Pfandbrief Act (PfandBG)

Unofficial table of contents

PfandBG

Date of completion: 22.05.2005

Full quote:

" Pfandbrief Act of 22 May 2005 (BGBl. I p. 1373), most recently by Article 4 of the Law of 10 December 2014 (BGBl. I p. 2091) "

Status:

Last amended by Art. 4 G v. 10.12.2014 I 2091

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 19.7.2005 + + +) 
(+ + + For application cf.  § 53 and  § 54 + + +) 

  

The G was decided by the Bundestag as Article 1 of the G v. 22.5.2005 I 1373. It occurs gem. Article 20 of this Act shall enter into force on 19 July 2005. § 4 (6), § 5 (3), § 16 (4), § 24 (5) and § 53 shall enter into force on 28.5.2005. Unofficial table of contents

Content Summary

Section 1
	Scope, permission and supervision
§ 1				Definitions
§ 2				Permission
§ 3				Supervision; request for information and to be requested
Section 2
	General rules on Pfandbrief emission
§ 4				Congruence; arrangement of increased minimum coverage requirements
Section 4a				Debt-to-government debt clauses
§ 5				Coverage Register
§ 6				Contents of the Pfandbriefe
§ 7				Trustees and alternates
§ 8				Tasks
§ 9				(dropped)
§ 10				Powers
§ 11				Remuneration, dispute settlement
Section 3
	Special provisions relating to cover values
		Subsection 1
			Mortgage Pfandbriefe
§ 12				Coverage values
§ 13				Superiority of collateral
§ 14				Beleification Limit
§ 15				Insurance obligation
§ 16				Determination of Beleive
§ 17				(dropped)
§ 18				Basic debt and foreign security rights
§ 19				Other Coverage Values
	Subsection 2
		Public Pfandbriefe
§ 20				Coverage values
	Subsection 3
		Ship Pfandbriefe
Section 21				Coverage values
Section 22				Beleification Limit
Section 23				Insurance
§ 24				Determination of Beleive
Section 25				Start of payment
Section 26				Other Coverage Values
	Subsection 4
		Aircraft Pfandbriefe
Section 26a				Coverage values
§ 26b				Beleification Limit
Section 26c				Insurance
Section 26d				Determination of Beleive
Section 26e				Start of payment
Section 26f				Other Coverage Values
Section 4
	General rules applicable to the Pfandbrief business
§ 27				Risk Management
§ 27a				Pfandbrief reports; Regulation empowerment
§ 28				Transparency rules
Section 5
	Protection against foreclosure; separation principle in case of insolvency of the Pfandbrief bank
§ 29				Protection against foreclosure, arrests and offsetting
§ 30				Separation principle in case of bankruptcy of the Pfandbrief bank; Sachwalterernattribution
Section 31				Appointment of the Sachwalter; rights and obligations
Section 31a				Remuneration of the Sachwalter; Regulation empowerment
Section 32				Transfer of cover masses and liabilities
§ 33				Trade Register Registration
Section 34				Transfer of cover values and liabilities
§ 35				Trusteeship Administration
§ 36				Partial Transfer
§ 36a				Separation principle in the case of reorganization or restructuring of the Pfandbrief bank
Section 6
	Legal remedies and infringements
Section 37				Immediate enforceability
§ 38				Criminal provisions
§ 39				Fines
§ 40				Managing Authority
Section 7
	Final provisions
Section 41				Label protection
§ 42				Permission for existing Pfandbrief banks
Section 43				Permission for mortgage banks
Section 44				Permission for Ship Pfandbrief Banks
§ 45				Insurance obligation
Section 46				Beleification Limit
§ 47				The right of the ship's letter creditors
§ 48				Ship Pfandbriefe in foreign currency
§ 49				Continuing coverage
§ 50				Continuation of existing law
Section 51				Separate Pfandbrief circulation
Section 52				Provisions of the law amending and supplementing the Law on the Law of the Ship Bank
Section 53				Transitional provision on the CRD IV-Implementation Act
§ 54				Transitional provisions on the BRRD-transposing law

Section 1
Scope, permission and supervision

Unofficial table of contents

§ 1 Definitions

(1) Pfandbrief banks are credit institutions, whose business operations comprise the Pfandbrief business. Pfandbrief business is

1.

the issue of covered bonds on the basis of acquired mortgages under the name Pfandbriefe or mortgage Pfandbriefe (hereinafter referred to as mortgage Pfandbriefe),

2.

the issuance of covered bonds on the basis of acquired claims against public authorities under the name of municipal bonds, local bonds or public Pfandbriefe (hereinafter referred to as "Public Pfandbriefe"),

3.

the issue of covered debt securities on the basis of acquired shipping mortgages under the name of Ship Pfandbriefe,

4.

the issuance of covered bonds on the basis of acquired register rights under Section 1 of the Law on the Rights of Aircraft or Foreign Aircraft mortgages under the name Aircraft Pfandbriefe.

(2) The acquisition of a mortgage shall be equal to the claim against a suitable credit institution for the assignment or partial assignment of a mortgage, which shall be administered by the credit institution in a fiduciary basis in favour of the Pfandbrief Bank, provided that in the case of the mortgage, the mortgage shall be administered by the credit institution. Insolvency of the credit institution the Pfandbrief bank may require the suspension of the mortgage. For claims within the meaning of the second sentence of paragraph 1, second sentence, in the case of shipping mortgages and for register rights as referred to in the second sentence of paragraph 1, point 4, or Foreign aircraft mortgages shall be subject to the first sentence of 1. Sentence 2 (2) against public debtors within the meaning of Article 20 (1) may also be subject to the right of assignment and transfer to other credit institutions and to meet the conditions set out in the first sentence of sentence 1 (3) Pfandbriefe within the meaning of the following provisions are mortgage Pfandbriefe, Public Pfandbriefe, Ship Pfandbriefe and Aircraft Pfandbriefe. Unofficial table of contents

§ 2 Permission

(1) A credit institution with its registered office within the scope of this Act, which intends to operate the Pfandbrief business, requires the written permission of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt) in accordance with Section 32 of the Banking Act. In addition, the credit institution must fulfil the following conditions for a permit to operate the Pfandbrief business:

1.

The credit institution must have a core capital of at least 25 million euros.

2.

The credit institution must have a permit for the credit transaction within the meaning of Section 1 (1) sentence 2 no. 2 of the Banking Act and is expected to operate it.

3.

The credit institution shall have appropriate arrangements and instruments within the meaning of § 27 for the management, supervision and control of the risks to the cover masses and the issuing business to be established on the basis of these risks.

4.

The credit institution's business plan to be submitted to the Federal Institute must be based on the fact that the credit institution will operate the Pfandbrief business on a regular and sustainable basis and that there is a necessary organisational structure for this.

5.

The organizational structure and equipement of the credit institution must, depending on the scope of the permit, future Pfandbrief emissions as well as the real estate financing, government financing, ship financing or The aircraft financing business shall take due account of it.

