Law on the Establishment of a Blow-Up Fund (Erblastentilgungsfonds-Gesetz-ELFG)

Unofficial table of contents

ELFG

Date of completion: 23.06.1993

Full quote:

" The Law of 16 August 1999 (Federal Law Gazette), as amended by the Notice of 16 August 1999. I p. 1882), most recently by Article 2 of the Law of 22 December 2014 (BGBl. I p. 2431)

Status:	New by Bek. v. 16.8.1999 I 1882;
	Last amended by Art. 2 G v. 22.12.2014 I 2431
The Fund shall be in accordance with. § 11 idF d. Art. 2 G v. 22.12.2014 I 2431 to 31.12.2015 dissolved

For more details, please refer to the menu under Notes

Footnote

(+ + + Text certificate: 27.6.1993 + + +) 

  

The G was decided as Article 37 G 105-16 v. 23.6.1993 I 944 (FKPG) of the Bundestag with the consent of the Bundesrat. It's gem. Art 43. Paragraph 1 of this Act entered into force on 27 June 1993. Unofficial table of contents

Section 1 Establishment of the Fund

A fund with the name "Erblastentilgungsfonds" (Fund) is hereby established as a special fund of the federal government. Unofficial table of contents

§ 2 Purpose of the Fund

(1) The Fund shall take over as of 1 January 1995

1.

the liabilities of the credit settlement fund accumulated up to that date;

a)

the overall indebtedness of the republic budget, which is in effect when the German Democratic Republic accede to the scope of the Basic Law,

b)

the liabilities arising from the allocation of compensatory claims pursuant to Article 8 (4) (6) of Annex I to the Treaty establishing a monetary, economic and social union between the Federal Republic of Germany and the Germans Democratic Republic of 18 May 1990 (BGBl. 1990 II p. 518),

c)

(dropped)

d)

the costs of the settlement of claims and liabilities arising from the performance of the State functions of the German Democratic Republic vis-à-vis foreign countries and the Federal Republic of Germany in accordance with Article 24 (2) of the Unification Treaty,

2.

the liabilities of the credit settlement fund resulting from the issuing of debt securities, treasury bills and the taking up of loans against debt,

3.

the debt, liabilities, obligations and costs arising after that date, as specified in point 1.

(2) As from 1 January 1995, the Fund shall be liable as a co-debtor for the liabilities of the Treuhandanstalt, which have been accrued up to 31 December 1994, of loans taken over, old loans taken over in accordance with Article 1 (1) Sentence 2 and 3 of the Trust credit acceptance law as well as compensation claims in accordance with § 24 of the German Market Balance Act, § 6 (2) and (4) of the Property Law and Section 6 (2) of the Company Return Regulation. In the interiors of the Treuhandanstalt, the fund is the sole debtor. § 4 of the Trust Credit Act shall remain unaffected. (3) From 1 July 1995 the Fund shall take over the legacy liabilities transferred to it pursuant to § § 4 and 11 of the Altschuldenhilfe-Gesetz and the obligations arising therefrom for payment of the funds. of interest and redemption. The Fund may provide creditors with the objections arising out of the legal relationship between the creditor and the previous debtor. The Fund may terminate all or part of the liabilities to be accepted in accordance with the first sentence of one month at any time, subject to a notice period of one month. The Fund may, for the first time, commend the termination with effect from 1 July 1995. The right of dismissal also exists in relation to a new creditor who has acquired or will acquire the claim by way of assignment, by virtue of law or by other means. The payment of compensation or other corresponding costs by the Fund is excluded. Privatization proceeds pursuant to § 5 of the Altschuldenhilfe-Gesetz are to be deducted from the transferor or recipient to the fund. The beneficiary according to § 4 of the Altschuldenhilfe-Gesetz and his legal successor have to pay the partial relief amount accepted by the Fund plus interest paid to the fund, if and to the extent that a communication pursuant to § 4 (4) or (7) or § 5 (5) (3) (3) (3) of the Fund is to be paid. 3 of the Altschuldenhilfe-Gesetz becomes effective. The fund is also subject to the interest rates in accordance with § 4 (8) and § 5 (3) of the Altschuldenhilfe-Gesetz. The interest rate is determined by the amount of the Federal Government's refinancing costs and is determined by the Fund. The revenue of the Fund according to sentences 7 to 9 shall be used in accordance with Section 6 (2). The Fund reimburse the housing companies the interest referred to in § 4 (4) sentence 4 sentence 2 of the Altschuldenhilfe-Law. (4) From 1 January 1997, the Fund shall assume the liabilities referred to in § 1 of the AltschuldenRuleungsgesetz (AltschuldenRuleungsgesetz); and other financing expenses in the amount of EUR 8,389,768,897,33 Deutsche Mark and the resulting obligations to pay interest and repayment. Unofficial table of contents

