its main base is at frankfurt airport from which most of its long-haul flights depart ; secondary bases for mediterranean flights are munich airport which also features long-haul flights , hamburg airport , hannover airport , düsseldorf airport , stuttgart airport , leipzig/halle airport and berlin schönefeld airport .

condor is germany 's third largest commercial airline based on fleet size and passengers flown .

it is headquartered at gateway gardens near frankfurt airport with an important branch office at berlin schönefeld airport .

it is a subsidiary of the british thomas cook group , but still partners with its former parent lufthansa through the use of the lufthansa group 's miles & more program , its business lounges at frankfurt airport and as interline partners .

condor airlines is also member of alaska airlines ' mileage plan .

condor flugdienst

check out the lowest airfare of condor flugdienst on skyscanner and find the best condor flugdienst flights for your journey .
deutsche flugdienst gmbh takes over “condor - luftreederei” , founded in 1957 by the hamburg - based oetker concern , and changes its name to condor flugdienst gmbh .
click here for more information about our condor flugdienst reviews and safety ratings system .
condor flugdienst gmbh .
gateway gardens . retrieved on may 28 , 2011 .
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condor flugdienst gmbh .
gateway gardens . retrieved on may 28 , 2011 .
cleartrip facilitates easy , fast and reliable air tickets booking platform for the condor flugdienst airlines .
condor flugdienst operates the non - passenger pilatus _ pc - 9 aircraft for target - towing duties .
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how to find us frankfurt airport .
condor flugdienst . retrieved on 28 may 2011 .
condor flugdienst fleet offers three types of cabin configurations – business class , premium economy class and economy class .
urltoken presents our independent condor flugdienst safety ratings and reviews . country of origin : germany | airline code : de
list of airline mergers and acquisitions . . . delta name ) lufthansa 1955 - created deutsche flugdienst gmbh in conjunction with other companies and subsequently owned 25 . 81 % of it 1959 - increased its shares in deutsche flugdienst . . . in 1961 deutsche flugdienst bought
condor - luftreederei“ renaming itself then
condor flugdienst gmbh
1989 - created sunexpress airlines as a joint venture with turkish airlines . . .
how to find us .
condor flugdienst . retrieved on 28 may 2011 .
condor flugdienst gmbh am grünen weg 1 - 3 65451 kelsterbach germany
and
condor flugdienst gmbh ( location oberursel ) thomas - cook - platz 1 61440 oberursel germany
and
condor berlin gmbh airport berlin - schönefeld postfach 12521 berlin germany
and
condor technik gmbh cargo city süd , gebäude 507 60549 frankfurt / airport germany
how to find us .
condor flugdienst . retrieved on 28 may 2011 .
condor flugdienst gmbh am grünen weg 1 – 3 65451 kelsterbach germany
and
condor flugdienst gmbh ( location oberursel ) thomas - cook - platz 1 61440 oberursel germany
and
condor berlin gmbh airport berlin - schönefeld postfach 12521 berlin germany
and
condor technik gmbh cargo city süd , gebäude 507 60549 frankfurt / airport germany
condor flugdienst operated 4 different vickers viscount aircrafts between 1961 and 1969 . all were leased from lufthansa . registrations used were :
condor flugdienst flies to 71 international destinations across the americas , europe , asia and africa . see here for entire list .
^ a b c
how to find us .
condor flugdienst . retrieved on 28 may 2011 .
condor flugdienst gmbh am grünen weg 1 - 3 65451 kelsterbach germany
and
condor flugdienst gmbh ( location oberursel ) thomas - cook - platz 1 61440 oberursel germany
and
condor berlin gmbh airport berlin - schönefeld postfach 12521 berlin germany
and
condor technik gmbh cargo city süd , gebäude 507 60549 frankfurt / airport germany
condor flugdienst gmbh archived 25 july 2011 at the wayback machine . .
gateway gardens . retrieved on 28 may 2011 .
condor airline was formed on 21st december 1955 as deutsche flugdienst gmbh and began operating on 29th march 1956 . the current name was taken after thomas cook group took over the shares of condor berlin gmbh ( earlier deutsche flugdienst gmbh ) from lufthansa on march 1st 2003 .
condor flugdienst features inflight entertainment across its entire fleet . see here to view the entertainment programme aboard according to the route and region .
condor flugdienst offers options for hot and cold breakfasts and meals . they offer premium and special menus as well . see here for more .
— cọndor flugdienst gmbh , abk . cfg , zu den pionieren der modernen flugtouristik gehörende führende deutsche ferienfluggesellschaft ; 1955 als »deutsche flugdienst gmbh «gegründet ; war bis ende 1997 tochtergesellschaft der deutschen lufthansa ag . … …
between 1928 and 1943 ) . in 1962 , condor flugdienst transported ca . 32 , 000 passengers ( 18 , 400 of which to and from
cleartrip brings you the latest flight schedule for condor flugdienst airlines . we’ve tried to compile and simplify airways information to help you in booking your air tickets and plan your complete trip . this condor flugdienst airlines flight schedule should give you a fair idea of their flights operating across the world . view flight timings , flight numbers , flight arrivals and departures , via routes and the days on which they operate . urltoken offers great deals and discounts on condor flugdienst airlines ticket booking . make sure you book your condor flugdienst airlines flight tickets well in advance in order to enjoy cheaper air fares
german charter airline condor flugdienst has given one of its airbus a320s a 1960s - look retro - livery to commemorate the company ' s 55th anniversary .
condor flugdienst gmbh belongs to c & n touristic ag ( today thomas cook ag ) : with the merger of condor flugdienst gmbh and nur touristic gmbh , deutsche lufthansa ag and karstadtquelle ag have created the basis for an integrated tourism concern with a european format – both partners each hold 50 percent in the company .
condor flugdienst is a frankfurt based , german airline which is popularly known as condor .
de
is the iata code of condor airlines . condor airline has other bases at munich , berlin schonefeld , dusseldorf , hamburg , hannover , leipzig / halle and stuttgart airport . condor airline is a subsidiary of thomas cook group which also has airlines operating in uk , belgium and scandinavia . condor airline was formed on 21st december 1955 as deutsche flugdienst gmbh and began operating on 29th march 1956 . the current name was taken after thomas cook group took over the shares of condor berlin gmbh ( earlier deutsche flugdienst gmbh ) from lufthansa on march 1st 2003 .
when looking for a flight with condor flugdienst , all you need to do is specify the dates on lastminute . com’s website and you are ready to fly !
munich - based geisler tours was the first holiday company to charter a condor aircraft when the airline began operations - then named deutsche flugdienst - with three vickers vikings in 1956 .
condor’s baggage conditions apply ( condor flight and feeder flight must be issued on same ticket ) .
in 1961 , deutsche flugdienst took over its rival condor - luftreederei ( which had been founded in 1957 by oetker ) , subsequently changing its name to condor flugdienst gmbh , thus reintroducing the
condor
name with lufthansa ( there was a brazilian subsidiary named syndicato condor between 1928 and 1943 ) . in 1962 , condor flugdienst transported about 32 , 000 passengers ( 18 , 400 of which to and from majorca ) and had a market share of 63 . 3 % in the german leisure air travel . in 1966 , the longhaul business was launched , with flights to thailand , ceylon , kenya , and the dominican republic .
in 1961 , deutsche flugdienst took over its rival condor - luftreederei ( which had been founded in 1957 by oetker ) , subsequently changing its name to condor flugdienst gmbh , thus re - introducing the
condor
name with lufthansa ( there was a brazilian subsidiary named syndicato condor between 1928 and 1943 ) . in 1962 , condor flugdienst transported ca . 32 , 000 passengers ( 18 , 400 of which to and from majorca ) and had a market share of 63 . 3 percent in the german leisure air travel . in 1966 , the longhaul business was launched , with flights to thailand , ceylon , kenya and the dominican republic .
millions of flight searches are performed on lastminute . com . review a selection of the flight offers we have uncovered that are the nearest match to your search for condor flugdienst flights .
condor flugdienst flies to 9 domestic destinations within the country – berlin , bonn / cologne , düsseldorf , frankfurt , hamburg , hannover , halle / leipzig , munich , and stuttgart .
condor flugdienst is a frankfurt based , german airline which is popularly known as condor .
de
is the iata code of condor airlines . condor airline has other bases at munich , berlin schonefeld , dusseldorf , hamburg , hannover , leipzig / halle and stuttgart airport . condor is a subsidiary of thomas cook group which also has airlines operating in uk , belgium and scandinavia .