By way of derogation from Article 33 (3) of the Banking Act, the authorization required by the first sentence shall be refused even if the conditions set out in the second sentence of the second sentence of the second sentence are not available. Section 32 (2), second sentence, of the Banking Act must be applied with the proviso that the permit for the Pfandbrief business can also be limited to individual activities referred to in the second sentence of section 1 (1) (1) to (4). The theoretical and practical knowledge required under Section 25c (1), second sentence, of the Banking Act shall be accepted on a regular basis in the Pfandbrief business, depending on the range of the permit, if the directors of the Board of Management are responsible for the Knowledge of the mortgage lending business, the municipal credit business, the ship's lending business or the aircraft financing business and its refinancing. (2) The Federal Institute may grant permission to operate the Pfandbrief business, except in the cases of § 35 para. 2 of the Banking Act, also , if:

1.

the conditions laid down in the second sentence of paragraph 1, Nos 1 to 3 and 5, no longer exist, or

2.

the Pfandbriefbank has not issued Pfandbriefe for more than two years and is not to be expected to resume the Pfandbrief business as a regular and sustainably operated banking business within the next six months.

(3) The Federal Office shall raise the licence for the Pfandbrief business or withdraw it, the cover masses shall be unwound. (4) The Bundesanstalt shall raise the licence pursuant to Section 32 of the Banking Act for the operation of banking transactions and to the The provision of financial services shall be wholly or inked, the prior authorisation of the Pfandbrief Bank shall be the appearance of the covering masses and the liabilities secured by these assets until the full and timely delivery of the financial services. Fulfilment of the Pfandbrief liabilities, unless the Federal Institute has the (5) In the cases referred to in paragraphs 3 and 4, a lawyer shall be appointed if this is necessary for the full and timely fulfilment of the Pfandbrief liabilities and shall not already be subject to the in accordance with Article 30 (2) or (5), a lawyer has been appointed. The appointment may also be made at the request of the Federal Institute with the consent of the directors of the Pfandbrief Bank, even if the appointment of a specialist in the field of business appears to be useful. The provisions of § § 30 to 36 shall apply mutamatters to the appointment procedure and the legal status of this lawyer.

Footnote

(+ + + § 2 para. 1 sentence 2 Nr 1: For application cf. Section 42 (3) + + +) Unofficial table of contents

§ 3 Supervision; request for information and to be requested

(1) The Federal Institute shall exercise the supervision of the Pfandbrief Banks in accordance with the provisions of this Act and the laws and regulations referred to in Article 6 (1) sentence 1 of the Banking Act. It shall be empowered to take all the arrangements which are appropriate and necessary in order to ensure that the Pfandbrief Banks ' business is in conformity with this Act and the legal regulations issued thereto. On the basis of appropriate samples, the Commission shall examine the cover of the Pfandbriefe on the basis of appropriate samples, and may use it for other persons and facilities. The test is usually to be carried out after two years. The supervision exercised by other public authorities remains unaffected. (2) A Pfandbrief bank, the members of its institutions, their employees and a lawyer have the Bundesanstalt, as well as the persons and institutions of which the Federal Institute is responsible. , in carrying out its duties, to supply information and to provide documents, at the request of the cover situation, including the economic value of the cover.

Section 2
General rules on Pfandbrief emission

Unofficial table of contents

§ 4 Congruence of the cover; arrangement of increased minimum coverage requirements

(1) The coverage of the circulating Pfandbriefe according to the cash value, which includes the interest and redemption obligations, must be ensured; the cash value of the registered cover values must be the cash value of the liabilities to be covered. 2 per cent (securing cover). The securing cover shall consist of:

1.

Debt securities, debt claims, treasury bills and treasury bills, the debtors of which the Federal Government, a special fund of the Federation, a country, the European Communities, another Member State of the European Union, another State Party to the Agreement on the European Economic Area, the European Investment Bank, the International Bank for Reconstruction and Development, the Development Bank of the Council of Europe or the European Bank for Reconstruction and Development ; this shall also apply to debt securities, debtor claims, Treasury bills and treasury bills, the debtors of which are Switzerland, the United States of America, Canada or Japan, provided that their risk weight is, in accordance with the rating of a recognised international credit rating agency, in accordance with the credit rating level 1 Table 1 of Article 114 (2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 139, 30.6.2013, p. OJ L 176, 27.6.2013, p. 1);

2.

debt securities for whose interest and repayment the guarantee has been taken over by one of the bodies referred to in paragraph 1,

3.

Credit to the European Central Bank, to the central banks of the Member States of the European Union or to appropriate credit institutions having their head office in one of the States referred to in paragraph 1, to which, in accordance with the provisions of Article 119 (1) and Article 496 (2) of Regulation (EU) No 575/2013, one of the creditworthiness level 1, a risk weight corresponding to credit level 1 or 2 for the period of origin of up to 100 days in accordance with Table 3 of Article 120 (1) or Table 5 of Article 121. (1) of Regulation (EU) No 575/2013, the fulfilment of which is not conditional, for a limited period, other claims on a legal business basis or otherwise restricted, but only if the amount of the Pfandbrief bank's claims is already known in the course of the acquisition; for the assignment to the creditworthiness levels, the Ratings of recognised international rating agencies.

