West German
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 Vintage West German Thermometer Wood Chalet Weather Forcaster Man and Woman  US $3.34
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 West German 8 Day Pendulum Wind Up Clock 1960s Modernism US $37.75
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 Vintage Fraz Hermle West German Clock Movement Great For Clock Repairs US $30.00
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 SILVER POCKET WATCH WITH OLD MARK AND DAY AND DATE ANTIQUE VINTAGE V OLD PIECE US $500.56
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 Kundo 400 day anniversary clockclean base the best Gift for a special day US $249.99
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 400 day anniversary clock birthday November 1953 wind it on a birthday US $239.99
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 Kundo 400 day anniversary clock the best Gift for a special day US $249.99
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 Nice German Black Forest Wooden Bird Cuckoo Clock Plays Blue Danube Sw Music Box US $74.95
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 Made in W Germany SUNBEAM anniversary DOME clock 11 spinning pendulum US $16.99
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 VINTAGE WEST GERMAN MECCEDES MINI GRAND FATHER CLOCKRUNS US $8.95
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 VINTAGE GERMAN CUCKOO CLOCK MOVEMENT CHAINS US $12.95
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 DANEKER WESTMINSTER CHIMES EVERY QUARTER DARK MAPLE WOOD WORKS GREAT CONDITION US $210.00
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 Beautiful Crystal Staiger German Clock US $14.99
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 VINTAGE CLOCK LOT OF 4 SEIKO SETH THOMAS DUNHAVEN STAIGER 3 ARE GERMAN GERMANY US $69.99
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 Nice West Germany German Red WInd Up Sheffield Alarm Clock Thermometer Too US $9.99
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 Vintage E Schmeckenbecher West German Musical Animated Chalet Style Cuckoo Clock US $56.00
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 VINTAGE DUNCAN CERAMIC PORCELAIN MANTLE CLOCK WITH GERMAN TIME PEACE COLLECTIBLE US $19.99
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 ANTIQUE VINTAGE KUNDO GERMAN ANNIVERSARY CLOCK GERMANY KIENINGER OBERGFELL AMC US $12.01
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 RARE CARD FLIP CLOCK original KÖHLER german VINTAGE DECO PLATO WATCH 1940s US $227.56
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 Vintage Small West German Linden Wood Clock US $9.99
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 CUCKOO CLOCK MFG CO GERMAN CLOCK MOVEMENT PARTS 1051 020 NO JEWELS UNADJUSTED US $9.99
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 NOS 1 4 Rohm Drill Chuck for Sherline Lathe with 0 Arbor for Tailstock Mount US $36.00
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 Vintage W German Cuckoo Clock Parts And Repair Blaue Donau US $13.00
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 PS West German Crystal Shelf Desk Clock Quartz US $16.95
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 Regula D Hones Unadjusted Cuckoo Clock Movement West German For Repair 5425 US $79.95
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 ART DECO STYLE WEST GERMAN CLOCK TO AMERICAN CANCER SOCIETY US $59.99 |
 GERMAN CUCKOO COO COO CLOCK PARTS NO RESERVE US $9.99
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 Vintage Wooden Animated West Germany Cuckoo Clock German US $75.00
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 BLACK FOREST WEST GERMAN CLOCK Bouncing Betty 100 complete in original Box US $129.99
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 Vintage E Schmeckenbecher West German MUSICAL ANIMATED Chalet Style CUCKOO CLOCK US $184.95
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 Hamilton JEWELED Mantle Bracket Wooden Windup Clock West German Crafted KEY US $149.00
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 Salvest Bedside Travelling Alarm Clock West German Made US $10.00
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 Vintage Floral Kundo Kieninger Obergfell German Anniversary Clock US $89.95
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 Vintage BRADLEY Folding Travel Alarm Clock WEST GERMANY WORKS US $25.60
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 VINTAGE GERMAN BLACK FOREST SCHMECKENBER CUCKOO CLOCK US $149.99
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 1979 Kieninger Obergfell West German Brass Mantle Clock US $99.99
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 EARLY PF BOLLENBACH GERMANY CLOCK MODEL 3200 MANTEL RARE NR US $9.00
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 HARLEY DAVIDSON GRANDFATHER CLOCK BULOVA WITH TRIPLE CHIME AND AUTO NITE OFF US $3,299.00
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 4U2FIX Used German Cuckoo Clock 1 Day Movement 3 x 2 1 2 US $27.50
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 Vintage 1950 Black Forest German Cuckoo Clock Mint Working Condition US $175.00
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 Hamilton Wheatland Walnut Keywound Mantle Clock 1981 US $169.95
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 Vintage Round Brass Stockbroker W German Quartz Clock Repair or Parts US $35.00
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 Vintage Mahogany Henri X Corbat Import Export Hanging Barn Wall Clock Repair F16 US $24.95
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 WEST GERMAN HALLER SHELF CLOCK GLASS GLOBE COVER WORKS US $64.99