condor’s baggage conditions apply ( condor flight and feeder flight must be listed on the same ticket ) .
condor flugdienst flies this version of their boeing 767 - 300er in a three class configuration with 18 angled flat business class seats , 35 premium economy seats , and 206 standard economy seats .
condor flugdienst flies this version of their boeing 767 - 300er in a three class configuration with 30 angled flat business class seats , 35 premium economy seats , and 180 standard economy seats .
for condor’s 40th birthday celebration , american artist james rizzi creates a boeing 757 as a flying work of art , the so - called “rizzi - bird” . with twelve firm orders , condor flugdienst gmbh is the launch customer for the boeing 757 - 300 .
press contact : condor flugdienst gmbh johannes winter head of communications fon . : + 49 ( 0 ) 6107 939 - 7804 fax : + 49 ( 0 ) 6107 939 - 7147 mail : email contact
mid - air collision with a condor flugdienst boeing 737 ( d - abel ) over tarragona , spain . all three on board the piper ( pilot , co - pilot and passenger ) were killed .
condor flugdienst gmbh has a 63 . 3 % market share of all german tourism air travel . some 66 , 000 passengers are transported in this year – majorca is the leading destination with 36 000 passengers .
she left klm in december 1957 , sold to deutsche flugdienst , later condor as d - besi . after she flew in the usa for ozark airlines and mohawk airlines before being stored in 1974 and broken up later .
nominally transferred to deutscher flugdienst , condor , on 1 march 1960 , but retained lufthansa colors . was also used by lufthansa when required . leased to world airways as n45520 from 5 october 1962 until 21 february 1964 .
in this trip report i review condor b767 - 300er business class from frankfurt ( germany ) to mahe ( seychelles ) . for those who have not heard of condor airlines , condor flugdienst gmbh , branded as condor , is a german leisure airline based in frankfurt . it operates scheduled flights to leisure destinations in the mediterranean , asia , africa , north america , south america and the caribbean . this was my first flight in on condor and you can read about my second flight in my condor business class flight reviews .
condor flüge individuell
( today condor individuell ) : condor no longer markets only charter capacities , but now also uses its individual seat business to sell airline seats directly to customers .
condor flugdienst has the following aircrafts as part of its fleet – 9 airbus a320 - 200s , 7 airbus a321 - 200s , 10 boeing 757 - 300s , and 16 boeing 767 - 300ers – a total of 42 passenger aircrafts .
a condor airbus a320 - 200 featuring the 1990s condor livery with the newly applied
thomas cook
titles ( 2004 ) .
in march , condor flugdienst gmbh celebrates its fiftieth birthday . its exciting history is relived through a number of different campaigns . in the anniversary year of 2006 , condor flies a declaration of love around the world , the uniquely designed boeing 757 - 300 called “willi” , after wilfried meyer , who for 30 years was the defining influence for condor’s image . on october 16 , condor welcomes on board its 15 millionth passenger since 1956 .
condor boeing 767 - 300er in 2003 , featuring the thomas cook powered by condor livery and titles that were introduced in the 1990s .
urltoken has years of experience in looking for condor flugdienst flights . we understand that the ideal flight is not always easy to find , so we have devised various filters that will help you refine your searches and find the flight that best suits you .
in 2002 , the process of transforming condor from a lufthansa subsidiary to a part of thomas cook group ( along with thomas cook airlines , thomas cook airlines ( belgium ) and thomas cook airlines scandinavia ) began with the rebranding as thomas cook powered by condor . a new livery was introduced , featuring the thomas cook logo on the aircraft tail and the word
condor
written in the font used by thomas cook airlines . in 2004 , condor became part of thomas cook ag , returning to the condor flugdienst brand name .
condor and air namibia concluded a codeshare agreement that will allow condor passengers to have access to daily flight connections to windhoek from summer 2017 .
the condor is one of the largest flying birds in the world . it has a wingspan of up to 10ft , which enables it to soar with ease , and a relatively long lifespan . it is then only fitting that it shares its name with condor flugdienst , a german leisure airline that has been soaring for 60 years .
condor flugdienst gmbh condor platz 60549 frankfurt am main germany phone : + 49 ( 0 ) 6107 939 - 0 fax : + 49 ( 0 ) 6107 939 - 7440 note : if you are using a navigation device ( gps ) , please enter
de - saint - exupéry - str . 8
as the destination address .
skytrax have rated condor flugdienst airlines 5 out of 10 stars , the airline has been rated an average of 3 stars out of 5 for food and beverages , seat comfort , staff services and value for money and for in - flight entertainment they give 2 stars .
condor takes modern boeing 757 and boeing 767 jets into service . they had been initially operated by the production company südflug , a 100 percent subsidiary of condor . condor is the first tourism airline to introduce a separate , more comfortable class into its aircraft : the new condor comfort class creates new quality standards . in fall 92 the subsidiary südflug is integrated into condor .
top international sectors of condor flugdienst include frankfurt to palma mallorca , palma mallorca to frankfurt , palma mallorca to dusseldorf and dusseldorf to palma mallorca . they also have occasional flights from heraklion to dusseldorf , hannover to heraklion and hannover to hurghada flights . find more route here -
condor safety instructions feature paris hilton , elvis and michael schumacher .
condor . april 4 , 2011 . retrieved on november 9 , 2011 .
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condor safety instructions feature paris hilton , elvis and michael schumacher .
condor . april 4 , 2011 . retrieved on november 9 , 2011 .
condor flights can be booked online at urltoken , or through any travel agent .
ordered at home , delivered on board . duty - free shopping with condor .
earn miles with alaska mileage plan™ whenever you fly with condor or alaska airlines .
at frankfurt in basic condor c / s without titles and without tail logo .
have you ever flown on condor ? tell us about your experience , below .
click here for a seat map of the most common version of condor’s b767 .
condor flugdienst gmbh thomas - cook - platz 1 61440 oberursel germany phone : + 49 ( 0 ) 6171 65 - 00 fax : + 49 ( 0 ) 6171 65 - 2125 note : if you are using a navigation device ( gps ) , please enter
zimmersmühlenweg 55
as the destination address .
receive condor news and most up - to - date deals per e - mail . keep up to date with our latest offers , route news and other condor news .
seat reservations may only be made for condor flights with a condor flight number ( de ) and condor aircraft . for all seat reservations , we recommend making the reservation as far in advance as possible , however no later than 48 hours prior to departure .
# wifi : unfortunately , wifi is currently not offered by condor at the moment .
our condor inflight magazine contains interesting and entertaining information about travel , lifestyle and culture .
condor flugdienst ( condor airlines ) has partnership with many airlines having both the code - share and interline agreement . the code - share agreement allows condor airline and its subsidiary airline to use their flight number and market off their products in other airlines and also allowing other airline passenger as their own to travel to their destinations and it is bidirectional while interline agreements allows the airline to issue single tickets to its passengers allowing them to reach their destinations no matter how many flights they have to change .
condor flugdienst gmbh is a german carrier operating passenger and freight services to 75 destinations in europe , asia , africa and north america . following a merger with thomas cook airlines uk , thomas cook airlines belgium and thomas cook airlines scandinavia in oct - 2013 , the german carrier became an operating division of the thomas cook group plc .
condor is founded on december 21st as “deutsche flugdienst gmbh” by the four partners norddeutscher lloyd ( 27 . 75 % ) , hamburg - amerika - linie ( 27 . 75 % ) , deutsche lufthansa ( 26 % ) and deutsche bundesbahn ( 18 . 5 % ) . condor’s hub is frankfurt am main . the fleet consists of three british - made vickers viking two - engine propeller aircraft , each with 36 seats .
wi - fi is available on all aircraft within condor ' s 767 sub - fleet .
but the big thing with condor is not just the product offered but also the value .
see more photos of my condor 767 flight , including pics of economy and premium economy .
surpassing all other leisure airlines worldwide . at that time , the condor fleet consisted of two
from 2000 onwards , the condor shares held by lufthansa were gradually acquired by thomas cook .
and condor are to be merged into a single operating segment of the thomas cook group .
thomas cook becomes the integrated international tourism brand : condor is transformed into the new brand , “thomas cook powered by condor” . in germany , the condor and condor berlin airplanes gradually bear the new thomas cook design : the fuselage sections of the aircraft feature the thomas cook name , and the tail unit displays the thomas cook logo . the reference “powered by condor” makes it clear that the new airline brand is relying on the tried - and - true condor quality . in june of 2002 , the first aircraft takes off displaying the new livery .
there are lots of reasons why air travellers choose to book condor flights . they include :
the german leisure airline condor flugdienst gmbh , operating as condor , has its base at frankfurt am main airport , wherefrom most of condor’s long - haul flights depart . the airline , which is germany’s 3 rd largest commercial airline , operates scheduled flights to leisure destinations in and around the caribbean , south america , north america , africa , asia and the mediterranean . it also has secondary bases at berlin schönefeld airport , leipzig / halle airport , stuttgart airport , düsseldorf airport , hannover airport , hamburg airport and munich airport .
in addition to its own 12 boeing 767 long - haul aircrafts , condor is also operating aircraft from its sister airline on condor routes . passengers can go to urltoken and look up their flight under
booking
to see if it is being operated by a condor aircraft .
flightglobal : air berlin consolidates market position with condor takeover . published online on 24 september 2007 .
you may be interested to know that condor airlines is named after a large black and white bird that is native to the americas . the condor is designated as the national bird of chile .