The limitations of § 19 (1) no. 2 and 3, § 20 (2) No. 2, § 26 (1) No. 3 and 4, and § 26f (1) No. 3 and 4 are not applicable to this extent. The Bundesanstalt may, after consulting the European Banking Authority, order, by means of a general order, that, by way of derogation from the second sentence of paragraph 1, point 3, it shall also be entitled to credit with a maturity of more than 100 days in the case of domestic credit institutions, which are assigned a risk weight corresponding to a level of credit 2 in accordance with Table 3 of Article 120 (1) of Regulation (EU) No 575/2013, may be used for cover, provided that the restriction to level 1 of credit risks a significant concentration of debtors in the case of claims against domestic Credit institutions would be present. The Federal Institute shall verify the continuation of the issuing ground at least half-yearly. The general decree shall be repealed as soon as the reason for the application has been omitted. The general decree and its repeal are to be published on the website of the Bundesanstalt and the Federal Gazette. To the date of publication of the repeal of the general order in the Bundesanzeiger (Federal Gazette), cover values entered in the cover register, the coverage of which is based on the general order, may, after the repeal of the general order, be allowed up to the (1a) In addition, in order to secure the liquidity for the next 180 days, a day-to-day comparison of the receivability of the receivability of the received.n from registered cover values and due liabilities to carry out outstanding Pfandbriefe and derivatives transactions in cover. For each day, the sum of the daily differences occurring up to this day shall be formed. The largest resulting negative sum over the next 180 days must be calculated at any time by the sum of the cover values referred to in the second sentence of paragraph 1 and the registered cover values, which are listed by the European System of Central Banks as being eligible for a bank account. shall be covered. The limits of § § 19, 20, 26 and 26f shall not apply to values which are entered in the cover register solely for the purpose of securing liquidity. (2) The respective total amount of the Pfandbriefe in circulation must be of a generic type. also be covered at the level of the nominal value at any time by values of at least the same level. If the maximum redemption value known at the time of the Pfandbrief edition is higher than the nominal value, it shall replace the nominal value. (3) Insofar as the Pfandbrief bank's liabilities are based on derivative transactions used as cover , the claims of the contractual partners of the Pfandbrief bank must also be covered. Derivative transactions within the meaning of this Act are derivatives under a standard framework contract according to § 1 (11) sentence 3 (1) of the German Banking Act (Kreditwesengesetz) including the collateralization attachments concluded under the framework contract and further agreements. (3a) The Bundesanstalt may order for each coverage mass that a Pfandbrief bank referred to in the first sentence of paragraph 1 and paragraph 2, in each case in conjunction with the first sentence of paragraph 3, must comply with cover requirements, provided that a Value-bearing coverage of liabilities in circulation Pfandbriefe and derivatives transactions in cover do not appear to be ensured. The Pfandbrief Bank shall, without delay, indicate the circumstance of an order in accordance with the first sentence, indicating the corresponding amount of the additional requirement on its website, in the case of the information published in accordance with Section 28 on the Pfandbrief nature concerned. . An order in accordance with the first sentence shall be repealed if it has been shown that it has been omitted, but at the earliest three months after the date of its adoption. (3b) Paragraph 3a, first sentence, and 2 shall apply accordingly in connection with the annual final examination or special exams according to § 44 (1), second sentence, of the Banking Act, including cover checks in accordance with § 3 (1) sentence 3, established deficiencies, which are the cover invoice in accordance with paragraph 4, the cover register according to § 5, the requirements for risk management according to § 27, the Pfandbrief reporting system according to § 27a, compliance with the The transparency requirements of § 28, the appropriateness of the methods and processes used to determine the cash-securing coverage under the Pfandbrief Barvalue Regulation, or the appropriateness of the methods and procedures of the The determination of the insult value. An order taken in accordance with the first sentence is to be cancelled if the Pfandbrief bank has demonstrated the remedy of the defect leading to the order of conviction of the Bundesanstalt or, as soon as it has been found that the order for the order has been verified, the order for the order of the order has been determined. (4) The Pfandbrief bank has to continuously ensure, by means of appropriate computing, and to document in a comprehensible manner that the proper coverage of the at any time. (5) In circulation, a Pfandbrief is in circulation, if the Trustee has issued it in accordance with Section 8 (3) and handed over to the Pfandbrief Bank; to the extent that it is ensured that a deposit of a Pfandbrief held by the Pfandbrief Bank would not be executed without the consent of the Trustee, it will be held the Pfandbrief for the duration of the guarantee from circulation. (6) The Federal Ministry of Finance is authorized, in agreement with the Federal Ministry of Justice, by decree law, which does not require the consent of the Federal Council, Details of the method of barcode account in accordance with the first sentence of paragraph 1 and section 19 (1) no. 4 sentence 3, including in conjunction with Section 20 (2) (3) and (26) (1) (5) and Section 26f (1) (5), as well as the extent of changes in interest and exchange rates, which the cover referred to in the first sentence of paragraph 1 must at least be able to withstand. The Federal Ministry of Finance can transfer this authorisation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation. Prior to the adoption of the legal regulation, the top associations of the credit industry are to be consulted. (7) It is forbidden to place Pfandbriefe on the market for a Pfandbrief bank if the amount of the Pfandbriefe is not covered by those registered in the respective cover register. Values are covered in accordance with the rules. It shall also be prohibited to dispose, for a Pfandbrief bank, of a value entered in the cover register by divestment or liability to the detriment of the Pfandbrief creditors or creditors of claims arising from derivative transactions referred to in paragraph 3, although the other values entered in the respective register do not comply with the proper coverage of the corresponding Pfandbriefe and claims arising from derivative transactions referred to in paragraph 3. Pfandbriefe must not be placed on the market without the certificate required in accordance with § 8 (3) sentence 1.

Footnote

(+ + + § 4 (1a): For application, see § 53 (F 2009-03-20) + + +) Unofficial table of contents

Section 4a Retraining clauses in government bonds

Enrolment clauses in accordance with § 4a of the German Federal Debt Act (Bundesschuldensentgesetz) in the issuing conditions of federal debt securities as well as corresponding retraining clauses in the emission conditions of debt securities of other debtors in the sense of the The first sentence of Article 20 (1), first sentence, of the first sentence of Article 4 (1) (1) and (2), Article 19 (1) (3), Article 20 (1) (1) (1), (26) (1) (4) or Article 26f (1) (4)) shall not preclude the inclusion of the cover. Unofficial table of contents

§ 5 Cover register

(1) The cover values used to cover the Pfandbriefe and the claims arising from derivative transactions in accordance with Section 4 (3) shall be entered individually by the Pfandbrief Bank in the register (coverage register) conducted for the respective Pfandbrief. Derivatives may only be registered with the consent of the trustee and the contractual partner of the Pfandbrief bank; an entry without the required consent shall be deemed not to have occurred. If a value required for coverage is repaid, the person responsible for the registration of the cover values shall immediately enter the corresponding substitute values in the cover register. A number of sub-registers, which correspond to the requirements of the coverage register, may be applied to the respective cover register if this does not affect the clarity and function of the coverage register. The Federal Institute may order that the entries from a sub-register or several sub-registers must be transferred to the main register within a reasonable period of time. (1a) Insofar as registered values are only partially covered by the Pfandbriefe of the Pfandbrief bank must be provided, the cover register shall contain details of the extent of the part intended to be covered and its rank in relation to the part not covered by the cover; in the case of doubt, the cover intended to cover the cover must be: Part precedence. Subject to a partial acceptance at a lower level in accordance with the first sentence, mortgages shall always apply only up to the level of the mortgage limit in accordance with § § 14 and 22 (2) and § 26b (2) as covering the cover. The yield point shall be calculated on the basis of the registered reference value, and the part intended for cover shall, in doubt, take precedence. If registered values are managed in whole or in part by the Pfandbrief bank as trustee, the cover register must contain details of the creditor of the transfer claim; in the case of partial trustee administration, the rates 1 shall apply and 2 accordingly. A fiduciary administration in accordance with the fourth sentence shall be deemed to be the values of the trustee in the relationship between the trustee and the Pfandbrief bank or their creditors, although they are not transferable, in particular in the case of: the administration as a refinancing company in accordance with § § 22a to 22o of the Banking Act. (1b) The transfer of the personal data to be entered in the coverage register to a Pfandbrief bank, which for the purpose of refinancing via Pfandbriefe according to the cover register regulation for the registration of the data in it (2) Within the first month of each calendar half-year, a record of the entries confirmed by the trustee appointed in accordance with § 7 shall be recorded, which shall be: during the last calendar half-year in the cover registers to be transferred to the Federal Institute. If a trustee has been appointed for the first time in the course of the last calendar half-year, the confirmed recording shall have all in to include registrations made to the cover registers. In the case of the legal regulation to be adopted in accordance with paragraph 3, it may be determined that, in the case of the transmission of the record in electronic form, the latter shall, by way of derogation from the first sentence, contain all the entries made in the cover registers. (3) The Federal Ministry of Finance, in agreement with the Federal Ministry of Justice, has provided details of the form and the necessary content of the coverage register by means of a regulation which does not require the approval of the Federal Council. of the entries to be made. The legal regulation must also contain provisions on the form of recording, on the form of confirmation by the trustee, and on the manner in which the recording and its storage are transmitted by the Federal Office. Before the adoption of the legal regulation, the top associations of the credit industry should be consulted. The Federal Ministry of Finance can transfer this authorisation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation. Unofficial table of contents

