Law on the amortization of countervailing claims

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AusglFoG 1965

Date of completion: 30.07.1965

Full quote:

" Law on the Eradication of Compensatory Claims of 30 July 1965 (BGBl. 650), as last amended by Article 12 of the Law of 28 June 1990 (BGBl). 1221).

Status:

Last amended by Art. 12 G v. 28. 6.1990 I 1221

For more details, please refer to the menu under Notes

Footnote

(+ + + Text-proof validity: 21. 3.1975 + + +)
Title: Gilt as adopted on 6.8.1965 in accordance with § 1 (1) No. 5 G 114-5 Unofficial table of contents

§ 1 The subject-matter of the law

(1) compensatory claims, pension compensatory claims and special countervailing claims (compensatory claims) entered in the debt book of the Federal Government or of a country for financial institutions, insurance undertakings or building societies, or (2) This Act shall not apply to special countervailing claims pursuant to § 2 of the fifty-fifth implementing regulation relating to the conversion law and to compensation claims made by the German authorities Bundesbank, the German Federal Post Office and the Senate Department for the postal and telecommunications services Berlin have been granted. Unofficial table of contents

§ 2 Tilgung

From 1 January 1956, interest-bearing compensatory claims shall be paid in half a year at 0.5 per cent of the amount granted plus the interest saved by the progressive repayment of interest, non-interest-bearing compensatory claims half a year, at 2 of the hundred of the amount granted. Benefits which a debtor has brought about before the entry into force of this Act in accordance with the first sentence for the purpose of redemption shall be deemed to be a repayment within the meaning of this Act. Unofficial table of contents

§ 3 Tilting Services

(1) Tilting services on non-interest-bearing compensatory claims shall be payable on 30 June and 31 December each year on interest-bearing compensatory claims with the maturity of the interest payments. (2) If a compensatory request is made with the rate of interest payments from a date of 1 January 1956, the first repayment shall be due at the end of the calendar half-year following the grant of the grant. It shall be calculated as if the compensatory request had already been granted on 1 January 1956 with the course of the interest rate. Unofficial table of contents

Section 4 Change of compensation claims

(1) Tilting services, which the debtor only brings about after the date on which they are to be paid in accordance with § § 2 and 3, shall be galvanissed from that date until payment with 5 of the hundred annually. For the purpose of paying the compensation claim and the calculation of the repayment services in accordance with § 2, the amounts paid out shall be deemed to have been paid at the time at which they should have been paid in accordance with § 3. (2) The amount of repayment paid is too much by the creditor with 5 per annum from the date on which they have been paid. (3) The repayment or repayment services to be repaid or reimbursed shall be paid at the latest with the repayment or repayment of interest to the Compensatory requirement for a non-interest-bearing compensatory request to be made without delay. Unofficial table of contents

§ 5 Tee-offs

As long as a compensation claim is not yet granted but payments are made to the interest, payments shall be made on the basis of the repayment of the payments. § § 2 to 4 shall apply accordingly. Unofficial table of contents

§ 6 Termination by the debtor

The debtor may terminate compensatory claims in whole or in part subject to a period of six months; the termination may also be made by announcement in the Federal Gazette (Bundesanzeiger). Unofficial table of contents

§ 7 Repayment of interest and redemption benefits

(1) The Federal Government shall reimburse to the Länder the expenses which they have made and shall make after 30 June 1959 for the repayment in accordance with § § 2 to 5, and 50 of the hundred of the expenses which they incurred after 31 December 1966 for the interest rate of the (2) expenditure shall be the amounts in respect of which the expenditure for the repayment and interest paid exceeds the revenue associated with them. 66 2/3 of the repayment expenditure shall be deducted from the hundred of the amounts which, in accordance with the rules on the reorganisation of the monetary system or related agreements, shall be deducted from the financial institutions, insurance undertakings and building societies, or have been paid by their former debtors to the countries after 30 June 1959 or are paid. This does not apply to payments made by financial institutions in accordance with Section 39 of the Relocation Supplementary Act. Compensation claims which are repaid under the rules on the reorganisation of the monetary system, the provisions of the D-market balance laws or the agreements relating to them. (3) As far as a country is entitled to a compensatory request for 30 June 1959 to a higher amount than is to be repaid under this Act, the Federal Government shall reimburse, until the dissolution of the purchasing fund (Section 10 (2)), those amounts which, in the event of an amortization under this Act, shall be deemed to be Zins-and (4) § 2 of the Act for the transfer of the participation of the former country Prussia on the basis capital of the German Pfandbrief Institution to the Federal Government of 16 December 1954 (Bundesgesetzbl. I p. 439) shall remain unaffected. Unofficial table of contents

