agricultural sector.
NORD/LB closed the financial year 2012 with a consolidated profit before taxes and reorganisation expenses of EUR 129 million, while its consolidated profit after taxes totalled EUR 80 million.
NORD/LB and HSBC have cooperated on arranging a Floating Rate Assignable Loan (German „Schuldscheindarlehen“) denominated solely in US dollars in the amount of USD 70 million in all for the Neumann Coffee Group, headquartered in Hamburg and the world's leading service provider in the sphere of green coffee.
NORD/LB has taken over the project financing with a volume of approximately EUR 35 million for the "Krughütte" solar park located near Lutherstadt Eisleben in the German state of Saxony-Anhalt.
At its meeting today, Monday, 10 December 2012, the Supervisory Board of NORD/LB appointed Dr. Johannes-Jörg Riegler (48) as Deputy Chairman of the bank’s Managing Board.
NORD/LB achieved earnings before taxes of EUR 209 million in the first nine months of 2012, while its consolidated profit totalled EUR 141 million. In the same period of the previous year the bank reported earnings before taxes of EUR 385 million and a consolidated profit of EUR 262 million.
Last night, Jeff Koons’ sculpture “Tulips” from the NORD/LB art collection was sold. In an auction held at Christie’s in New York, the piece of art sold for the price of 33.7 million dollars (26.3 million Euro).
03.10.2012>Statement regarding EU Capital Exercise
NORD/LB notes the announcements made today by the European Banking Authority and Bundesanstalt für Finanzdienstleistungsaufsicht regarding the final assessment of the capital exercise and fulfilment of the EBA December 2011 Recommendation, which shows the following result for NORD/LB.
NORD/LB is expanding its activities in the federal German state of North Rhine-Westphalia. Thursday last week saw the official opening of the enlarged NORD/LB branch office premises situated on Düsseldorf's renowned Königsallee boulevard; this took place within the framework of a customer event attended by some 50 guests representing companies from all sectors of industry who made use of the occasion for personal on-the-spot talks.
NORD/LB achieved earnings before taxes of EUR 131 million in the first half of 2012. Consolidated profit totalled EUR 67 million. In the first six months of 2011 earnings before taxes totalled EUR 273 million and consolidated profit EUR 199 million.
A premiere for NORD/LB is its launch of Blue Rock as an innovative credit product referencing Infrastructure asset class and sold to an institutional client. Within the framework of the transaction a mezzanine tranche from a high-grade loan portfolio of 20 British infrastructure projects originated and financed by NORD/LB has been placed.
The EU Commission has as expected today approved the capital-boosting measures of NORD/LB. “This is final confirmation that NORD/LB meets the increased capital requirements of the EU in full and on time,” explains the Chairman of the Managing Board of NORD/LB, Dr. Gunter Dunkel.
NORD/LB Norddeutsche Landesbank issued the world’s first Aircraft Pfandbrief today. The Pfandbrief has a volume of 500 million Euros, five-year maturity and the spread was fixed with 55 basis points over mid-swap.
Joint press release of NORD/LB and Lower Saxony state government
02.07.2012>NORD/LB meets EU capital requirements
Core tier 1 capital to be increased by a further EUR 1.25 billion
NORD/LB Landesbank for Saxony-Anhalt has made a successful start into 2012, further expanding its business with corporate customers in the first quarter of the year. Growth in this sphere was above average, especially in the area of residential housing. Further key business activities of NORD/LB lie in agricultural banking and the financing of projects in the fields of renewable energies and public infrastructure.
NORD/LB achieved consolidated earnings before taxes of EUR 189 million in the first three months of the financial year 2012. In the first quarter of 2011 its earnings totalled EUR 125 million. Consolidated earnings after taxes rose to EUR 118 million (previous year's figure: EUR 76 million).
04.05.2012>NORD/LB establishes cultural foundation
NORD/LB Norddeutsche Landesbank is going to establish a cultural founda-tion headquartered in Hanover, Germany, that will bundle and intensify its funding of art and culture during the course of the year. In order to fund the foundation, the bank will part from the sculpture “Tulips” by Jeff Koons. The sculpture is planned to be sold at an international auction this autumn.
NORD/LB has registered significant profit growth in fiscal 2011, with a consolidated after-tax figure of EUR 536 million as against the previous year's level of EUR 314 million. The Bank's earnings before taxes rose to EUR 730 (2010: 319) million.
NORD/LB is participating in the financing of an installation vessel for offshore wind energy farms. Commissioned by the international provider of construction-related services HOCHTIEF, the "VIDAR" is a jack-up vessel being built at the Crist shipyard in Poland and scheduled to go into service from 2013 onwards.
NORD/LB has taken over the project financing for the "Turnow II" solar park in the municipality of Turnow-Preilack near Cottbus in the federal state of Brandenburg. This follows the bank's co-financing in 2009 already of the directly adjacent "Turnow I" solar park on the former "Lieberoser Heide" military exercise area.
NORD/LB Norddeutsche Landesbank is going to increase its Core Tier 1 capital. This will be largely achieved by restructuring existing silent participations. The bank will also retain earnings of several hundred millions. The package of measures will also include income from the sale of investments.
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