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 Vintage NIB Solid Brass German 3 1 2 Precision 2 Chime Movement US $59.95
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 Vintage West German Moving Eye Bear Cuckoo Clock Runs Original Instructions US $80.00
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 Rare Mint Germany Kundo Anniversary 400 Days Dome Brass Torsion Clock 12H US $288.00
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 Vintage German Jung Hans Petit Sonerie Clock 1900s US $1,125.00
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 Schmeckenbecher Coo Coo Clock US $99.95
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 WEST GERMANY BULOVA QUARTZ MANTEL CARRIAGE CLOCK US $14.95
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 art deco wooden humpback camelback mantle shelf clockGerman US $19.99
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 Ethan Allen Willard Heirloom Nutmeg Maple Grandfather Clock US $1,999.99
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 Vintage Winding West German Antique Blonde Color Hanging Wall Clock US $28.95
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 Hamilton Clock Movement 340 020 2 Jewels West German US $4.99
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 Vintage 1960s Tall Brass Cast DOVE IN TREE German Art Alarm Clock Globe mfg US $34.99
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 LARGE 23 TALL BLACK FOREST 8 Day REGULA E SCHMECKENBECKER HUNTER Cuckoo Clock US $349.00
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 VINTAGE RETRO 7OS WEST GERMANY BLESSING PEDELSTAL BALL CLOCK US $59.99
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 HL HUBBELL QUARTZ CLOCK WEST GERMAN MOVEMENT US $29.95
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 Vintage West German Clock Movement For Clock Repairs Nice Condition US $40.00
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 Mahogany German Wall Clock with Incredible Chimes Unit Running Condition US $375.00
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 VINTAGE BLACK FOREST West German CLOCK 100 complete MINT in ORIGINAL BOX US $119.99
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 Albert Schwab Black Forest Cuckoo Clock US $800.00 |
 Stager German Clock Echt Bleikristal 24 French Cristal US $13.48
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 West German Antique wood with inlay mantle shelf Clock US $65.00
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 Vintage Steinadler West German Miniature Cuckoo Style Clock US $29.95
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 VINTAGE WEST GERMAN QUARTZ MANTLE CLOCK IN BRASS CASE US $34.99
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 VINTAGE 1930 GERMAN ART DECO OAK REGULATOR WALL CLOCK BY KIENZLE MISSION LIKE US $470.00
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 Mahogany German Box Clock Time Strike Circa 1940 US $650.00
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 Vintage 1950s Art Deco brass windup Alarm clock Occupied W Germany US $19.99
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 VINTAGE Black Forest SWISS CLOCK 100 complete w TAG New in Box US $119.99
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 Vintage German SCHATZ carriage clock with box fixer spares US $125.00
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 HOWARD MILLER CLOCK CO MANTLE SHELF CLOCK WEST GERMAN MOVEMENT 2 JEWELS WORKS US $495.00
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 VINTAGE PHINNEY WALKER MICKEY MOUSE ALARM CLOCK GERMANY US $95.00
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 GERMAN CLOCKS US $79.00
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 A Very Well Built Zappler In The Shape Of A Magician US $1,147.50
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 HAMBURG AMERICAN GERMAN ANTIQUE WALL CLOCK BEAUTIFUL US $675.00
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 A Zappler Decorated With Flowers Vines Under A Dome US $1,075.50
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 VINTAGE KIENINGER OBERGFELL GERMANY MANTLE CLOCK US $24.99
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 1908 Herschede Hall Clock US $8,500.00
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 Sessions Hand Painted German Glass Shelf Clock As Is For Repair US $12.95
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The Vassilios Tsitsiringos Report - The Secrets about German Banks and Their Shipping Portfolios
Let me begin by mentioning German bank restructuring and HSH Nor Banks move to wind up and phase out some $8 Billion of shipping loans from an initial $11 Billion portfolio. These were characterized as its bad bank grouping of loans. The initial $11 Billion represented about a quarter of its total ship finance book. The bank is required to cut by 50% its overall lending volume across all assets and divisions. Essentially those owners with ships that are in the wind up pool will not be able to obtain from Nor Bank any future funding. Essentially the bank is culling its client portfolio. A lot of the shipping loans given by the German banks that have been restructured with deferred payments come due either at the end of 2010 or at the end of 2011. Given that 2011 is likely to be a very challenging year given the size of the delivery schedule particularly for dry bulk (and even if that schedule is cut by 50% due to cancellations, slippage, scrappings etc) the tonnage will far exceed demand given that global GDP and global trade growth will likely fall in 2011 before picking up again in 2012. The outcome is likely to be acceleration in vessel foreclosures over the next 2 years. Likely a lot of off-market private deals will be done so as not to upset the open S&P market.