# bar : the condor b767 does not have a walk - up bar in business class .
condor flugdienst ( de ) , commonly known as condor , is a german airline that primarily caters to leisure travelers . as the country ' s third - largest airline , condor flies to more than 65 popular vacation destinations across europe , as well as africa , asia , north america and south america from 10 airports throughout germany . the airline ' s fleet of aircraft includes planes with a two - cabin ( premium economy class and economy class ) and three - cabin ( business class , premium economy class and economy class ) configurations . condor has hubs at frankfurt airport ( fra ) and munich airport ( muc ) , and the airline is headquartered in frankfurt .
, the condor fleet consists of the following aircraft with an average age of 15 . 2 years :
condor airlines delayed / cancelled flights list ( flight no . , date , departure & arrival destinations )
what are the best business class seats on condor’s b767 ? use this seat map for more information .
what are the worst business class seats on condor’s b767 ? use this seat map for more information .
while overhauling the cabins in its boeing 767 long - haul fleet , condor introduces a new premium economy class in addition to the regular economy class . a separate technical unit , condor technik gmbh , is set up to perform the highly demanding repair and maintenance work on the condor boeing fleet at frankfurt airport .
condor founds “condor berlin gmbh” , a 100 percent subsidiary with its headquarters in berlin schönefeld . by the end of the year , condor is awaiting six airbus a320 - 200 aircraft , the most technologically modern short - haul aircraft in the world . during the next couple of years the fleet expands to twelve aircraft .
condor ' s new business class offers 15
hd screens and lie flat seats ( 170 degrees ) .
would i fly condor again ? maybe but only if i can get seating in the very first row .
what is this ? the condor pr dpt ? did they pay for your flight ? looks like it .
all condor long - haul aircraft undergo an extensive cabin refurbishment . the cabin refurbishment includes the installation of a completely new cabin with in - seat entertainment in all classes and new fully automated , comfortable angled - lie - flat seats in the new condor business class . in february and april , the first new airbus a321 - 211 with sunny heart design and extended wings , so called sharklets , are delivered to condor . in a survey by focus and focus money , condor is awarded as sustainable airline . condor receives the gold seal .
the best business class seat on condor planes although comfortable , the business class seats on condor’s b767 represent a dated product . while many airlines now offer flatbeds , condor opts for angled lie - flat seats with a 170 degree incline . this is probably due to the fact that condor mainly caters to holiday destinations and therefore somewhat lacks steep competitions from other airlines , hence allowing them to maintain a somewhat inferior business class seat product .
after the devastating earthquake in haiti and successful transport of relief supplies , condor and the aid organisation “luftfahrt ohne grenzen e . v . – wings of help” set up a partnership in june . condor furnishes its airbus a320 fleet with a new cabin interior . condor provides the latest news , travel tips and more on facebook .
the airline condor flugdienst gmbh is a member of the international air transport association ( iata ) and has been certified according to the iata operational safety audit ( iosa ) . each year more than seven million passengers fly with condor to some 75 destinations in europe , asia , africa and america . condor operates within the thomas cook group as part of the thomas cook group airlines together with thomas cook airlines great britain , thomas cook airlines scandinavia and thomas cook airlines belgium . the thomas cook group fleet consists of 91 modern and environmentally friendly aircraft , including 42 aircraft in the condor fleet . all the companies in the thomas cook group have been joined together under a unified symbol , the sunny heart , since october 1 , 2013 .
condor has increased its fees for pre - bookable ancillaries , such as extra baggage , meals or sports baggage .
in addition , it provides information about our destinations , route network and everything you need to know about condor .
about condor condor flugdienst gmbh has been flying its passengers to the world & apos ; s most beautiful holiday destinations since 1956 . on an annual basis , 7 million passengers fly with condor to around 75 destinations in europe , asia , africa and america . since 2013 , the german airline condor , along with scandanavia , has been a part of the thomas cook group airlines . the fleet of the airlines in the thomas cook group comprises 88 modern and environmentally friendly aircraft , of which 40 aircraft are in the condor fleet : 12 airbus a320s , 3 airbus a321s , 13 boeing 757 - 300s and 12 boeing 767 - 300s . the aircraft are maintained by the airline & apos ; s own technical operations . in a representative survey of focus and focus money , called
mit gutem gewissen ,
condor was elected the most environmentally sustained airline and received the sustainability prize in 2014 . condor is co - initiator of the four - liter campaign of the federal association of german aviation ( bdl ) : german aviation consumption of kerosene is less than 4 liters per passenger on 100 kilometers .
“with daily nonstop flights from frankfurt to windhoek , the cooperation between condor and air namibia offers our customers additional advantages with an expanded selection of holiday destinations in southern africa and a continuous baggage check - in on codeshare flights , ” says ralf teckentrup , chairman of the board of condor flugdienst gmbh . “our existing africa routes are being optimally complemented with the agreement so that , in addition to zanzibar , mombasa , kilimanjaro , windhoek and cape town , other parts of southern africa can also be explored on long - haul flights . ”
the a320 - 212 with the constructor ' s number 905 was registered for testing as f - wwdp for its first flight on 1 october 1998 but was then re registered as d - aicf , one of the a320s which replaced boeing 737s in the fleet of condor berlin gmbh , itself a wholly owned subsidiary of condor flugdienst gmbh , one of the world ' s leading leisure airlines . condor berlin gmbh was founded at berlin tegel airport in 1998 , taking advantage of the reunification of germany in 1990 , previous to which west german airlines had not been allowed to fly into west berlin . schonefeld in nearby brandenburg became the new home of condor berlin gmbh in the early 21st century before the organisation was rebranded as part of thomas cook and lufthansa from 2004 .
— condor / cargo technik gmbh ( cct ) war ein luftfahrtechnischer betrieb mit sitz am flughafen frankfurt . am 1 . januar 2009 wurde die condor / cargo technik unter verschmelzung mit einem teil des externen kundengeschäfts aus dem bereich der… …
in spring 2012 condor moves into its new company headquarters in gateway gardens , in may the first airbus a321 - 200 is registered . condor extends its fleet to twelve long - haul airplanes of the type boeing 767 . according to a customer satisfaction survey of the german institute of service quality ( disq ) in december 2012 , condor is awarded the most popular airline among german travelers . as test winner , condor carries the official seal
very good
.
condor flugdienst gmbh , branded as condor , is a german leisure airline based in frankfurt . it operates scheduled flights to leisure destinations in the mediterranean , asia , africa , north america , south america , and the caribbean . its main base is at frankfurt airport [ 2 ] from which most of its long - haul flights depart ; secondary bases for mediterranean flights are munich airport which also features long - haul flights , hamburg airport , hannover airport , düsseldorf airport , stuttgart airport , leipzig / halle airport , and cologne bonn airport .
the condor fleet is serviced by the experienced “group maintenance organisation ( gmo ) ” of the thomas cook airlines group .
i know that condor has already read the story , then i sent an email asking about the operations in frankfurt .
condor flights are delayed 62 % of the time . when there is a delay , it averages about 28 minutes .