§ 6 Content of Pfandbriefe

(1) In the Pfandbriefe, the provisions governing the legal relationship between the Pfandbrief Bank and the Pfandbrief creditors, in particular with regard to the dismissal of the Pfandbriefe, can be seen. (2) The Pfandbrief creditor may be credited with the right to a Pfandbrief creditor. (3) The issue of Pfandbriefe, the maximum redemption value of which is not known, is not permitted. Unofficial table of contents

§ 7 Trustees and alternates

(1) Each Pfandbrief Bank shall appoint a trustee and at least one deputy. (2) Trustees and alternates shall have the knowledge and experience required to perform their duties. Qualification as an auditor or a sworn accountant makes the necessary knowledge presume. An appointment as trustee or substitute shall be excluded if there are reasons for the concern of the partiality. This is particularly the case if the person is in employment or mandate relationship with the Pfandbrief bank or has been within the previous three years. (3) The order is made by the Federal Institute after hearing the Pfandbrief Bank; prior to the first issue of Pfandbriefe, an order shall be made only at the request of the Pfandbrief Bank. The order can be revoked at any time and at any time for factual reasons by the Federal Institute. The order shall end at the latest by the end of the month in which the 75. The appointment of a specialist in accordance with § 2 (5) or § 30 (2) or (5) rests with the Office of the Trustee until the end of the State Law Office. The trustee shall remain obliged to inform the expert of all the information which may be of importance for the management of the cover values. (4) The trustee shall inform the Federal Institute of the information he/she has carried out in the course of his work. , findings and observations made. The trustee shall not be bound by instructions from the Federal Institute. (5) Trustees and deputies shall be liable to the Pfandbrief Bank and to the Pfandbrief creditors and to creditors of claims arising from derivative transactions pursuant to § 4 para. 3 of their activities only in case of intent and gross negligence. The replacement obligation of the trustee or the deputy is limited in the case of grossly negligent action to 1 million euros. It cannot be excluded or limited by contract. If the liability of the trustee or the deputy is covered by insurance, a deductitiy of one and a half times the annual remuneration laid down in accordance with § 11 (1) shall be provided. The Pfandbrief Bank may conclude the insurance contract in favour of the trustee and the deputy and pay the premiums. Unofficial table of contents

§ 8 Tasks

(1) The trustee must ensure that the correct cover for the Pfandbriefe and claims arising from derivative transactions pursuant to section 4 (3) is available at any time; in doing so, he must ensure that the value of the belided land is based on the legal decree issued pursuant to section 16 (4), the value of the ships and ship-building works issued under the terms of Article 24 (5) and the value of the belided aircraft according to the provisions of section 26d (3) shall be adopted. In addition, it is not obliged to investigate whether the fixed value corresponds to the real value. (2) The trustee must ensure that the funds to cover the Pfandbriefe and the claims arising out of derivative transactions pursuant to § 4 (3) values used in accordance with § 5 (1) shall be entered in the respective coverage register. It must also ensure that the registration of a derivative by the Pfandbrief bank is notified without delay to the contract partner of the derivatives business, stating the corresponding cover register. (3) The trustee has submitted the Pfandbriefe. the issue must be accompanied by a certificate of the existence of the appropriate cover and of the registration in the relevant cover register. A replica of the personal signature is sufficient. (4) Values entered in the cover register can only be deleted with the consent of the trustee in the register. The consent of the trustee shall require the written form; it may be made in such a way that the trustee adds its name signature to the deletion note in the cover register. The deletion of a registered derivative, which is not yet fully settled, also requires the consent of the contractual partner of the Pfandbrief bank; deletion without the required consent shall be deemed not to have occurred. The second sentence of paragraph 2 shall apply accordingly. Unofficial table of contents

§ 9 (omitted)

- Unofficial table of contents

§ 10 Powers

(1) The trustee is entitled to obtain the documents of the Pfandbrief bank at any time and to demand information, insofar as they relate to the Pfandbriefe and to the values entered in the cover registers. (2) The Pfandbrief bank is , from the capital repayments to the values entered in the coverage registers as well as other changes made to the Pfandbrief creditors and to creditors of claims arising from derivative transactions pursuant to section 4 (3), which are subject to such changes Concern values, the trustee continuous communication. Unofficial table of contents

§ 11 Remuneration, Dispute Settlement

(1) The trustee and his deputists shall receive from the Pfandbrief bank an appropriate remuneration, the amount of which shall be determined by the Bundesanstalt, and to replace the necessary outlays. Further services of the Pfandbrief Bank are inadmissible. (2) Disputes between the Trustee and the Pfandbrief Bank shall be decided by the Federal Institute.

Section 3
Special provisions relating to cover values

Subsection 1
Mortgage Pfandbriefe

Unofficial table of contents

§ 12 Cover values

(1) Only mortgages may be used to cover Mortgage Pfandbriefe pursuant to § 1 (1) sentence 2 No. 1, insofar as they meet the requirements of § § 13 to 16. (2) The Pfandbrief Bank shall be entitled to a mortgage on a plot of land to be used by the mortgage. In order to prevent loss of the mortgage, it may only use the mortgage on the basis of a new determination of mortgage lending in accordance with § 16. (3) The registered cover values shall also cover all receivings, the The holder is the Pfandbrief bank and which is directed towards the economic substance of the land; in particular claims on which the mortgage on domestic land would extend in accordance with sections 1120, 1123, 1126, 1127 and 1128 of the Civil Code as well as on claims of the Pfandbrief Bank from its own or right-wing law insurance in accordance with § 15, on the transfer of the land or similar or comparable rights and on the reversal of the proceeds of a recovery. Unofficial table of contents

Section 13 Secrecy of securities

(1) The mortgages must be at the expense of land, equal rights or such rights of a foreign legal order comparable to the rights of German law of the same land. The affected land and the land in which the affected rights exist must be placed in a Member State of the European Union or in another State Party to the Agreement on the European Economic Area, in Switzerland, in the United States of America, Canada, Japan, Australia, New Zealand or Singapore; the total amount of the insult to non-European Union countries which do not ensure that the Privilege of the Pfandbrief creditors in accordance with Section 30 (1) of the Pfandbrief Bank's claims shall not exceed 10 per cent of the total amount of the exposures secured by the prerogai. (2) The incitement of fixed-term rights shall be permitted only if the repayment of the mortgage on a scheduled basis is not later than 10 years before the expiry of the law, and it does not take any longer than is necessary for the accounting of the building according to economic principles. Unofficial table of contents

§ 14 Beleihungsfrontier

Mortgages may only be used for cover up to the amount of the first 60% of the value of the land (mortgage lending value) set by the Pfandbrief bank on the basis of a valuation of the value according to § 16. Unofficial table of contents

§ 15 Insurance obligation

Where the site of the property is subject to the value of the mortgage lending value, it shall be ensured that the Pfandbrief Bank shall, in the event of damage or destruction of the structure, be ensured during the entire period of the service, provided that: it will not be restored, will receive a compensation from insurance. The insurance must cover at least the significant damage risks according to the nature and location of the object. The amount of insurance must cover at least the following:

1.

the costs to be incurred for the restoration of the works referred to in the first sentence,

2.

which, in the event of significant risks to the works referred to in the first sentence, are likely to be unaffected by high probability; or

3.

the outstanding loan request.