Unresolved for the German shipowning and KG groups is the $50 Billion dollar new building order book and the fact that both the ship owners and the KG's lack the equity and the time charter commitments to cover costs. Price Waterhouse estimate that 55% of German owners require extra liquidity and that owners intending to sell vessels next year has risen to 26% versus 18% in 2009. The combination of weaker markets, higher deliveries and the need to sell will impact negatively on prices. These factors could make 2011 a bottom feeding year to reposition and take advantage of the progressive pick-up in global trade from 2012 onwards (barring any black swans).
Thinking there is probably room to set up a investment fund to bridge the equity gap for owners through second mortgages with an interest premium and prospectively some level of carried interest in the vessel owning company such that an up tick in the market in rates and values would flow back to the investment fund. One would only fund vessels that have committed time charters with A rated charterers.
The new Basel III rules are going to be a significant problem for the German Landesbanken sector. Although the basic change is that Tier 1 capital must now go to 7% of a bank's Risk Weighted Assets (RWA) the iceberg in the rules is the items that now have to be subtracted from Tier 1 such as goodwill, tax credits, which will be capped, minority investments, retained earnings, government loans, etc. The objective is that equity has to be liquid to absorb losses in a crisis. The net effect of subtracting items that were formerly included as equity on the balance sheet effectively moves Tier 1 capital to the 10%+ level. The regulators as well as the banks are sufficiently concerned about the removal of these items from equity that they will be phased-in starting 2014 over 4 years. The deductions issue is going to be a mine field and will substantially impact the banks and their lending ability.
The German government is going to use the Basel III rules to pressure and more-or-less force the Landesbanken sector to restructure and consolidate. This is why HSH Nor Bank is deleveraging its balance sheet. The government is initially seeking to force a sale of West LB as a trigger. The regional government owners of West LB are resisting and are looking for a consolidation solution that could bring in Helaba plus Nord LB rather than a sale to outside investors. The issue is quite political.
The other issue for the banks as part of Basel III is how they deal with their Risk Weighted Assets as the riskier assets will require a higher numerator than safer assets. Initially RWA's should increase as more assets and activities are deemed riskier which link back into the Tier 1 capital requirement provisions. The net effect of this will be that banks will have less flexibility to fiddle their balance sheets. On the RWA issue exposures to large counter parties, for example, will have higher risk weightings and there will be a risk charge for certain trading book credits. Also so called market risk becomes more expensive from a capital standpoint as do mark-to-market losses. These changes will affect banks around the world differently. The European banks have only a fifth of the market risk related capital that US banks hold according to a recent Credit Suisse study. Banks will try to mitigate rising RWA by moving for example derivatives to a centralized clearing facility as this will reduce the amount of capital required as well as off-loading risky assets. No doubt banks will seek to reduce the denominator by playing with the definitions of risk to try to put themselves in their best position.
In short the German shipping banks will be looking to offload deals in 2011.
About the Author
Dr.Vassilios Tsitsiringos is an economist, shipping expert, and financial engineer.
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