English Translation

- 13 - The cancellation of further debt to foreign believers does not appear appropriate this year, after an extraordinary redemption of 211,281.477.-- K was carried out in addition to the general conversion. In connection with this, I would like to give you some explanations on the conversion aid of 1 billion K to the city, which was briefly mentioned in the preliminary report on the budget for 1984, namely that the rate of interest which the city carried out in the summer of 1994 was adjusted to the rates in the rest of the Reich, although the interest rates on the city's borrowings were no longer the same. However, there was an extraordinary fragmentation of the debt items and the risk that, in the event of a change in the money market, i.e. if there is again greater investment opportunities, these could be borrowed by our creditors, at least in terms of interest rates, as might be the case. This danger could only be met by a solution to the previous debt obligations in the course of the issuance of the conversion loan. The conditions on the money and capital markets were rarely favourable for conversion and the start of a large own issue. It was therefore requested to issue a 4 % bond of 1 billion kronor for consolidation and conversion purposes. The amount of the bond with 1 milliärde kroner