Publication of the valuation of mortgage and loans in ships which are placed on the safety of the issuance of special covered bonds

Purline of § 152 h, nr. 1-3, and section 373, paragraph 3. 4, in the law of financial activities, cf. Law Order no. 948 of 2. July, 2013, as amended by law no. 268 of 25. March, 2014 and Section 5 (5). 3, no. 2-5, and section 14, paragraph 14. 2, in the Law of a Shipping Financial Institute, cf. Law Order no. 886 of 8. August 2011, as amended by law no. 1231 of 18. December 2012 :

General provisions on valuation

§ 1. This notice shall apply to the valuation of pant and loans in ships, cf. Article 129 (1). Paragraph 1 (g) of Regulation No 2 of the European Parliament and the Council 575/2013 of 26. June 2013 (CRR) and the building loans for the financing of new or rebuilding ships that are provided without a ship intended for the issuance of specially covered bonds.

Paragraph 2. For ships, cf. paragraph 1 may be lodged with the security of the issuance of special covered debt securities :

1) Approved by the Maritime Agency or to be classified by a recognized classification society, which is a member of the International Association of Classification Societies and recognised by the European Commission, cf. Commission Decision 2007 /41/EC on the cancellation of Decision 96 /587EC on the publication of a list of approved organisations notified by the Member States in accordance with Council Directive 94 /57/EC. If a ship loses its classification or approval by the Maritime Maritime Agency, it may not be lodged with the issue of the issuance of special covered bonds.

2) Registered in the Danish Shipship, Danish International Ship Register or in another internationally recognised ship register, which provides similar security.

§ 2. The institution shall, by means of the measurement of loans, hire a reasonable cash value for the ship without regard to the ship ' s priority conditions.

Paragraph 2. The valuation of the pan-security shall be based on the extent of the panther rate, cf. however, section 4 (4), Five and six.

§ 3. For loans secured by pant in ships, the institution may grant loans within 60%. of the value to which the ship required for the security is set. The amount of the loans granted may not exceed 15 years on the date of payment of the loan. In the case of a construction loan, the duration of the duration may not exceed four years from the date of the first payment. The fixing of the maturity of loans shall take account of the average life expectancy of the ship and the age and condition of the specific ship and so on.

Paragraph 2. The amount and the duration of the loan shall also be determined in accordance with the requirements of the security, which are deemed necessary by the circumstances, including an assessment of the expected value of the panel.

§ 4. The amount of security to be used shall be within the estimated amount of which the ship can be traded within a period of a maximum of 12 months from the value employment date of an independent transaction between an interested buyer and one ; interested parties shall act on normal market conditions in which each of us has acted on a well-informed basis, with prudence and no force (market value). Concrete claims must not be included in the valuation of values. The institution shall take into account the possible risk of changes in market and structural conditions in the valuation of the securities to be used for the security of the system.

Paragraph 2. The value of the ship for security shall be fixed at the earliest at the time the Foundation shall make the loan offer, and no later than when the Foundation shall pay the loan.

Paragraph 3. After a specific assessment, the valuation of a ship may be used as a valuation basis for the assessment of a sea stership.

Paragraph 4. The value of employment contracts cannot be taken into account in the market value.

Paragraph 5. In the case of ships registered in the Danish Ship Register or in the Danish International Ship register, accessories may include accessories covered by Section 47 (3). 1, in the Law and Section 54 (1). 1, in the notice of the Danish Internationally Ship Register.

Paragraph 6. In the case of ships registered in another internationally recognised ship register, accessories may only be included in the corresponding accessories, cf. paragraph 5 if a registered right of the ship shall include the accessories.

§ 5. Valuation can only be carried out by a professional assessment expert, which is independent of the borrower, have the necessary qualifications, skills, knowledge of the relevant market and experience to make a valuation of it. the type of ship concerned.

Paragraph 2. Where the valuation of a ship of an employed in the institute, it shall comply with the requirements of paragraph 1. 1 and be independent of the credit rating process.

Paragraph 3. If an internal valuation is connected with great uncertainty due to a lack of comparable trades within a period of one year, the institution shall obtain a valuation from an external assessment expert who satisfies the requirements of paragraph 1. 1.

Paragraph 4. For an external assessment expert, a person who is independent of the lender and fulfils the requirements of paragraph 1 shall mean that : 1.

Building loans for new and rebuilding

§ 6. Building loans for new and rebuilding ships may be granted on the basis of the expected market value of the market, provided that the loan will be released or reduced if the loan is not available after the time limit for the construction of the building. Completion could have been granted with the loan granted. The guarantee shall be made by a credit institution within the territory of a country within the European Union or by a country with which the Union has concluded an agreement in the financial sphere.

