Law on mortgages and mortgages of mortgage bonds, etc., and the financial activities of mortgage bonds

(Regulation of refinancing risk of mortgage bonds, in particular covered mortgage bonds, and in particular covered bonds 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

In the area of mortgages and mortgage bonds, etc., and so on, cf. Law Order no. 1261 of 15. In November 2010, as amended in particular by Section 31 of the Act of Law No 2. 718 of 25. June 2010 and no later than Section 9 of the Act 1287 of 19. December 2012, the following changes are made :

1. Insert after section 5 :

" § 6. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities, and the underlying debt securities are fixed, and has maturity ; Whereas for 12 months on the refinancing of the loan, the debt securities which are to be replaced by new bonds shall be replaced by refinancing, if the effective interest rate in refinancing will be more than 5 percentage points higher ; than the effective interest rate determined in the context of the latest refinancing, Extendon the maturity of the bonds concerned by 12 months. In the case of expiry of the 12 months following the expiry of the 12 months, new bonds shall be issued to replace it. On this issue, 1. Act. do not apply.

Paragraph 2. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities, and the underlying debt securities are fixed, and has maturity ; to 12 months at the refinancing of the loan or are extended in accordance with paragraph 1. In the case of debt securities which are to be replaced by new bonds by refinancing, if there are no takers for all the new bonds necessary, the duration of the debt securities shall be extended by 12 months at a time ; until refinancing can be carried out where all the necessary new bonds are required.

Paragraph 3. The interest on bonds that are prolonged in accordance with paragraph 1. In the case of the last refinancing added 5 percentage points shall be fixed to the effective interest rate on the bond. The interest shall be determined for the first time on the debt debt securities to be extended. For further extensions of the duration in accordance with paragraph 1. 2 shall find the interest rate fixed after 1. Act. continued use.

Paragraph 4. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities, and the underlying debt securities are fixed, and has maturity ; to 12 months at the refinancing of the loan, interest loans shall be paid in the case of borrowers in the cases where the debt securities are extended in accordance with paragraph 1. 1 or 2, be based on the interest rate in accordance with paragraph 1. 3.

Paragraph 5. Extension pursuant to paragraph 1. 1 or 2 shall not deprives the borrowers of the mortgage credit institution to make full or partial recovery of loans granted on the basis of mortgage bonds, in particular covered mortgage bonds or in particular covered debt securities.

Paragraph 6. Paragraph 1 shall not apply to mortgage credit loans granted to the mortgage on solid property located outside Denmark.

Paragraph 7. The Minister for the Industry and Growth Pact lays down detailed rules for the extension of bonds covered by paragraph 1. 1 and 2, cf. SECTION 32. "

2. § 6 ITREAS :

" § 6. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities, and the underlying debt securities are fixed, and has maturity ; Whereas for 12 months on the refinancing of the loan, the debt securities which are to be replaced by new bonds shall be replaced by refinancing, if the effective interest rate in refinancing will be more than 5 percentage points higher ; than the effective interest rate determined in the context of the latest refinancing, Extendon the maturity of the bonds concerned by 12 months. In the case of expiry of the 12 months following the expiry of the 12 months, new bonds shall be issued to replace it. On this issue, 1. Act. do not apply.

Paragraph 2. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities, and the underlying debt securities are fixed and has a term of maturity, Whereas 12 months and up to 24 months in the refinancing of the loan, the debt securities which are to be replaced by new bonds shall apply, provided that the effective interest rate in refinancing is more than 5 percentage points higher ; than the effective interest rate on a similar bond with the same remaining term 11 to 14 months, earlier, the maturity of the debt securities concerned has been extended by 12 months. In the case of expiry of the 12 months following the expiry of the 12 months, new bonds shall be issued to replace it. On this issue, 1. Act. do not apply.

Paragraph 3. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities and the underlying debt securities are variable and has a term ; in the case of up to 24 months in refinancing the loan, the interest rate of interest rates may not be more than 5 percentage points higher than the last fixed rate and shall remain unchanged for 12 months or until the next refinancing, unless a lower rate of interest is fixed within the 12 months or before the next, refinancing. If the rate of refinancing is more than 5 percentage points higher than the last determined rate of interest on the existing debt securities, the duration of the debt securities shall be extended by 12 months. In the case of expiry of the 12 months following the expiry of the 12 months, new bonds shall be issued to replace it. On this issue, it will be 2. Act. do not apply.