The Pfandbrief Bank may not take out insurance on its own account only if the borrower's obligation to conclude a corresponding insurance pursuant to sentence 3 (1) or (2) is made. Unofficial table of contents

§ 16 Determination of the Beleification

(1) The value determination used as a basis for fixing the mortgage value shall be carried out by a reviewer independent of the credit decision, who shall have the necessary professional experience as well as the necessary specialist knowledge for the purpose of the loan. (2) The value of the insult shall not exceed the value of the value, which shall be within the framework of a prudent assessment of the future commercial property of a property and taking into account the long-term sustainability of the property. Characteristics of the object, the normal regional market conditions and of the current and possible other uses. Speculative elements must not be taken into account. The asset value may not exceed a market value which is determined in a transparent manner and in accordance with a recognised evaluation procedure. The market value is the estimated amount for which an asset on the valuation date between a sales-ready seller and a ready-to-purchase acquirer, after a reasonable marketing period, in a transaction in the ordinary (3) The mortgages used to cover the mortgages in construction sites and new buildings which have not yet been completed and which are eligible for yield may be sold on the basis of the following: together 10 per cent of the total amount of the mortgage Pfandbriefe shall not exceed the cover values used and twice the equity capital. Mortgages in construction sites may not exceed 1 per cent of the total amount of the cover values used to cover mortgage bonds. Mortgages on land which do not grant a permanent yield, in particular in mines and fractures, are excluded from use to cover as well as mortgages on mines. Mortgages in other allowances, for which the provisions relating to land are applied, are also excluded from the use to cover mortgage Pfandbriefe, provided that the authorities have a permanent income (4) The Federal Ministry of Finance is authorized, in agreement with the Federal Ministry of Justice, by means of law which does not require the approval of the Federal Council, details of the methodology and form of the Determination of the exposure value as well as the minimum requirements for the qualification of the Gutachters to determine. The legal regulation may provide for the assessment of lodgings mainly used for housing purposes. Before the adoption of the legal regulation, the top associations of the credit industry should be consulted. The Federal Ministry of Finance can transfer this authorisation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation. Unofficial table of contents

§ 17 (omitted)

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§ 18 Basic debt and foreign security rights

(1) For the purposes of this Act, the mortgages shall be equal to the basic debt and such foreign security rights, which offer comparable security and entitle the creditor to make his claim also through recovery of the subject matter under load (2) On the basis of an agreement between the Pfandbrief Bank and the respective property owner of the guarantee of a loan request, the basic debt of the Pfandbrief Bank is § 12 para. 1 with the following: to the extent that mortgages shall be replaced by the basic debt, the loan receivable to it. Section 5 (1a) shall apply mutatily if a purpose agreement includes several requirements. A number of claims intended for cover have in doubt the same rank. To the extent that foreign security rights secure claims of different creditors, the rank of a claim intended for coverage is determined in accordance with the rules of the applicable law. (3) The Pfandbrief Bank has a property for the prevention of The loss of a mortgage or basic debt which is due to the mortgage or the land debt at the time of the forced auction and, in place of the mortgage or basic debt for which a basic debt is to be registered for itself, can be found in this § 12 para. 2 appropriate application. Unofficial table of contents

Section 19 Other cover values

(1) The cover prescribed in Section 12 (1) may also take place

1.

in accordance with Article 8 (2) of the Regulation on the confirmation of the conversion account and the procedure for the allocation and acquisition of compensatory claims in the version of the Notice of 7 December 1994 (BGBl. 3738), as amended by the Regulation of 26 September 1995 (BGBl I). 1194),

2.

up to a total of 10 per cent of the total amount of the mortgage Pfandbriefe in circulation by the values of the kind referred to in Article 4 (1), second sentence, point 1 and 2, by means of monetary claims against the European Central Bank, against central banks of the Member States of the European Union or credit institutions within the meaning of Article 4 (1), second sentence, point 3, provided that the amount of the Pfandbrief bank's claims is already known in the case of the acquisition, and by the respective balance from an account connection with the above-mentioned bodies, the proportion of money claims against one and the same Credit institution may not be higher than 2% of the total amount of the mortgage Pfandbriefe referred to in half-sentence 1,

3.

up to a total of 20 per cent of the total amount of mortgage Pfandbriefe in circulation by the values of the kind referred to in Article 20 (1), in so far as they are debt securities; the cover values referred to in point 2 shall be set off;

4.

by claims arising out of derivative transactions within the meaning of Article 4 (3) sentence 2, which are valid with appropriate credit institutions, capital management companies with a permit pursuant to § 7 or § 97 (1) of the investment law in the period up to 21 July 2013 Version which is still in force for the period provided for in § 345 (2) sentence 1, paragraph 3, second sentence, in conjunction with the first sentence of paragraph 2, or the first sentence of paragraph 4 of the capital investment code, or with a permit pursuant to § § 20, 21 or § § 20, 22 of the Capital investment code, financial services institutions, insurance companies, one central Counterparty shall be concluded on a stock exchange, the federal government or the countries, provided that it is ensured that the claims of the Pfandbrief bank are not subject to the terms of the framework contract in the event of the deposit of the Pfandbrief bank or of the other cover masses. , provided that there is no adequate collateralisation for the derivative business in charge, credit institutions must comply with the credit requirements set out in Article 4 (1), second sentence, point 3. The transactions may only involve or mimic risks which the Pfandbrief Bank may enter into with transactions concerning the other limits allowed under this Act; options and other derivatives shall be excluded if they are open to the public. the position of the Pfandbrief bank, as well as transactions which give a comparable risk to an open standstill position. The share of the claims of the Pfandbrief Bank from the derivative transactions taken into account in the total amount of the cover values as well as the share of liabilities of the Pfandbrief Bank from these derivative transactions in the total amount of the total amount of the Pfandbrief Bank Mortgage Pfandbriefe, plus the liabilities of derivatives transactions, shall not exceed 12 per cent; the calculation shall be based on the cash values of the derivatives transactions; on the limits set by half-sentence 1 are claims and liabilities of the Pfandbrief bank from such cover shall not be expected to serve exclusively to hedge a currency risk of cover values and Pfandbriefe.

In the case of Section 2 (3), the Bundesanstalt may allow exceptions to the limitations of the provisions of paragraph 1 (2) and (3).