§ 7. If the building is not commenced within six months of the loan payment, the institution shall require the loan if the construction has not started within six months of the loan payment, or if it is not satisfied within four years of the payment of the loan, that : the construction work has been completed in a lawful manner.

§ 8. Byggelån can only be disburnable if :

1) The institute is in possession of building blueprints and information on the ship ' s construction technical design, equipment, materials, etc., as well as details of the expected duration of the construction period,

2) The institute is in possession of information about the anticipated acquisition sum, and

3) without prejudice to and providing sufficient assurance that the loan will be lodged or reduced if it has not, after the expiry of the deadline for the final settlement, may have been granted by the amount granted.

§ 9. Once the institution has established that the construction of a ship in which a construction loan has been granted has been completed, a value of the ship shall be assumed without taking into account the valuation of the loan before the loan is paid.

Ongoing monitoring

§ 10. The institution shall employ at least twice a year to each individual ship in order to ensure that the burden on the bounds of the bounds is complied with. The institution shall employ each ship more frequently, if special circumstances are to be considered, including significant changes in market conditions.

Paragraph 2. The valuation must take place at market value, cf. Section 4 (4). ONE, ONE. Act.

Paragraph 3. The institution may self-valued the ship or leave the valuation to an external assessment expert. The assessment experts shall in both cases meet the requirements of section 5 (3). 1.

Paragraph 4. If changes in an estimated market value of the ship result in a pan-secured loan that is no longer complying with the loan limit, cf. Section 3, the institution shall provide additional security, cf. § 152 A, paragraph 2, in the Act of Finance and Clause 2 of paragraph 2. One, in the Act of a Shipping Financial Institute.

Paragraph 5. The institution shall take on the obligation to value obligations in the case of special covered bonds for the daily value of the obligations laid down in the accounting rules for financial undertakings, as set out in the financial undertakings. however, paragraph 1 6.

Paragraph 6. For valuation in accordance with paragraph 1. 5 shall be discarted from a decrease in the daily value of the Commitment, caused by an increase in credit risk since the issue of the provisions of paragraph 1. 5 covered bonds. Changes made to the credit risk changes are assumed to correspond to the change in the obligations of the Commitment, which cannot be attributed to changes in the risk-free market interest unless, in a specific case, the company can show another method, that the effect on the daily value of changes in creditsiko's daily value of changes in credit risk is more credible.

Paragraph 7. The institution shall employ the asset, cf. Article 129 (1). Paragraph 1 (a) (c) and (g) of Regulation (EC) No, (1) 575/2013 on regulatory requirements for credit institutions and investment firms in connection with the issue of special covered bonds for their fair value, as laid down in the accounting rules for the institute.

§ 11. The institute must have reassuring procedures for the continuous monitoring of the ship ' s physical state, including physical inspection procedures.

Documentation and insurance

§ 12. It must appear on the loan case under which the conditions of valuation and loan measurement have been made.

Paragraph 2. For the payment of the building loans, the proof that the conditions for payment of the loan are fulfilled shall be kept in the loan case.

§ 13. If the ship has been less than six months before the time of the loan date, information on the trading price and terms of the loan case must be available.

§ 14. Ships placed on the security of the issuance of special covered bonds shall be responsible and indembable. Ships shall, incidentally, be adequately insured, including any warrest insured etc.

Paragraph 2. The institute shall establish procedures for the monitoring of paragraph 1. 1.

Penalty provisions

§ 15. The penalty will be penalised by the penalty that violates paragraph 1 (1). 2, section 2, section 4 (4). Paragraph 1-2 and paragraph 1. 4-6, section 5, 9, section 10, section 10. ONE, ONE. pkt., paragraph 2-3 and paragraph 1. 5-7, section 11, 13, section 14, paragraph 14. ONE, ONE. Act. and paragraph 2.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Entry into force

§ 16. The announcement shall enter into force on the 31. March, 2014.

Paragraph 2. The notice shall also apply to the loan tender that replaces tenders before the date of entry into force of the notice.

Paragraph 3. At the same time, notice No 168 of 1. March 2011, the valuation of mortgages and loans in ships, which are intended to be security for the issuance of special covered bonds.

Transitional provisions

§ 17. An assessment expert, at the entry into force of the notice, is employed as an assessment expert in an institute, irrespective of section 5 (5). 1, proceed as the assessment expert in the Institute or in another institution covered by the notice.