Paragraph 4. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds, or in particular covered bonds, it shall be valid for the debt securities which are to be replaced by new or other bonds in order to refinance the loan, that if there are no takers for all the new bonds necessary, the duration of the debt securities in question shall be extended by 12 months at a time until refinancing can be carried out, where there are takers ; to all the new bonds necessary.

Paragraph 5. Notwithstanding paragraph 1 2, 3 and 4 may be refinanced by a non-refinancing of loans, where the underlying debt securities have a maturity of more than 12 months in the refinancing of the loan, the refinancing of the loan with debt securities with a shorter duration prior to the extension ; by paragraph Two, three or four.

Paragraph 6. The interest on debt securities which are fixed and which has maturity of up to 12 months in the refinancing of the loan and shall be extended in accordance with paragraph 1. 1 or 4 shall be determined on the effective interest rate determined in the context of the last refinancing added 5 percentage points. The interest shall be fixed for the first time when the duration of the debt securities is extended. For further extensions of the duration in accordance with paragraph 1. 4 shall consider the interest rates laid down in accordance with 1. Act. continued use.

Paragraph 7. The interest of debt securities which are fixed and which has maturity in the range of 12 to 24 months in the refinancing of the loan and is extended in accordance with paragraph 1. 2 or 4 shall be determined on the effective interest rate of a similar bond with the same remaining duration 11 to 14 months previously for 5 percentage points. The interest on debt securities which are fixed and which has a maturity of more than 24 months in the refinancing of the loan and is extended in accordance with paragraph 1. 4, set to the effective interest rate in a bond with 11 to 14 months of the duration of the duration of 11 to 14 months prior to five percentage points. The interest shall be determined for the first time on the debt debt securities to be extended. For further extensions of the duration in accordance with paragraph 1. 4 shall consider the interest rates laid down in accordance with 1. or 2. Act. continued use.

Paragraph 8. The interest on bonds that are variable and extended in accordance with paragraph 1. 3 or 4 shall be fixed at the latest fixed interest rate 5 percentage points. The fixed interest rate after 1. Act. shall remain unchanged for the 12 months of the extension of the extension. The interest shall be determined for the first time on the debt debt securities to be extended. For further extensions of the duration in accordance with paragraph 1. 4 shall consider the interest rates laid down in accordance with 1. Act. continued use.

Niner. 9. If the maturity of a mortgage is longer than the maturity of mortgage bonds, in particular covered mortgage bonds or in particular covered bonds and the underlying debt securities are variable or fixed, the debt securities must be variable or fixed ; the interest paid by the borrower in such situations where the duration of the debt securities is extended in accordance with paragraph 1. 1 4, be based on the interest rate fixed in accordance with paragraph 1. 6-8.

Paragraph 10. Extension pursuant to paragraph 1. Paragraph 1-4 does not deprives the borrowers of the mortgage credit institution to make full or partial release of loans granted on the basis of the granting of mortgage bonds, in particular covered mortgage bonds or in particular covered bonds.

Paragraph 11. Paragraph 1-3 shall not apply to mortgage credit loans granted to the mortgage on solid property located outside Denmark.

Nock. 12. The Minister for the Industry and Growth Pact lays down detailed rules for the extension of bonds covered by paragraph 1. 1-3, cf. SECTION 32. "

3. After section 15, pasted before section 16 :

" § 15 a. If debt securities are prolonged or modified, as a result of refinancing, it is established that there are no takers for all the new bonds required, cf. Section 6, the maturity of the loan concerned as additional security pursuant to section 15, which is prescribed for the extension period and associated with the debt securities being extended or changed, is extended or altered corresponding to the maturity of the relevant debt securities ; Extended or modified bonds.

Paragraph 2. If the Foundation records or has accepted new loans for the full or partial replacement for the items listed in paragraph 1. The loan referred to in paragraph 1 may be that : However, a total or partial deposit of the said loans shall be, in whole or in part, for ordinary fall.