Subsection 2
Public Pfandbriefe

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§ 20 Cover Values

(1) In order to cover public Pfandbriefe, only financial claims arising from the award of loans, debt securities or equivalent legal business, or other entities referred to in point 1 (a) to (f) may be used in writing as to be used for non-reputable claims,

1.

which are directly directed against

a)

National and regional authorities and bodies and institutions of public law, for which a legal burden or a guarantee liability or a state refinancing guarantee is applicable or which is the legal basis of the law the right to collect charges, levy or other charges;

b)

Member States of the European Union or States Parties to the Agreement on the European Economic Area and the central banks of the European Economic Area,

c)

Regional administrations and local authorities of the States referred to in point (b),

d)

the United States of America, Japan, Switzerland and Canada, and their central banks, provided that the risk weight referred to in Table 1 of Article 114 (2) of Regulation (EU) No 575/2013, as provided by the competent authorities has been assigned to credit rating 1's credit rating of recognised international credit rating agencies,

e)

Regional administrations and local authorities of the States referred to in point (d), provided that they have been placed on an equal footing with the central State by the national authority concerned, or where they have a risk weight corresponding to the level of credit rating 1, in accordance with Table 5 of Article 121 (1) of Regulation (EU) No 575/2013 has been assigned in accordance with the national rules implementing the framework agreement on "International convergence of capital measurement and capital requirements" of the Baseler Committee on Banking Supervision, adopted in June 2004; Credit rating 1 assignment shall be governed by the ratings of recognised international credit rating agencies, in accordance with the provisions of Article 115 (4) of Regulation (EU) No 575/2013,

f)

the European Central Bank, as well as multilateral development banks and international organisations within the meaning of Articles 117 and 118 of Regulation (EU) No 575/2013 or the European Stability Mechanism,

g)

Public authorities of a Member State of the European Union or of another State Party to the Agreement on the European Economic Area,

h)

public bodies within the meaning of Article 4 (1) (8) of Regulation (EU) No 575/2013 of the States referred to in point (d), provided that they fulfil the requirements referred to in point (e), or

2.

for one of the bodies referred to in points 1 (a) to (f) or an export credit insurer having its registered office in one of the States referred to in point 1 (b) and (d), provided that the requirements of point 1 (g) or (h) are met, the Warranty has taken over. A guarantee shall be provided in so far as, due to a law, a regulation, a statute or a legal transaction, the claim holder has a claim against the guarantor that, in the case of non-payment of the debtor, he/she shall be entitled to provides the necessary means for the fulfilment of the obligation. The guarantee may not have the right in relation to the Pfandbrief bank to assert any objections arising from the legal relationship with third parties or to unilaterally dissolve from its obligations, or

3.

from a

a)

the central government, central bank, regional administration or local authority of a State referred to in paragraph 1 (d);

b)

from a public body of a State referred to in point 1 (d),

c)

from a multilateral development bank, or

d)

by an international organization

shall be payable or guaranteed by the bodies referred to in points (a), (c) or (d), provided that the debtor or guarantor is assigned to the credit rating level 2 and, at the time of registration of the specific claim in the Cover register of the credit rating level 1 was allocated and these claims did not exceed 20 percent of the total amount of the outstanding public Pfandbriefe of the Pfandbrief Bank.

The total amount of claims against debtors in non-European Union countries where it is not guaranteed that the right of creditors of the Public Pfandbriefe pursuant to Section 30 (1) to the claims of the Pfandbrief Bank shall not exceed 10% of the total amount of the claims in respect of which the preroe is secured. Sentence 2 shall apply in accordance with the claims against the guarantee under the second sentence of sentence 1. (2) The cover provided for in paragraph 1 may also take place:

1.

by the values referred to in Article 19 (1) (1);

2.

up to 10% of the total amount of public Pfandbriefe in circulation by means of monetary claims against the European Central Bank, against the central banks of the Member States of the European Union or against credit institutions within the meaning of § 4 Paragraph 1, second sentence, No. 3, provided that the amount of the Pfandbrief bank's claims is already known in the case of the acquisition, as well as by the respective balance from an account connection with the above-mentioned entities; the proportion of money claims against one and the same Appropriate credit institution shall not exceed 2% of the total amount of the credit institution § 4 (1) Sentences 4 to 8 shall apply accordingly;

3.

by the values referred to in Article 19 (1) (4), subject to the conditions and limits specified therein, provided that the total amount of mortgage Pfandbriefe in circulation shall be replaced by the total amount of the mortgage Pfandbriefe in circulation. Public Pfandbriefe.

(3) In the case of § 2 para. 3, the Bundesanstalt may allow exceptions to the limitations of paragraph 2. (4) The registered cover values also extend to all claims, the holders of which are the Pfandbrief bank and which are based on the economic In the case of a mortgage guaranteed in accordance with the first sentence of paragraph 1, the substance of the cover value shall in particular also be directed to the claims referred to in § 12 (3).

Subsection 3
Ship Pfandbriefe

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Section 21 Cover values

In order to meet the requirements of § § 22 to 24, only loan receivings secured by ship mortgage securities may be used for the purpose of covering the shipping requirements of the ship's mail. In the event of a partial use of a loan request for cover, the Pfandbrief bank has to document the transaction in a comprehensible way. Unofficial table of contents

Section 22 Beleification limit

(1) The order shall be limited to ships and shipbuilding works registered in a public register. (2) The order shall be the first 60 per cent of the value fixed by the Pfandbrief bank on the basis of a value determination pursuant to section 24 of the ship (ship's loading value) or ship's structure. It may only be granted by granting a disbursement loan, whereby the payment of the loan is generally to be spread evenly over the years; the agreement is not harmful to the agreement. If it is agreed for a loan that this is not to be fully satisfied by the end of the loan period by instalment rates as set out in the second sentence but in addition by a final instalment to be made at the end of the loan period, this shall not apply: as a case of unequal pay, if the final instalment does not exceed the amount equal to the balance agreed for the loan, until the end of the 20. Year of life of the ship could be repaid. The Bundesanstalt may, in individual cases, allow further exemptions from the provisions of the first and second sentences if the nature of the ship or ship to be loaded, the economic conditions of the loan debtor, or additional (3) (3) (omitted) (4) The order shall not exceed the end of the 20. The ship ' s life year shall be sufficient, unless a shorter service life is to be expected. In addition, under the conditions laid down in the second sentence of paragraph 2, the Bundesanstalt may grant further exemptions. A stunt granted to the borrower, which would result in the maximum allowable period of the loan period being exceeded, shall be admissible only with the approval of the trustee. Where a number of vessels or shipbuilders are in receipt of a loan request secured by a ship's mortgage, the loan request shall be eligible for cover only if, in the course of their distribution, the individual ships and shipbuilders are divided into: (5) The loading of ships and shipbuilders registered abroad shall be permitted if, under the law of the State in whose register the ship or the ship's structure is is registered,

1.

in the case of ships and shipbuilders, a right of rem to be entered in a public register,

2.

the right in rem gives the creditor a security comparable to that of the shipyards of German law, in particular the right to seek satisfaction from the ship or the ship's structure on account of the secured loan request,

3.

the legal proceedings for creditors belonging to another State are not significantly impeded in relation to their own nationals.