skytrax have rated condor flugdienst airlines 5 out of 10 stars , the airline has been rated an average of 3 stars out of 5 in terms of food and beverages and for in - flight entertainment , seat comfort , value for money and 4 out of 5 stars for staff service as of august 2016 . according to flightstats some of the condor flights has very poor on time performance rating , e . g . condor flight de2051 from fairbanks , alaska to frankfurt has an average of being excessively delayed 77 % of time , 11 % of time flight were very late , 11 % of time flight were behind the schedule while 0 % of time flight were on time .
condor airline is one of the vast airline in german airline industry and its flights flies to worldwide destinations . due to heavy air traffic , cargo traffic or technical issues may often leads to delay of condor airline flights . so if you are travelled with condor airline flight and your flight delayed for more than 3 hours or you have booked condor flight ticket and your flight cancelled without prior notification ; denied boarding or you missed the connecting flight may due to flight route changes or airport delays then you can claim compensation up 600€ from condor airline in accordance with ec regulation 261 / 2004 air passengers right .
note : condor provided my travel to and from frankfurt to participate in their media event . all opinions are my own .
as of may 2012 , the condor fleet consists of the following aircraft with an average age of 12 . 9 years :
surpassing all other leisure airlines worldwide . at that time , the condor fleet consisted of two boeing 747 - 200s , two
as of december 2010 , the condor fleet consists of the following aircraft with an average age of 12 . 9 years :
beginning in may , the thomas cook ag airline in germany returns to the skies under the condor brand name . as the first and up to now only german airline , the new condor also begins offering discount prices on long - haul flights : starting at 99 euros , guests can fly with condor to america , to the caribbean , to africa and to asia .
welcome to condor business class ! let yourself be pampered and enjoy exceptional comfort and excellent service along with numerous extra amenities .
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in 1961 , with lufthansa having acquired a 100 % stake , the airline took over the operations of another carrier , condor luftreederei . the merged company took on the condor name , laying the foundation for the development of one of the world’s leading leisure airlines . in the late 1960s , condor began flying to long - haul destinations across the globe , including thailand , sri lanka , kenya , and the caribbean . in 1971 , condor became the first leisure airline to operate the boeing 747 .
sure = ) you get what you pay for and condor isn’t a bad deal anyhow . i’d even dare to say condor is the most reliable and pleasing german airline except for lufthansa ( speaking of eco only 😉 no idea about premium classes ) .
condor’s route network has expanded to over 160 destinations worldwide through the cooperation with our partner airlines . in addition to flights in most of the dream destinations in the caribbean , condor also offers flights to a large number of holiday destinations in latin america .
it is extremely cold in the area around seat 22k . i ' ve made an online check - in at the condor homepage and had to see that they seated my wife at 22k . there was online no chance to change the seat . i told my wife to ask condor at the airport , but they refused changing the seat . we are very disappointed of condor .
on 2 january 1988 at 19 : 18 local time , condor flugdienst flight 3782 , a boeing 737 - 200 ( registered d - abhd ) on a chartered service from stuttgart to izmir , crashed into a hill near seferihisar whilst approaching adnan menderes airport , killing all 11 passengers and 5 crew members on board . wrong use of navigation aids and lack of adherence to company procedures especially in respect of crew coordination were given as causes for the accident . [ 52 ]
condor airlines is a german carrier based in frankfurt , germany , providing flights to 77 worldwide destinations in north america , south america , europe , africa , asia , and the caribbean . expedia can help you book your flight to anywhere condor flies . serving some of the most popular mediterranean holiday routes , condor air also has the special offers travelers need when booking their perfect vacation .
condor ( berlin ) hat über den sommerflugplan einen a319 von hamburg airways geleast . d - ahhb hat dadur - urltoken
condor expands its shareholdings . meanwhile condor - touristik - verbund owns holdings in alpha holding gmbh ( 30 percent ) , kreutzer touristik gmbh ( 37 . 5 percent ) , fischer reisen gmbh ( 100 percent ) and 10 percent of öger tours gmbh . condor additionally assumes the 40 percent owned by lufthansa in the turkish charter airline sunexpress , which will be later extended to 50 percent .
condor airline is one of the vast airline in germany and its flights flies to worldwide destinations . due to heavy air traffic , cargo traffic or technical issues may often leads to delay of condor flights . so if you are travelled with condor airline flight and your flight were delayed for more than 3 hours or you have booked condor flight ticket and your flight has been cancelled without prior notification ; or you’re denied boarding due to overbooked flight tickets or you missed the connecting flight may due to flight route changes or airport delays then you can claim compensation up 600€ from condor airline in accordance with ec regulation 261 / 2004 air passengers right .
although comfortable , the business class seats on condor’s b767 represent a dated product . while many airlines now offer flatbeds , condor opts for angled lie - flat seats with a 170 degree incline . this is probably due to the fact that condor mainly caters to holiday destinations and therefore somewhat lacks steep competitions from other airlines , hence allowing them to maintain a somewhat inferior business class seat product .
condor flugdienst gmbh has been flying its passengers to the world ' s most beautiful holiday destinations since 1956 . on an annual basis , 7 million passengers fly with condor to around 75 destinations in europe , asia , africa and america . since 2013 , the german airline condor is part of the thomas cook group airlines to which the thomas cook airlines uk , thomas cook airlines belgium and thomas cook airlines scandinavia also belong . the fleet of the airlines in the thomas cook group comprises 88 modern and environmentally friendly aircraft , of which 40 aircraft are in the condor fleet : 12 airbus a320s , 3 airbus a321 , 13 boeing 757 - 300s and 12 boeing 767 - 300s . the aircraft are maintained by the airline ' s own technical operations . in a representative survey of focus and focus money , called
mit gutem gewissen
, condor was elected the most environmentally sustained airline and received the sustainability prize in 2014 . condor is co - initiator of the four - litre - campaign of the federal association of german aviation ( bdl ) : german aviation consumption of kerosene is less than 4 litres per passenger on 100 kilometres .
here , you can find all of the details and information about the condor fleet as well as seat maps for all aircraft types .
a condor boeing 757 - 300 approaching frankfurt airport , featuring a special livery commemorating the airline ' s 50th birthday ( 2010 ) .
on the condor website , you can book flights with our partner airlines . here , you can get information about our partner airlines .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with flybe .
we regret it is not possible to accept unaccompanied children or pets on condor flights including a feeder / defeeder flight with air china .
it is worth noting that the condor b767 does not have a walk - up bar in business class or wifi on their planes .
austrian airlines is launching a wet lease agreement with condor , the fourth largest german airline , which is headquartered in frankfurt am main .
condor offers a germany - wide unique concept airshoppen . guests can use condor ' s airshoppen service with more than 950 products at home before their flight to shop tax - free and save up to 60 percent . the goods will be brought to the passenger ' s seat on the booked outbound or return flight portland , oregon , and providence , rhode island , are new condor destinations for summer 2015 .
this period saw the launch of the condor individuell system , allowing direct flight bookings by passengers without the need of a travel agency . in 1989 , sunexpress was founded as a co - operation between condor and turkish airlines , aiming at leisure traffic between germany and turkey .
during this period , the condor individuell system was launched , allowing direct flight bookings by passengers without the need of a travel agency . in 1989 , sunexpress was founded as a co - operation between condor and turkish airlines , aiming at leisure traffic between germany and turkey .
condor plans to cut 100 jobs under cost - saving measures to return to profit while ryanair will expand flights from frankfurt substantially next winter .
thomas cook group airline to offer tsa pre✓® for all flights on condor and thomas cook uk from sixteen u . s . airports this summer
taking into consideration both on - time performance as well as delay frequency and duration , condor earns 2 . 3 out of 5 stars .
from 2000 onwards , the condor shares held by lufthansa were gradually acquired by thomas cook . [ 5 ] the process of transforming condor from a lufthansa subsidiary to a part of thomas cook ( along with thomas cook airlines , thomas cook airlines belgium and thomas cook airlines scandinavia began with the rebranding as thomas cook powered by condor on 1 march 2003 . [ 5 ] a new livery was introduced , featuring the thomas cook logo on the aircraft tail and the word
condor
written in the font used by thomas cook airlines . on 23 january 2004 , condor became part of thomas cook ag and returned to the condor brand name . [ 5 ] by december 2006 , the remaining lufthansa shares only amounted to 24 . 9 percent , [ 5 ] so that the last influence ( by a blocking minority ) was lost .
germany ' s most popular leisure airline celebrates 60th anniversary . on march 29 , 1956 , the first condor aircraft took off from frankfurt .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with bmi regional .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with air mauritius .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with air namibia .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with air seychelles .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with precision air .
