Key Benefits:
Law on the amendment of the law on financial stability
(Federal guarantee Transitional guarantee, etc.)
We, by God's grace, the Queen of the Danes, do our thing.
The parliament has adopted the following law, and we know that the following law has been approved by Parliament's consent :
§ 1
Law no. 1003 of 10. October 2008, on financial stability, the following changes are made :
1. I § 3 pasted as paragraph 3 :
" Stop. 3. State relending may be granted to the Deviation Company. `
2. I § 4 pasted as paragraph 3 :
" Stop. 3. The Deviation Company will ensure timely payment of all due requirements, cf. paragraph One and two. "
3. I § 5 pasted as paragraph 2 :
" Stop. 2. The provisions of the Act on financial activities Section 61 (1). 8, and § § 170, 171 and 175 a shall not apply to the Deviation Company. `
4. Insert after section 6 :
" Chapter 2 a
Depidation of emergency financial institutes, etc. ` ;
5. I Section 7 (2). 2, the ' its assets and liabilities ` shall be replaced by ' its business in whole or in part `.
6. I Section 7 (2). 2, is inserted after 1. Act. :
' Deviation shall determine which parts of the institution ' s undertaking not to be transferred. ` ;
7. § 8 (3) 1, ITREAS :
Instead of entering into an agreement with an emergency financial institution after Section 7, the company may choose to hold or deposit capital in a financial institution wholly or partially inherit the emergency financial institution, or otherwise, contribute to the dismantling of the financial institution concerned in accordance with the law of the law. ` ;
8. I § 8 (3) 2, in section 7, paragraph 1 shall be amended. TWO, TWO. Pct. " to : section 7 (4). TWO, THREE. Pct. "
9. I § 11, 1. pkt., the words ' in financial institutions and branches covered by the scheme ` shall be replaced by ' and depositors, cf. Section 4 (4). One and two, "
10. § 11, 2. pkt., ITREAS :
' Commitments of the Deviation Corporation and its subsidiaries exceeding the obligations of Private Contingent for Section 9 shall be covered by the State. `
11. After paragraph 16, the following Chapter 5 is inserted :
" Chapter 4 a
Wording with the individual State guarantee for simple, unsecured debt
§ 16 a. A scheme shall be set up after application of the Agreement on the granting of the individual State guarantee for existing and new non-retraitable, unsecured debt and for a special covered-or-covered area of payment ; the additional security (s) of the mortgage to be issued with a maturity of a maturity (junior covered bonds) with a maturity of up to three years.
Paragraph 2. The scheme shall be administered by the Deviation Company in accordance with the provisions of this Act.
Paragraph 3. The one in paragraph 1. 1 the scheme shall comprise a loan issued by 31. December 2010. The individual State guarantee of loans may be applied to the loan until 31. December 2010. The Minister for Economic and Business Affairs may lay down rules that the deadline of 2 is the limit. Act. is extended.
§ 16 b. Applications for section 16 a may be submitted by Danish financial institutions, subsidiaries in Denmark of foreign financial institutions and a real credit institution meeting the solvency requirement of 8 pct;, the requirement for the individual solvency requirements of the institution and, where appropriate, to a possible number of other such establishments ; higher individual solvency requirements laid down by the Financial supervision, cf. § 124 of the Act of Financial Business.
Paragraph 2. The application for a State guarantee shall be submitted to the Deviation Company and shall be accompanied by the following documents :
1) A statement of the presentation of the individual solvency requirements.
2) A statement by the credit institution relating to the financial position of the Foundation and the future prospects and a statement by the institution ' s authorised auditor.
3) The latest annual report and the most recent quarterly accounts.
Paragraph 3. The Committee on Economic and Business Affairs may lay down detailed rules on application requirements, the opinion of the auditor, on the processing of applications and on the publication of information concerning the guarantees issued and so on.
§ 16 c. For the individual State guarantee in accordance with section 16 a state, the following terms shall apply :
1) No dividences shall be paid. However, the benefits may be paid from the 1. October 2010, provided that it can be spatial within the current surplus. Additionally, Danmarks Shibscredit A/S must be, regardless of 1. Act. pay 15%. of the annual surpluses to the Danish Maritime Fund, provided that it can be financed within the current surplus.
2) No capital reductions shall be made where the amount is paid to shareholders, guarantors or cooperative holders, new withdrawal programmes of its own shares, a stock exchange or free stock exchange rate or, incidentally, the use of similar products ; beneficial arrangements. However, this does not apply entirely or in part to the withdrawal of the shares of the State as part of the conduct of a federal capital deposit in the institutions in which the State has a conversion law.
3) New stock options or other similar arrangements for the management must not be initiated and existing programmes and other similar schemes may not be extended or renewed.
4) The credit institution shall pay a guarantee commission for the State guarantee, which shall be fixed individually for each institution.
Paragraph 2. The warranty commission, cf. paragraph 1, no. Four, fall in the state.
Paragraph 3. The rules in section 13, paragraph 1. 1 7, and section 15 shall apply mutatis muth to contracts for individual state guarantee.
Paragraph 4. The Economic and Economic Affairs Minister may lay down detailed rules for the determination and calculation of the guarantee commission to be paid to the state in accordance with paragraph 1. 1, no. 4.
Paragraph 5. If a credit institution or a mortgage credit institution which has concluded an individual State guarantee on loans, it violates the conditions set out in paragraph 1. 1, no. One-four, the Financial Institute may issue a warning to the credit institution in question, dispose of board members of the institution concerned, or to the Foundation ' s office to set up a director in the institution concerned.
Paragraph 6. The Economic and Business Minister may lay down detailed rules on and conditions for the conclusion of the Agreement on the granting of the State guarantee after Section 16 a.
§ 16 d. The governing law shall apply to the handling of requests for a State guarantee pursuant to section 16 a. ` ;
12. § 17, paragraph 1. FOUR, ONE. pkt., ITREAS :
' The general government guarantee scheme, cf. § 1, it will end on 30. "September 2010."
13. I § 17, paragraph 1. FOUR, THREE. pkt., the ' bankruptcy decree ' shall be replaced by ' the request for bankruptcy proceedings `.
§ 2
Paragraph 1. The law shall enter into force on the fourth. In February 2009.
Paragraph 2. The bill can be confirmed immediately after the adoption.