The total amount of the exposures referred to in the first sentence outside the Member States of the European Union, which do not ensure that the right of the shipowners ' creditors to meet the requirements of the Pfandbrief Bank in accordance with Article 30 (1) of this Regulation shall be based on these Exposures shall not exceed 20 per cent of the total amount of claims in respect of which the preroe is guaranteed. Where the law of the State in whose register the ship or ship is registered, provides that the right of rem shall be established without being entered in a public register, in order to secure the rights of the creditor to a third party, but to a such a register shall be admissible only with the proviso that the Pfandbrief bank shall immediately bring about the entry in the public register. (6) The registered cover values also cover all claims, the holders of which are the Pfandbrief bank and which are based on the economic substance. of the ship or ship's structure, in particular claims on which the ship's mortgage is to be met by ships and shipbuilders registered in the German maritime register in accordance with § § 31 and 32 of the Law on Rights ships and shipbuilding, as well as rental and Claims, demands for the transfer of the ship or ship building, and demands for the return of the proceeds of recovery. Unofficial table of contents

§ 23 Insurance

(1) The ship or the ship's structure shall, for the entire duration of the contract, be equivalent to at least 110 per cent of the outstanding loan receivings outstanding, plus any prior or equivalent ship mortgages of third parties. The terms and conditions of the Pfandbrief Bank shall be insured. The insurer must have committed itself to the Pfandbrief bank against objections under Section 36 (2) (2) of the Law on the Rights of Registered Ships and Shipyards, or on the order of ships registered abroad, and (2) The Pfandbrief Bank shall immediately notify the insurer of the obligation. (3) Insofar as the insurer, on the basis of the obligation assumed in accordance with paragraph 1, the Pfandbrief Bank , the ship's mortgage goes over to him. The transition cannot be claimed to the detriment of the Pfandbrief Bank or any equivalent or equivalent ship's mortgage creditor, which has remained the insurer's obligation to perform. (4) If the mortgage mortgage does not apply to the insurance claim, it is only permissible if the Pfandbrief bank receives a corresponding security by contract. Unofficial table of contents

§ 24 Determination of the Beleification

(1) The valuation of the value of the ship as a basis for determining the value of the ship ' s mortgage value shall be determined by a reviewer independent of the credit decision, who shall have the necessary professional experience and the necessary professional experience. (2) The ship-to-ship value shall not exceed the value of the ship's value, which shall be carried out in the context of a prudent assessment of the ship's future salesiness and taking into account the Long-term, sustainable characteristics of the object, the market conditions as well as the current and possible other uses. Speculative elements must not be taken into account. The ship's loading value shall not exceed a market value determined in a transparent manner and in accordance with a recognised evaluation procedure. (3) Paragraphs 1 and 2 shall apply to the valuation of a ship's structure. (4) The requirements for the coverage of shipping agents, secured by ships 'mortgages on ships' works, shall apply. together may not exceed 20 percent of the total amount of the shipping mortgages used to cover the shipping letters. (5) The Federal Ministry of Finance is authorized, in agreement with the Federal Ministry of Justice, by Legal Regulation, which does not require the consent of the Federal Council, details of the To determine the methodology and form of ship-to-ship identification as well as the minimum requirements for the qualification of the reviewer. Before the adoption of the legal regulation, the top associations of the credit industry should be consulted. The Federal Ministry of Finance can transfer this authorisation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation. Unofficial table of contents

§ 25 Start of payment

The commencement of payment may be deferred for a period not exceeding two years; with the approval of the Bundesanstalt, this period may, for specific reasons, be up to five years for individual loan claims. will be extended. Unofficial table of contents

Section 26 Additional cover values

(1) The cover prescribed in § 21 sentence 1 may also be effected

1.

by means of guilt or debt in the sense of § § 780 and 781 of the Civil Code, which are secured by ship mortgages, provided that they are based on the loan claims referred to in § § 22 to 24. requirements; in so far as the requirements of the loan are only partially in accordance with the above requirements, they may be used for cover only to this extent; Section 21, second sentence, shall apply accordingly;

2.

by the values of the type referred to in Article 19 (1) (1);

3.

up to 10 per cent of the total amount of the ship's letters in circulation by the values of the kind referred to in Article 4 (1) (2) (1) and (2), by means of monetary claims against the European Central Bank, against central banks of the Member States of the A European Union or a credit institution within the meaning of Article 4 (1), second sentence, no. 3, provided that the amount of the Pfandbrief bank's claims is already known in the case of the acquisition, as well as the respective assets from an account connection with the above mentioned The amount of money claims against one and the same credit institution shall not exceed 2 Percentage of the total amount of the shipping requirements referred to in half-sentence 1; § 4 (1) sentences 4 to 8 shall apply accordingly;

4.

up to a total of 20 per cent of the total amount of the shipping letters in circulation by the values of the kind referred to in Article 20 (1), in so far as they are debt securities; the cover values referred to in point 3 shall be set off;

5.

by the values referred to in Article 19 (1) (4), subject to the conditions and limits specified therein, provided that the total amount of mortgage Pfandbriefe in circulation shall be replaced by the total amount of the mortgage Pfandbriefe in circulation. Ship Pfandbriefe.

(2) In the case of § 2 para. 3, the Federal Institute may grant exemptions from the limitations of the provisions of paragraph 1 (3) and (4).

Subsection 4
Aircraft Pfandbriefe

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Section 26a Cover values

In order to meet the requirements of § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § § 1 26b to 26f. In the event of a partial use of a loan request for cover, the Pfandbrief bank has to document the transaction in a comprehensible way. Unofficial table of contents

§ 26b Beleihungsfrontier

(1) The order shall be limited to aircraft within the meaning of Section 1 (2), first sentence, of the Air Traffic Act, which are entered in a public register. (2) The order shall be the first 60 per cent of the deposit of the Pfandbrief bank on the basis of a Value determination according to § 26d of the value of the aircraft (aircraft insult value) not exceeding. It shall be ensured, by means of appropriate measures, that the right of registration of the register or the foreign aircraft mortgage shall also cover the engines. Reregistrations of aircraft and consequent effects on the registration or foreign aircraft mortgage shall be monitored; the continuous fulfilment of the requirements referred to in paragraph 4 shall be carried out by appropriate measures; to ensure. The loan may only be given by the granting of payment loans, the payment of the loan being generally equally distributed over the years; the agreement is not harmful to the agreement. If it is agreed for a loan that the loan is not to be fully satisfied by the end of the loan period by instalment rates in accordance with the fourth sentence but in addition by a final instalment to be provided at the end of the loan period, this shall not apply. as a case of unequal pay, if the final instalment does not exceed the amount equal to the balance agreed for the loan, until the end of the 20. years of life of the aircraft could be repaid. The Bundesanstalt may, in individual cases, allow further exemptions from the provisions of the first and fourth sentences if the specific nature of the aircraft to be operated, the economic conditions of the loan debtor or additional collateral (3) The order shall not exceed by the end of the 20th Life year of the aircraft is sufficient, unless a shorter service life is to be expected. In addition, under the conditions laid down in the second sentence of paragraph 2, the Bundesanstalt may grant further exemptions. A stunt granted to the borrower, which would result in the maximum allowable period of the loan period being exceeded, may only be permitted with the consent of the trustee. (4) The loading of aircraft registered abroad , shall be admissible if, in accordance with the law of the State in whose register the aircraft is registered,

1.

can be ordered on aeroplanes in rem, which is entered in a public register;

2.

the right in rem gives the creditor a security comparable to the right of registration of German law, in particular the right to seek satisfaction from the aeroplane on account of the secured loan request; and

3.

the legal proceedings for creditors belonging to another State are not significantly impeded in relation to their own nationals.