on 17 october 1958 , a deutsche flugdienst ( as the airline was called at that time ) vickers vc . 1 viking ( registered d - bela ) on a cargo flight had to carry out a forced landing near zele in belgium due to an engine fire . upon impact , the aircraft caught fire and was destroyed , but all three crew members on board survived .
the twice - weekly condor flights from frankfurt ( mondays and fridays ) are being supplemented with flights from air namibia . this means that passengers can make their plans with more flexibility and chose from nine weekly connections during the summer flight plan and from seven weekly connections in the upcoming winter . from april onwards , all codeshare flights will be available with a condor flight number and airline code “de” through the condor booking channels .
if you are an air passenger travelled with condor airlines and your flight has been delayed or you have booked condor flight ticket and your flight has been cancelled ( without any prior notice ) or for reasons which could be under control of respective authority then according to ec regulation 261 / 2004 , condor airline flight passengers can claim compensation up to 600€ for flight delays . this takes into account the distance that you travel .
condor airline is the third largest german airline and a subsidiary of the british thomas cook group . it is also a member of lufthansa group in germany . condor airline is basically known for its leisure flights to the mediterranean , asia , africa , north america , south america and caribbean . condor airlines main hub is located at frankfurt airport but certain mediterranean flights also take off from munich airport . condor airline currently has 40 aircrafts flying under its name . these include airbus a320 - 200s , airbus a321 - 200s , boeing 757 - 300s and boeing 767 - 300ers . with these fleets condor airline connects to more than 75 destinations across europe , asia , africa , and the north and south america .
today , condor long - haul flights have the choice between economy , premium economy , and business class . even though one might think of condor as a low - fare carrier , their new business class hard and soft product make them more of a competitive player in the market .
aircraft maintenance is split between two wholly owned subsidiaries : condor technik gmbh ( based at frankfurt airport with 160 employees ) for the medium - long haul boeing aircraft , and condor berlin ( based at berlin schönefeld airport with 80 employees ) for the short - medium haul airbus aircraft .
aircraft maintenance is split between two wholly owned subsidiaries : condor technik gmbh ( based at frankfurt airport with 160 employees ) for the medium - long haul boeing aircraft , and condor berlin gmbh ( based at berlin schönefeld airport with 80 employees ) for the short - medium haul airbus aircraft .
we regret it is not possible to accept unaccompanied children or pets on condor flights which include a feeder / defeeder flight with air antilles express .
on 17 october 1958 , a deutsche flugdienst ( as the airline was called at that time ) vickers vc . 1 viking ( registered d - bela ) on a cargo flight had to carry out a forced landing near zele in belgium due to an engine fire . upon impact , the aircraft caught fire and was destroyed , but all three crew members on board survived . [ 44 ]
in condor business class , you will enjoy an even more exclusive start to your holidays . whether you want to relax , enjoy our extensive and varied entertainment - programme , or let yourself be pampered by our service – in condor business class , you arrive at your destination relaxed and comfortable .
it’s not too late to get low fares to europe this summer from sixteen u . s . cities on condor and thomas cook airlines u . k
we regret it is not possible to accept unaccompanied children in the cabin or pets on condor flights which include a feeder / defeeder with tropic air .
condor airlines is the third largest german airline and a subsidiary of british thomas cook airlines . it also has its alliance with lufthansa group in germany .
condor airlines has shared code - share agreement with air namibia , thomas cook airlines uk and thomas cook airlines belgium which are its sister airlines company .
today ( december 7 , 2016 ) : trip report : condor b767 - 300er business class from frankfurt ( germany ) to mahe ( seychelles ) .
did you know that condor airlines’ middle seats on their 767s are about 2″ ( 5cm ) wider than non - middle seats . that is pretty awesome .
even with the not - so - great ground experience in frankfurt , my overall impressions of condor’s business class blew away my expectations and i was impressed .
i can really recommend condor business class to you ! it blew away my expectations and i was impressed . i can just say , “try it” . urltoken
^ a b
construction of condor’s new headquarters begin .
aviation world . fraport . january 2011 . 15 . retrieved on may 28 , 2011 .
u . s . department of transportation ( dot ) contact details any customer who believes that condor flugdienst gmbh has violated any provision of title 14 , code of federal regulations , part 382 , may file a formal complaint under the applicable procedures of 14 cfr part 382 . 65 at the following address : aviation consumer protection division attn : c - 75 - d u . s . department of transportation 1200 new jersey ave , se washington , d . c . 205090 tel : ( + 1 ) 202 - 366 - 2220 . or click here for more information .
on 31 july 1960 , a deutsche flugdienst convair cv - 240 ( registered d - belu ) en route from frankfurt to rimini experienced failures in both engines upon approaching rimini airport . the pilots had to carry out an emergency landing 1000 metres short of the runway , which resulted in the death of one passenger ( out of 30 , with additional four crew members on board ) and the aircraft being written off .
air berlin will acquire a 75 . 1 % stake in condor directly from thomas cook in february 2009 , subject to regulatory approval . at the same time , thomas cook plans to acquire the remaining 24 . 9 % of condor from lufthansa , and will pass this stake on to air berlin in february 2010 .
with the refurbishment of its boeing 767 fleet , condor changed the name of its upper class cabin from
comfort class
to business class in 2014 . [ 45 ] condor ' s business class is offered on all boeing 767 aircraft . the seats ( zodiac aerospace ) convert to 170 degrees lie - flat beds with 180 centimetres ( 71 in ) in length and a standard seat pitch ( in take off mode ) of 60 inches ( 1 , 500 mm ) . the seats include power and usb outlets as well as a 15 - inch ( 380 mm ) screen for in - flight entertainment . [ 45 ] condor offers separate business class check - in counters at all airports that condor operates long - haul flights from . condor operates rave inflight entertainment throughout the whole cabin .
condor airlines is excited to announce its 2018 flight schedule with twice - weekly flights operating on thursdays and sundays from may 17 , 2018 , through . . .
the problem in frankfurt is that condor isn’t the real boss obviously… lufthansa gets all the goodies , the nice and new gates at a + etc . and the better check - in stands… condor gets the old and “off - shot” c - gates . so that could be a reason for your bad feeling about fra 😉
that it is not a charter carrier . based on condor ' s fleet size and flown passengers , the airlines is germany ' s third biggest commercial airline .
class seats are being replaced with new seats from zim flugsitz gmbh . condor is going to keep its successful premium economy class with more legroom and added services .


banca tercas is an italian bank based in teramo , abruzzo .

on 1 january 2011 the bank purchased banca caripe from banco popolare , which the bank group also referred as tercas caripe .

however the bank was acquired by banca popolare di bari in 2014 , which in turn the bank became part of the bp bari group .

banca tercas

on 1 january 2011 the group sold banca caripe to banca tercas , the bank only section in abruzzo .
on 1 october 2014 , the special administration of banca tercas was lifted and new management was appointed by banca popolare di bari in its new capacity of sole shareholder of banca tercas .
after the transactions banca tercas and its subsidiary banca caripe , the major saving banks in abruzzo , became subsidiaries of bp bari .
while banca tercas has received incompatible aid , the commission did not find evidence of aid to the buyer , banca popolare di bari .
on 1 january 2011 banca tercas acquired the controlling interests of banca caripe ( 95 % ) for ? 228 million from banco popolare .
how can i put and write and define banca tercas in a sentence and how is the word banca tercas used in a sentence and examples ? 用banca tercas造句 , 用banca tercas造句 , 用banca tercas造句 , banca tercas meaning , definition , pronunciation , synonyms and example sentences are provided by ichacha . net .
about bpbari banca popolare di bari is the parent company of the homonymous banking group , whose subsidiaries are “banca tercas” , “banca caripe” , “cassa di risparmio di orvieto” and “popolare bari corporate finance” .
in 2007 intesa sanpaolo sold their 20 % shares on banca tercas for ? 89 million to other investors .
fondazione pescara abruzzo , the banking foundation which originated from caripe , owned 3 . 5 % shares of banca tercas as well as 5 % of banca caripe .
in 2014 bp bari contributed the capital increases of banca tercas , which was under special administration by the state .
headquartered in teramo , italy , banca tercas spa reported total consolidated assets of eur3 . 5 billion at june 2010 .
banca tercas is headquartered in teramo , italy . at december 2011 , it had total assets of eur5 . 3 billion .
in december 2015 , european commission ruled that the capital injection to banca tercas in 2014 , would be classified as state aid .
in october 2006
' banca tercas s . p . a .