§ 3 Position on legal transactions, administration

(1) The Fund shall not be legally binding. He can act, sue and be sued under his name in the legal trade. The general place of jurisdiction of the Fund is the seat of the Federal Government. The Federal Ministry of Finance administers the Fund. (2) The debt of the Fund shall be administered in accordance with the principles applicable to the administration of the general federal debt. Unofficial table of contents

§ 4 Federal Liability

(1) The Federal Government shall be liable, without prejudice to its acceptance of the debt, in accordance with Article 1 (1) of the Debt Covenant Act of 21 June 1999 (BGBl). 1384) for the liabilities of the Fund. (2) The Fund is a special fund within the meaning of Article 110 (1) of the Basic Law. (3) The Federal Government shall be entitled to: To purchase compensatory claims or compensatory receivments of the compensation fund converted into bearer bonds. (4) The school durations of the fund are the same as those of the federal government. Unofficial table of contents

§ 5

(dropped) Unofficial table of contents

§ 6 Federal grants

(1) The Fund shall receive, from the Federal budget with effect from 1 January 1999, the following appropriations each year:

1.

Benefits in the amount of the revenue from the Bundesbank profit, which exceed an amount of EUR 3.5 billion;

2.

Surcharges at the level of the countries according to § 3 of the Altschuldenregelungsgesetz of 6 March 1997 (BGBl. I p. 434).

The grants shall be used for the repayment of the liabilities due in the respective year. In the case of obligations pursuant to section 2 (1) (1) (d), the revenue must not be used. (2) The remaining liquidity of the Fund in one year shall be deducted from the federal budget in the respective year. Unofficial table of contents

Section 7 Economic plan

As from 1 January 1995, an economic plan shall be drawn up for the Fund for each marketing year in which revenue and expenditure are to be presented. Unofficial table of contents

§ 8 Annual accounts

(1) At the end of each marketing year, the Federal Ministry of Finance shall draw up the annual accounts for the Fund and shall attach it as an annex to the federal budget accounts. (2) The balance of the special assets shall be included in the annual accounts. including claims and liabilities, as well as receipts and expenses. Unofficial table of contents

§ 9 Administrative costs

The costs for the management of the fund are borne by the Federal Government. Unofficial table of contents

§ 10 Gender Equality with Federal Authorities

The obligations of the Fund, levies on the basis of federal laws to the Federal Government, the Länder, the municipalities (municipal associations) and public bodies are subject to the rules generally applicable to federal authorities. Application. Unofficial table of contents

§ 11 Resolution of the Fund

The Fund shall be dissolved as at 31 December 2015. The Federal Government enters into the rights and obligations of the Fund. Unofficial table of contents

Section 12Provisions

(1) By way of derogation from the time limits referred to in Article 23 (5) and Article 24 (2) of the Agreement, the credit resolution fund shall be different from those set out in Articles 11 and 12 of the Law on the Establishment of a Fund "Credit settlement fund" shall be extended until 31 December 1994. The Credit Settlement Fund shall be dissolved at the end of December 31, 1994 and shall be transferred to the Investment Fund in accordance with § 1 with its liabilities and receivables. (2) By way of derogation from Article 27 (3) of the Treaty on the Establishment of a Monetary, Economic and Social Union between the Federal Republic of Germany and the German Government, the Fund shall be subject to the following conditions: Democratic Republic and Article 34 of the Act concerning the Treaty of 18 May 1990 on the creation of a monetary, economic and social union between the Federal Republic of Germany and the German Democratic Republic of 25 June 1990 (BGBl. 518), Article 23 (4) and Article 24 (2) of the Agreement and Article 11 of the Law on the Establishment of a Fund "Credit Resolution Fund", the liabilities referred to therein shall be provided by the Lending Fund in accordance with § 1 (3) By 31 December 1994, by way of derogation from Article 23 (3) of the agreement, the Federal Government and the Treuhandanstalt shall each reimburse half of the interest payments provided by the credit resolution fund. Loans granted to the Treuhandanstalt for this purpose shall not be credited to the credit framework laid down in the first sentence of Article 1 (1) of the Trust Credit Act. (4) By the end of 31 December 1994, the Law on the Establishment of a Fund (5) The compensation fund for the exchange of funds has to pay in-depth repayments to the credit settlement fund by 31 December 1994 and to the rebate fund under § 1 as from 1 January 1995. (6) In the event of the liquidation or sale of foreign trade undertakings, the following shall be the case all remaining liquidations or sales proceeds remaining to the credit settlement fund until 31 December 1994 and to the rebelling fund (§ 1) as from 1 January 1995.