Ordinance On Collateral For Loans Reported To The Registration In Connection With The Banking Institutions Issuing Covered Bonds

Original Language Title: Bekendtgørelse om sikkerhedsstillelse for lån anmeldt til tinglysning i forbindelse med pengeinstitutters udstedelse af særligt dækkede obligationer

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=120506

Ordinance on collateral for loans reported to the registration in connection with the banking institutions issuing covered bonds 1)

Pursuant to § 152 h (1). 5 and § 373, paragraph 4, of the financial business Act, see. lovbekendtgørelse nr. 376 of 22. May 2008, as amended by Act No. 515 of 17. June 2008, fixed:

The scope of the

§ 1. This Decree lays down rules on the collateral, as financial institutions after 152 c, paragraph 1, no. 1, 2. paragraph, of the law on financial business recipient of loans granted on the basis of covered bonds, when mortgage letter is reported to the registration.

Collateral

§ 2. For loans granted on the basis of mortgage letter which is notified to the registration regulation. section 152 c, paragraph 1, no. 1, 2. paragraph, of the law on financial business, the security guarantee of loan repayment and the costs associated therewith, including any arrears, if mortgage letter will not be definitively things bright by the assumed priority status.

§ 3. As collateral may only be used in section 152 c, paragraph 1, no. 3-7 of the law on financial company said assets.

(2). If security is given in the form of the in section 152 c, paragraph 1, no. 6 and 7, of the law on the financial undertaking mentioned assets, security is taken into account in the 15 per cent limit, see. However, paragraphs 3 and 4.

(3). Notwithstanding paragraph 2, a letter of guarantee from a financial institution made pursuant to section 8 (1) or (2) of the law on mortgages and mortgage bonds, etc. are not included in the 15 per cent limit, if the guarantee only covering the risk associated with the mortgage of your final registration.

(4). By loans as mentioned in section 8, paragraph 3, of the law on mortgages and mortgage bonds, etc., can the Danish financial supervisory authority may grant derogations from the requirement for a letter of guarantee from a financial institution to be included in the 15 per cent limit.

§ 4. Guarantee statement or other collateral must be received in the Bank no later than simultaneously with the loan disbursement. Documentary evidence must be retained in the loan case.

§ 5. The value of the security referred to in article 6. § 3, which is being provided on a temporary basis for the loan, shall at all times be at least the value of the issued covered bonds.

Time limit

§ 6. The Bank shall without undue delay, provide definitive things like mortgage letter.

Release of the security

§ 7. The financial institution shall not release the security when the Department has received final things like mortgage letter without legal precedents are retsanmærkninger.

Criminal provisions

§ 8. Violation of sections 2, 3, paragraphs 1-3, § 4, § 6 and § 7 is punishable by a fine.

(2). That can be imposed on companies, etc. (legal persons) criminal liability according to the rules laid down in the Penal Code Chapter 5.

Entry into force of the

§ 9. The notice shall enter into force on the 1. July 2008.
The Danish financial supervisory authority, the 26. June 2008 Henrik Bjerre-Nielsen/Jørn Andersen Official notes 1) Ordinance contains provisions implementing parts of a European Parliament and Council Directive 2006/48/EC of 14. June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Official Journal of the European Union 2006 nr. L 177, p. 1).