' was found with the foundation sold 15 % shares to the public , as well as banca intesa retained their 20 % shares .
with this acquisition banca tercas will become leading local bank in the abruzzo region , with a market share of about 17 % of deposits and 11 % of loans .
banca piccolo credito valtellinese : finalisation of the purchase of 100 % equity . .
banca piccolo c : finalisation of the purchase of 100 % equity in cla . .
on 27 july 2014 the extraordinary shareholders ' meeting of banca tercas , called by the special administrator , decided to cover the losses , which had occurred during the special administration through the cancellation of all existing ordinary shares and a cash injection by the fitd . with the same occasion the shareholders approved a capital increase of eur 230 million reserved to banca popolare di bari , which after the subscription of the capital increase became the sole shareholder of banca tercas .
the fund carried 11 interventions , which 2 out of 11 banks returned to normal operation ( cassa di risparmio di prato and banca tercas ) . 4 additional bank were bail - out by newly established italian national resolution fund of single resolution mechanism in 2015 . ( banca delle marche , banca popolare dell ' etruria e del lazio , cassa di risparmio della provincia di chieti and cassa di risparmio di ferrara ) istituto per il credito sportivo , gbm banca and banca popolare delle province calabre were still under special administration as at 2015 .
banca monte dei paschi di siena s . p . a . p . i . 00884060526
banca monte dei paschi di siena s . p . a . p . i . 0088406052
in july 2014 , the fitd with the approval of the bank of italy , provided approximately €300 million in support ( through capital injections and guarantees ) to banca tercas for its acquisition by banca popolare di bari . these measures were not notified to the commission as required by the treaty .
furthermore , although banca tercas ' existing shareholders were fully written down at the time , subordinated creditors did not make any contribution to the cost of restructuring , as is required under burden - sharing principles .
banca piccolo c : 2018 - 2020 business plan - the de - risking plan envi . .
banca piccolo credito valtellinese : 2018 - 2020 business plan - the de - risking pl . .
banca piccolo credito valtellinese : creval business plan 2018 - 2020 - project & l . . ;
following an in - depth probe , the european commission has concluded that the support granted by the italian mandatory deposit guarantee scheme to banca tercas constitutes incompatible state aid based on the facts and circumstances at hand .
banca tercas is the holding company of a banking group operating mainly in the abruzzo region . at the end of 2011 , banca tercas had a total balance sheet of €5 . 3 billion and a market share of about 0 . 1 % of total banking assets in italy . on 17 april 2012 based on the findings of a supervisory inspection performed by bank of italy , the bank was placed under special administration .
banca tercas is a small italian bank with a market share of about 0 . 1 % of total banking assets in italy . in july 2014 , the italian mandatory deposit guarantee scheme fondo interbancario di tutela dei depositi ( fitd ) intervened in favour of banca tercas in order to cover the losses of the bank and support its sale to banca popolare di bari . the commission found that the fitd acted on behalf of the italian state . the measures are not in line with eu state aid rules , because italy did not present a restructuring plan and the measures did not minimise the aid nor the resulting distortions of competition . the commission welcomes that private banks are now considering supporting banca tercas voluntarily . in any case , depositors remain fully protected .
contrary to those rules , banca tercas ' subordinated creditors weren ' t forced to take losses on their holdings , the commission said . italy has challenged the recovery decision before the general court of the eu ( gc ) .
milan , oct 8 ( reuters ) - italian mid - tier lender credito valtellinese said on tuesday its board had decided not to start talks for a merger with troubled peer banca tercas , as conditions were not in place .
european commission ruled that the bail out of banca tercas by fitd in 2014 was a state aid , while new bank recovery and resolution directive of eu required to bail - in some investors of the bank before any state intervention .
creval , which holds 7 . 8 percent of tercas , said last month it had started a due diligence on tercas , which is under special administration , to evaluate the possible tie - up . ( reporting by francesca landini , editing by danilo masoni )
milan ( reuters ) - italian mid - tier lender credito valtellinese said on wednesday it was considering a possible tie - up with troubled peer banca tercas but that it had not taken any decision about a possible recapitalisation linked to the deal .
milan , january 04 , 2011 - - moody ' s investors service has today downgraded the standalone bank financial strength rating ( bfsr ) of banca tercas spa ( banca tercas ) to d + from c - , which now maps into a baa3 on the long - term rating scale , from baa1 previously . at the same time , its long - term deposit rating was downgraded to baa2 from a3 . the short - term deposit rating of p - 2 was affirmed . all ratings have a stable outlook .
the innovfin agreement will allow bp bari to provide loans to innovative companies in italy over the next 2 years with the support of a guarantee provided by the eif and backed under horizon 2020 , the eu framework programme for research and innovation . the eu support for innovative italian companies is expected to generate a portfolio of eur 100m of bank loans . banca popolare di bari will provide loans to innovative businesses and some loans will also be channelled via the following banks - cassa di risparmio di orvieto , banca tercas and banca caripe .
brad wanamaker extended his contract with banca tercas teramo until january . the rookie guard signed another short - term deal with the team to replace trey johnson , still out due to an injury . in the first three games in serie a , wanamaker averaged 9 . 7ppg and 4 . 7rpg .
on 27 february 2015 , the commission preliminarily concluded that the intervention by the fitd in favour of banca tercas constitutes state aid and opened an in - depth investigation . at that stage the commission also considered that the information available was insufficient to establish whether the aid is compatible with the internal market .
the downgrade of banca tercas ' s long - term deposit rating to baa2 from a3 follows the downgrade of the bank ' s standalone bfsr . the bank ' s deposit rating benefits from moody ' s expectation of a moderate probability of systemic support , resulting in a one - notch uplift from its baa3 bca .
credito valtellinese , which holds 7 . 8 percent of tercas , said it expected to complete the due diligence by the end of september and hold a board meeting to discuss the issue on october 8 . italian newspaper mf said on wednesday credito valtellinese could inject 200 million euros in tercas , and would need a capital increase to be able to do that .
in a statement credito valtellinese said it had recently started a due diligence on tercas , which is currently under special administration , to evaluate the possibility of a merger among other things .
according to the information available to the commission , the fitd has in the meantime consulted its members as to whether they would voluntarily agree to support banca tercas . if private actors decide according to their own objectives and from their own funds , without mandate from the state , to support banks in difficulties , no state aid issues would arise .
deposit guarantee schemes are mandatory under eu law to ensure that covered deposits are paid out when a bank is liquidated and exits the market , in which case there are no state aid issues . however , in the present case , the fitd intervened beyond this pay - out function to depositors by granting support to a bank in difficulty , banca tercas .
banca tercas teramo will extend brad wanamaker contract who is going to expire in few days . trey johnson , signed in the summer , is still injured and wanamaker will be kept in the roster waiting for a final decision about johnson . wanakamer is averaging 9 . 7ppg and 4 . 7rpg in serie a in the first three games of the season .
siena , 9 may 2018 – banca monte dei paschi di siena announces that today received the resignation from the position of alternate statutory auditor of mrs carmela regina silvestri .
the principal methodologies used in this rating were
bank financial strength ratings : global methodology
published in february 2007 , and
incorporation of joint - default analysis into moody ' s bank ratings : a refined methodology
published in march 2007 . moody ' s previous rating action on banca tercas was implemented on 18 june 2009 , when the ratings were affirmed .
siena , 4 may 2018– banca monte dei paschi di siena announces that today received the resignation from the position of board member of professor giuseppina capaldo , for professional reasons .
the commission opened an in - depth probe into the support measures in february 2015 , because it had doubts on their compatibility with eu state aid rules . the commission’s investigation showed that fitd acted on behalf of the italian state when it granted support to banca tercas . furthermore , the aid measures are not compatible with eu state aid rules , in particular the 2013 banking communication , because :
milan , may 07 , 2012 - - moody ' s investors service has today downgraded banca tercas ' bank deposit rating to b3 from baa3 and the prime - 3 short - term rating to non - prime ; at the same time , the bank ' s standalone bank financial strength rating ( bfsr ) was downgraded to e + , mapping to a b3 standalone credit strength , from d + / baa3 . all ratings remain on review for downgrade .