§ 8 Purchase fund

(1) The German Bundesbank's fund to purchase compensation claims (purchase fund) is a legally independent institution of the Deutsche Bundesbank. (2) The compensatory claims and other compensatory claims that have been applied to the purchase fund so far Funds remain in the fund's stock. (3) At the same time as the annual accounts, the Deutsche Bundesbank publishes a report on the status of the purchasing fund. Unofficial table of contents

§ 9 Use of the funds of the purchasing fund

(1) The purchase fund should be used to purchase compensatory claims, the definitive assumption of which appears to enable creditors to fulfil due liabilities. (2) Insofar as the funds of the purchasing fund for those in question are available in The German Bundesbank shall not be required to purchase the following:
1.

2.

Compensatory claims for credit institutions registered in the name of central institutions of the Savings Banks and Cooperatives sector which have been granted on the basis of an invoice no longer subject to the correction and which have been granted on the basis of an amount of up to sixty thousand German marks.

(3) In so far as the funds of the purchasing fund are not required for the purpose referred to in paragraph 2, the Deutsche Bundesbank shall be responsible for all creditors of compensatory claims in the amount of a uniform set of compensation claims. (a) compensatory claims which have been granted on the basis of an invoice which is no longer subject to the correction, and which are up to sixty thousand German marks, are to be taken up in full. The Deutsche Bundesbank is to announce the satisfaction at least one month before the payment in the Federal Gazette. The satisfaction can also be achieved by filing. In so far as the Deutsche Bundesbank satisfies the creditor, the compensatory claim shall be applied to it. (4) The Deutsche Bundesbank shall not use the purchase fund for the purposes referred to in paragraph 2 until after the Federal Minister of Finance agreed to the principles of the intended use. Unofficial table of contents

§ 10 Resolution of the purchase fund

(1) Where the debtor has repaid a compensatory claim for a higher amount than would have been required under this Act to take account of the early erasure referred to in paragraph 2, the surplus shall be paid to him by the appropriations of the The purchase fund shall be reimbursed as soon as the purchase fund includes all the remaining compensatory claims. (2) After the fulfilment of the obligations arising out of paragraph 1, the purchase fund shall be dissolved. With the dissolution of the purchasing fund, the compensation claims belonging to its stock shall be extinguaged. (3) The other funds of the buying-in fund still existing at the time of dissolution shall be deducted from the Federal Government. Interest on purchased compensation claims is not payable at the time of the dissolution. Unofficial table of contents

Section 11 Special arrangements for Berlin

(1) (2) The obligations of the Land of Berlin arising out of compensatory claims made by the Deutsche Bundesbank in accordance with Section 15 (2) of the Second Relocation Supplementary Act of 23 March 1957 (Bundesgesetzbl. 285) in conjunction with Section 38 (2) of the Act on the Deutsche Bundesbank of 26 July 1957 (Bundesgesetzbl. I p. 745) shall be applied to the Federal Government with effect from 1 January 1965. Unofficial table of contents

§ 12 Act on the Deutsche Bundesbank

Where the law on the Deutsche Bundesbank refers to the provisions of the law on the amortization of compensation claims, the relevant provisions of this law shall be replaced by the law. Unofficial table of contents

§ 13 Berlin-clause

This law applies in accordance with Section 13 (1) of the Third Transfer Act of 4 January 1952 (Bundesgesetzbl. I p. 1) also in the Land of Berlin. Unofficial table of contents

Section 14 Entry into force

This law shall enter into force on the day after it is announced.