4. I § 32 pasted as paragraph 6 and 7 :

" Stop. 6. If the reconstructor or curator must not issue a refinancing bond, cf. paragraph 4, or if there is not enough detakers to all the necessary new bonds, the period of maturity shall be extended by the relevant debt securities by one year at a time. The constructor or curator shall fix the interest rate on the extended bonds of a variable reference rate added up to 5 percentage points.

Paragraph 7. If debt securities are extended due to the fact that it is established in connection with refinancing, it is established that there is not enough takers for all the new bonds required, cf. paragraph 6, the maturity of loans taken as additional security pursuant to section 15, which is prescribed in the extension, and associated with the debt securities being extended, shall be extended to the maturity of the extended debt securities in question. `

§ 2

In the law of financial activities, cf. Law Order no. 948 of 2. July 2013, as amended, inter alia, in section 1 of Act 1. 615 of 12. June 2013 and section 2 of the Law No 617 of 12. June 2013 and at the latest at Section 1 of Act 1. 1613 of 26. December 2013, the following changes are made :

1. I § 16 c pasted as paragraph 2 :

" Stop. 2. It must be stated separately from the loan conditions that the lending institution may increase interest rates as a result of changed financial conditions, cf. § 152 b, paragraph. 4, and section 6 of the mortgage and mortgage bonds and mortgage bonds etc. ` ;

2. I § 152 b pasted as paragraph 4-9 :

" Stop. 4. In the case of loans financed by the issue of special covered bonds, where the duration of the debt securities is shorter than the duration of the loans, it shall be listed in the bond terms, prospectus or other tender documents, that the administrator must be in the case of debt securities ; situations covered by section 247 a and in accordance with the terms of section 247 h (1). 4, may extend the bond by one year at a time. The impecciting interest on the extended bonds is set at a variable reference rate up to 5 percentage points. It must also be stated in the terms of the bond terms, the prospectus, or any other tender dossier, that the administrator can deliver the bonds to the pari.

Paragraph 5. For loan contracts entered into after 1. In January 2015, the loan conditions must be shown separately that the administrator can increase the interest rate as a result of changed financial conditions, cf. paragraph 4.

Paragraph 6. Where special covered bonds are extended in accordance with paragraph 1. 4, the maturity of loans taken as additional security pursuant to paragraph 1. 1 shall be extended corresponding to the maturity of the modified debt securities.

Paragraph 7. The time required for special covered debt securities shall be over 24 months at the time of the issue.

Paragraph 8. Paragraph 4-7 shall not apply to specially covered bonds issued from a separate register based on assets not complying with Danish rules in all respects, but on behalf of the Member State in accordance with the rules on assets situated ; security of special covered bonds in countries within the European Union or countries with which the European Union has concluded an agreement in the area of the financial area in which cross-border activities are carried out and where the pan is located.

Niner. 9. The Minister for the Industry and Growth Pact lays down detailed rules for the extension of bonds pursuant to paragraph 1. 4, including interest-rate fixing. `

3. I § 247 h pasted as paragraph FOUR :

" Stop. 4. Finds administrator that the options set out in paragraph 1 1-3 is not enough and no full timely introduction of the holders of special covered bonds can be deferred due to the due date of the special covered bonds in accordance with § 152 b (3). 4-6. "

4. I § 373, paragraph TWO, ONE. pkt., is inserted after " § 152 a, paragraph. ONE, ONE. pkt. ` : " § 152 b, paragraph. 4-7, "

§ 3

Paragraph 1. The law shall enter into force on 1. April 2014, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 2, and section 2 shall enter into force on 1. January 2015.

Paragraph 3. § 152 b, paragraph. 7, in the Act of Finance, as drawn up by this law's § 2, nr. 2, enter into force on 1. April 2014.

Paragraph 4. § 1, no. 3, and § 2, nr. The first is for loans admitted after the entry into force of the law.

Paragraph 5. In the case of existing loans, the law is first applicable to first refinancing after the law comes into force.

Paragraph 6. For bonds issued to finance fixed property located outside Denmark, the law applies only to bonds to finance loans concerned after the entry into force of the law.

§ 4

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. In the case of Greenland, the law can, in whole or in part, be brought into force with the discrepancies that the Greenland conditions are saying.

Paragraph 3. Section 2 may, in full or in part, be set in force for the Faeroe Islands with the deviations which the ferotable conditions are attributable.