in early 2016 , fitd added a voluntary scheme in its article of associations , which bail out banca tercas by voluntary contribution of the member banks of fitd . ( it was followed by cassa di risparmio di cesena , a small bank in mid 2016 ) even before the introduction of the voluntary scheme , the officials of fitd had also declared that the fund could not bail out the aforementioned 4 banks entirely , due to small size of the fund .
no . the bank of italy is tasked with authorizing requests for mergers between banks on the basis of criteria established by law , designed to ensure that the newly established bank can be managed in a sound and prudent manner . in the case of banca popolare dell’etruria - banca popolare di vicenza the proposed merger was independently mooted by banca popolare di vicenza . the bank of italy , as is its custom , examined the arguments put forward on both sides in order to rapidly form an opinion prior to a possible request for authorization . but the talks stalled because the parties failed to reach an agreement and there was no formal request for authorization .
eu commissioner in charge of competition policy margrethe vestager said :
eu state aid rules set strict limits for providing support to banks in difficulty – they protect taxpayers and fair competition . all member states have to take care to respect these rules . however , of course other banks are free to put up their own funds for such cases , by their voluntary decision and without state interference - i welcome they are now considering to step in for banca tercas .
banca tercas ' bfsr could be moderately upgraded - - although unlikely in the short to medium term - if its controls , governance structure and operations are visibly and demonstrably strengthened , accompanied by improving profitability and capitalization over a sustained period . the bfsr could be downgraded further if the administration weakens the bank ' s franchise or funding profile , if further credit quality issues surface , or if there are steps taken by the administrator that would be to the detriment of creditors or depositors .
however , the amount raised from the private sector for atlante 1 fell short of solving the sector ' s problems and resources became stretched in june 2016 when the fund bought shares worth €2 . 5 billion of struggling lenders veneto banca and banca popolare di vicenza . therefore , in august 2016 , in order to tackle the immediate problems of monte dei paschi di siena , a second privately backed bank support fund with similar features was set up – atlante 2 .
not all forms of public intervention fall within the definition of state aid but it might be surprising that the use of resources stemming from banks themselves , i . e . private resources , can also be subject to state aid scrutiny . the road to setting up atlante 1 began in december 2015 when the european commission declared that italy ' s decision to provide regional lender banca tercas with a €300 million injection from its deposit guarantee fund was incompatible with the european union ' s state aid rules .
banca tercas operates 112 branches in the region of abruzzo in italy , with total assets at june 2010 of eur3 . 5 billion . credit strengths include the bank ' s good market position in its home region and in the home town teramo ( market share for loans and deposits at 19 % and 44 % ) , its solid liquidity profile with significant retail funding and its strategy to remain focused on traditional banking in its local territory . financials are satisfactory , although they have been weakening during the crisis .
italy did not present a restructuring plan , so the commission was not able to evaluate if the aided entity could return to long - term viability . this is notwithstanding the efforts that banca popolare di bari may have made after its acquisition .
siena , 22 march 2018 – following certain rumors reported in the press , banca monte dei paschi specifies that no capital increase deals are being evaluated and that the implementation of the restructuring plan proceeds according to the scheduled timing , as already communicated to the market . in parti…
the european investment fund ( eif ) and banca popolare di bari ( bp bari ) assisted by finanziaria internazionale , have signed an innovfin agreement for smes benefiting from the support of the european fund for strategic investments ( efsi ) , the heart of the investment plan for europe .
banca monte dei paschi di siena s . p . a . informs that it has reached a binding agreement with cerved group s . p . a . ( “cerved” ) and quaestio holding s . a . ( “quaestio” ) for the sale of its non - performing loans platform
the fitd began to create a scheme – to run in parallel with the obligatory one – open to the ‘voluntary’ participation of the banks , in order to resolve the tercas case ex post . work on its establishment began on 22 november 2015 and ended on 25 january 2016 . the scheme is endowed with €3 billion for interventions , roughly equal to the amount already transferred from the fitd to tercas and which must now be repaid to the fitd as a result of the requirements of the european commission’s decision . for the four banks subsequently placed under resolution , the banking system was unable to gather sufficient consensus within its ranks to attempt this solution .
siena , 12 april 2018 – the ordinary shareholders ' meeting of banca monte dei paschi di siena , held today under the chairmanship of stefania bariatti , has approved the separate and consolidated financial statements as at 31 december 2017 . the group closed 2017 with a consolidated net loss for the …
siena , 12 march 2018 – the board of directors of banca monte dei paschi di siena has resolved to convene the ordinary general meeting in siena , viale mazzini 23 , on 12 april 2018 at 9 : 30 a . m . , on a single call , to discuss and pass the following resolutions : individual and consolidated financia…
the combination of these factors point to a significantly higher risk profile , compatible with an e + standalone financial strength rating . the review for downgrade will focus on the developments over the coming weeks and the actions that will be taken by the regulator , assessing whether they can underpin the bank ' s current risk profile or whether they may lead to a possible further deterioration for creditors . the review will also assess the future direction and prospects for banca tercas , including steps the bank can take to reinforce its risk management , governance and control structures . the review will also consider any actions or plans to strengthen the bank ' s capital base to improve its resilience against further credit losses and against the broader challenges facing the italian banking system , notably a deteriorating operating environment , weakening asset quality and more challenging wholesale funding markets .
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banca caripe operates with 51 branches mainly in the region of abruzzo , with a strong presence in the province of pescara , it ' s home town . as of 30 june 2010 , the bank had total assets of eur1 . 6 billion . the bank was established in 1871 and became part of the banco popolare group in 2001 . tier1 ratio stood at 8 . 75 % in june 2010 and the bank closed the first half of 2010 with net income of eur5 . 6 million ( 2009 : eur1million , 2008 : eur7million ) . the remaining 5 % shareholding is held by the local foundation pescarabruzzo .
as was communicated in the case of the cassa di risparmio di teramo ( tercas ) , even if the fitd only uses resources provided by the banking system , according to the european commission , the fund is fulfilling a public function and therefore its intervention qualifies as state aid . the european commission – in discussions with the italian government – confirmed that the rules on state aid would also have applied in full to interventions by the fitd in the case of the four ailing banks later placed under resolution . this would have led to the application of the burden - sharing principle to shareholders and holders of subordinated debt . recourse to fitd intervention in the four banks despite the unfavourable opinion of the european commission could have ultimately led to an obligation on the part of the four banks to repay in full the sums disbursed by the fund , with the likely introduction of a bail - in during 2016 , entailing the reduction and / or conversion of unsubordinated debt .
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finally , no measures were implemented that would have sufficiently limited the distortion of competition created by the aid .
the non - confidential version of the opening decision is already available in the state aid register on the competition website under the case number sa . 39451 , and the final decision will become available there once potential confidentiality issues have been resolved .
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the downgrade of the deposit rating is in line with the lowering of the bfsr rating and standalone credit strength . the b3 long - term deposit rating reflects a low likelihood of systemic support , providing no uplift from the b3 standalone credit strength . the long - term deposit rating remains on review for downgrade , in line with the bfsr .
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milan christina sterr analyst financial institutions group moody ' s italia s . r . l telephone : + 39 - 02 - 9148 - 1100
london johannes wassenberg md - banking financial institutions group moody ' s investors service ltd . journalists : 44 20 7772 5456 subscribers : 44 20 7772 5454
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commenting on the signature , eif’s chief executive , pier luigi gilibert said : “ i am pleased to be announcing this innovfin sme guarantee agreement with the bp bari banking group for the benefit of innovative companies in italy . this deal will help to support innovative and growing italian businesses in need of finance , especially in the southern part of the country . ”
carlos moedas , european commissioner for research , science and innovation , said :
innovation is essential for jobs and economic growth in europe , which is why it is at the heart of the investment plan for europe . with today ' s agreement , we are bringing €100 million in fresh loans to innovative italian smes .
this transaction implemented thanks to efsi in italy , reflects the eib group’s commitment to respond swiftly to calls from member states , the european commission and the european parliament for a rapid launch of concrete initiatives under efsi , accelerating lending and guaranteeing transactions capable of boosting jobs and growth in the eu .
about the eif the european investment fund ( eif ) is part of the european investment bank group . its central mission is to support europe ' s micro , small and medium - sized businesses ( smes ) by helping them to access finance . eif designs and develops venture and growth capital , guarantees and microfinance instruments which specifically target this market segment . in this role , eif fosters eu objectives in support of innovation , research and development , entrepreneurship , growth , and employment .
founded in 1960 , bpbari is endowed with a network made up of about 380 branches , located in 13 italian regions .
eif : david yormesor tel . : + 352 24 85 81 346 , e - mail : d . yormesor @ urltoken
bp bari : christiano spagnoletti tel . : + 39 080 5274 938 , e - mail : c . spagnoletti @ urltoken
european commission : annika breidthardt tel . : + 322 295 6153 , e - mail : annika . breidthardt @ urltoken
european investment fund 2017 – the european investment fund is not responsible for the content of external internet sites .
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state aid rules remain one of the decisive factors in dealing with distressed bank situations . but uncertainty remains over whether governments should be able to intervene and rescue banks in danger of failing .
the european banking authority ( eba ) released its latest stress test results on 29 july 2016 . in the run - up to the publication , there had been widespread speculation as to whether state support may be needed for some of the region ' s banks . this culminated in the italian government requesting that eu rules on bank resolution and state aid should be amended or suspended to deal with some of its distressed lenders and their high levels of non - performing loans . the european commission and many member states rebuffed these ideas and with most of the european banks receiving a reasonably clean bill of health ( even under adverse scenarios ) , the eba stress test results temporarily muted the discussion . for monte dei paschi di siena , one of italy ' s embattled lenders , which looked particularly vulnerable in terms of its considerable recapitalisation needs , a private sector solution was announced just shortly before the publication of the stress test results .
however , these results were not able to dispel entirely concerns about capitalisation in the eu banking sector . a combination of high levels of non - performing loans , faltering economic growth , zero to low interest rates across the eu , low profitability and increasing regulatory capital requirements mean that europe ' s banking sector still faces challenges almost eight years on from the collapse of lehman brothers .
in particular , there are questions as to whether italy can push through a much - needed restructuring of its financial sector purely by relying on the limited firepower of the private sector . this leaves one issue on the table : should governments be able to support banks in distress and if yes , under what conditions ? the eu resolution framework is designed to ensure an orderly wind - down of failing financial institutions . yet , surprisingly , the interaction between the eu resolution framework and the eu state aid rules is still unexplored in many respects and raises a multitude of unresolved questions . the recent experience of the italian banking sector shines a light on some of these questions .
the new european resolution framework for banks took full effect on 1 january 2016 . the cornerstone of the legislation is the bank recovery and resolution directive ( brrd ) , which harmonises the rules for the recovery and resolution of banks throughout the 28 member states of the european union . in the eurozone , the brrd is implemented through the single resolution mechanism , which includes the establishment of the single resolution board , a single authority to deal with bank resolutions , and of the single resolution fund , a fund dedicated to facilitate bank resolution .
the aim of the new bank resolution framework is to avoid the bail - out of banks by taxpayers through creating a framework for the rescue of systemically important bank functions and the orderly winding down of the remaining parts of a bank without using taxpayers ' money . thus , the new resolution framework tries to shift the major burden of a bank failure to the bank ' s shareholders and creditors . the new rules are designed to ensure that use of public money will be limited to extraordinary situations and only allowed after shareholders and creditors have substantially contributed to the bank rescue through burden sharing .
the default solution under the european bank resolution framework is to put a failing bank into resolution prior to any public recapitalisation . under the brrd , this requires prior burden sharing by shareholders and creditors of at least 8 per cent of the bank ' s liabilities through bail - in or otherwise , before resolution authorities can look to access other forms of stabilisation funding such as recapitalisation with public funds . equity and subordinated debt holders must be bailed - in first . senior creditors and non - covered depositors must participate in the burden sharing if this is required to reach the 8 per cent threshold . only depositors with deposits of up to €100 , 000 that are covered by mandatory deposit guarantee schemes ( dgs ) are automatically exempted . the brrd leaves open the possibility of taxpayer intervention , but this is on a limited basis and any such intervention would be subject to the eu ' s rules governing state aid .
as an exception to the rule , public funds may be injected into the banks without triggering a resolution via ' precautionary recapitalisation ' under article 32 ( 4 ) ( d ) brrd . this article permits capital injection from state funds , provided that the injection is precautionary , follows a stress test , and specifically addresses capital shortfalls implied by an ' adverse scenario ' . precautionary public sector recapitalisation is not permitted for banks that are insolvent or considered likely to fail in the near future under the ' point of non - viability test ' in the brrd . the article also permits public sector guarantees to be given in respect of access to central bank liquidity . however , again , the use of public funds must be in compliance with state aid rules .
with respect to banks , the current eu framework for state aid is further specified in the 2013 banking communication of the european commission . the 2013 banking communication continues to define detailed rules applied by the commission in cases where the provision of state aid is related to banks . it is worth noting that the 2013 banking communication was enacted prior to the adoption of the new european resolution framework and is therefore not fully aligned with it . in practice , this can create frictions , in particular , with respect to the required level of burden sharing .
both the brrd and the 2013 banking communication stipulate mandatory burden sharing of shareholders and creditors before any state aid is granted . however , unlike the brrd , the 2013 banking communication does not oblige senior debt holders to contribute to restructuring costs . therefore , the burden sharing rules set out in the 2013 banking communication are of particular importance if a bail - in is not already required by the brrd , such as in the case of precautionary recapitalisation . otherwise , the burden sharing requirements under the brrd are stricter .
despite stressing the importance of burden sharing , the 2013 banking communication acknowledges that there may be exceptional circumstances in which burden sharing would not be proportionate or where burden sharing is considered to be counter - productive to the preservation of financial stability . thus , no burden sharing is required if implementing such measures would endanger financial stability or lead to disproportionate results . this exception could cover cases where the aid amount to be received is small in comparison to the bank ' s risk weighted assets and the capital shortfall has been reduced significantly in particular through capital raising measures , such as rights issues , a voluntary conversion of subordinated debt instruments into equity , a liability management exercise , capital - generating sales of assets and portfolios or securitisations , earnings retention , and other measures reducing capital needs . while the european commission has made clear that it is determined to interpret this provision narrowly , the exception may open a path to avoid a bail - in if at the same time resolution under the brrd can be avoided .
it goes without saying that the burden sharing requirements under the state aid regime are only triggered if the measure in question actually constitutes state aid . yet , this is not true in all cases where state resources are used to intervene in distressed banks , in particular if a government decides to intervene in a bank in the same way as a private investor would .
this is the course that italy pursued in april 2016 when its government sponsored the creation of a private - backed bank rescue fund to tackle concerns over the health of its financial sector .
the problem stems from the fact italian banks are nursing more than €360 billion of non - performing loans which are proving to be a drag on economic recovery . due to state aid rules , italy turned to the private sector for a solution . the result was atlante 1 , a €4 . 25 billion back - stop fund sponsored by cassa depositi e prestiti ( a state - owned institution ) , banks , insurers and other institutional investors , such as the italian banking foundations . the fund aims to stabilise italy ' s financial system by purchasing ( i ) newly issued shares of banks which do not meet their srep capital requirements and ( ii ) npl portfolios .
in order to attract a wide range of investors for selling notes to the securitised assets it holds , atlante 1 can benefit from a guarantee scheme introduced by the italian state . despite the government ' s intervention , the european commission has found the scheme free from state aid since the risk for the state is limited and , in particular , the state ' s remuneration for the risk taken is on market terms .
the ongoing problems facing the italian banking sector represent the first serious challenge to brrd and when the uk voted to leave the european union , this triggered a sharp sell - off of italian banking shares on 27 june amid concerns about their financial health . italy ' s prime minister matteo renzi argued that eu rules on the provision of state aid should be waived on the grounds of preserving financial stability . the european union rejected this request . the need for a taxpayer - funded capital injection was alleviated when the country ' s banks did reasonably well in the stress tests , and a plan is in place for a private sector rescue of stricken lender monte dei paschi di siena .
likewise , support by resolution funds , even if sponsored by private banks , generally falls under eu state aid control , since they are regularly created by the state and run by the resolution authorities . state aid control remains applicable even in case of resolution .
even if a bank is under resolution , this does not mean that state aid control ceases to apply . on the contrary , state aid rules will retain their importance alongside the brrd . as an example , the sale of a bridge bank to which assets of a bank under resolution have been transferred will have to comply with state aid provisions . this has implications for the sale procedures and can limit the support for the bridge bank or its buyer in connection with or following re - privatisation . the same is true for any form of public financial support used during resolution . as a consequence , measures implying the use of the resolution fund cannot be granted without the commission ' s prior approval .