The total amount of the exposures referred to in the first sentence outside the Member States of the European Union where it is not ensured that the prerogative of the aircraft pfandbrief creditors in accordance with Article 30 (1) of this Regulation shall be based on the claims of the Pfandbrief Bank these exposures shall not exceed 20 per cent of the total amount of the claims in respect of which the preroe is guaranteed. Where the law of the State in whose register the aircraft is registered provides for the right to be registered in rem in a public register without being registered, to secure the rights of the creditor to third parties, but to such a register , the deposit shall be admissible only with the proviso that the Pfandbrief bank shall immediately bring about the entry in the public register. (5) The registered cover values also cover all claims, the holders of which are the Pfandbrief bank and which are based on the economic substance. of the aircraft, in particular claims to which the right of registration would be extended in accordance with sections 31 and 32 of the Law on the Rights of Aircraft or the Foreign Aircraft mortgage, as well as tenancy and lease claims, Requests for the transfer of the aircraft and claims for the return of the proceeds a recovery. Unofficial table of contents

§ 26c Insurance

(1) The aeroplane must, for the entire duration of the contract, at least 110 per cent of the respective outstanding loan receivings plus any prior or equivalent third party registration rights in accordance with the Terms and conditions of the Pfandbrief Bank shall be insured. The insurer must have committed itself to the Pfandbrief Bank against objections concerning the performance-exempt conduct of the policyholder or the insured person in accordance with § 36 sentence 1 of the Law on the Rights of Aircraft or the Rights of the (2) The Pfandbrief Bank shall immediately notify the insurer of the information. (3) Insofar as the insurer has taken over from the provisions of paragraph 1 above, the insurer shall Obligation the Pfandbrief bank satisfies, the register deposit right shall be applied to it. The transition cannot be claimed to the detriment of the Pfandbrief Bank or any equivalent or following creditor's creditor, which has remained the insurer's obligation to perform. (4) extends the right of registration does not apply to the insurance claim by virtue of law, the order is only admissible if the Pfandbrief bank receives a corresponding security by contract. Unofficial table of contents

§ 26d Beleification Value Determination

(1) The valuation of the value of the aircraft as the basis for determining the value of the aircraft mortgage value shall be determined by a reviewer independent of the credit decision, who shall have the professional experience required for this purpose and the necessary professional experience (2) The aircraft aeronautic value shall not exceed the value of the aircraft, which shall be taken into consideration in the context of a prudent assessment of the aircraft's future salesiness and taking into account of the long-term sustainable characteristics of the object, Market conditions, as well as current and possible other uses. Speculative elements must not be taken into account. The aircraft loading value may not exceed a market value which is determined in a transparent manner and in accordance with a recognised valuation method. § 16 (2) sentence 4 shall apply accordingly. (3) The Federal Ministry of Finance shall be authorized, in agreement with the Federal Ministry of Justice, by decree law which does not require the consent of the Federal Council, details of the methodology and form the determination of the aeroplane identification and the minimum requirements for the qualification of the expert. Before the adoption of the legal regulation, the top associations of the credit industry should be consulted. The Federal Ministry of Finance can transfer this authorisation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation. Unofficial table of contents

§ 26e Dispayment date

The commencement of payment may be deferred for a period not exceeding two years; with the approval of the Bundesanstalt, this period may, for specific reasons, be up to five years for individual loan claims. will be extended. Unofficial table of contents

Section 26f Other cover values

(1) The cover prescribed in Section 26a, sentence 1, may also take place.

1.

by means of guilt or recognition of debt within the meaning of sections 780 and 781 of the Civil Code, which are secured by registration rights, provided that they are based on loan claims which are referred to in § § 26b to 26d requirements; in so far as the requirements of the loan are only partially in accordance with the above requirements, they may be used for cover only to this extent; Section 21, second sentence, shall apply accordingly;

2.

by the values of the type referred to in Article 19 (1) (1);

3.

up to 10 per cent of the total amount of the aircraft Pfandbriefe in circulation by the values of the type referred to in Article 4 (1) (2) (1) and (2), by means of monetary claims against the European Central Bank, against central banks of the Member States of the A European Union or a credit institution within the meaning of Article 4 (1), second sentence, no. 3, provided that the amount of the Pfandbrief bank's claims is already known in the case of the acquisition, as well as the respective assets from an account connection with the above mentioned The amount of money claims against one and the same credit institution shall not exceed 2 Percentage of the total amount of the aircraft pfandbriefe referred to in paragraph 1; § 4 (1) sentences 4 to 8 shall apply accordingly;

4.

up to a total of 20 per cent of the total amount of aircraft Pfandbriefe in circulation by the values of the kind referred to in Article 20 (1), in so far as they are debt securities; the cover values referred to in point 3 shall be set off;

5.

by the values referred to in Article 19 (1) (4), subject to the conditions and limits specified therein, provided that the total amount of mortgage Pfandbriefe in circulation shall be replaced by the total amount of the mortgage Pfandbriefe in circulation. Aircraft Pfandbriefe.

(2) In the case of § 2 para. 3, the Federal Institute may grant exemptions from the limitations of the provisions of paragraph 1 (3) and (4).

Section 4
General rules applicable to the Pfandbrief business

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§ 27 Risk Management

(1) The Pfandbrief Bank shall have a suitable risk management system for the Pfandbrief business. The system shall have the identification, assessment, control and monitoring of all associated risks, such as, in particular, address risk, interest rate, currency and other market price risks, operational risks, and To ensure liquidity risks. In addition,

1.

limit the concentration of risks on the basis of a limit system,

2.

, a procedure which ensures risk reduction when the risk is increased strongly; the procedure must include early information for decision-makers,

3.

the risk management system shall be adapted in the short term to changing conditions and shall be subject to review at least annually,

4.

a risk report drawn up in accordance with this provision shall be submitted to the Management Board at appropriate intervals, at least quarterly.

The risk management system is to be documented in detail and in a comprehensible way. (2) Before taking business in new products, business types or in new markets, the Pfandbrief bank has a comprehensive analysis of the associated risks and risks. the resulting requirements for the risk management system to be carried out and documented. The Pfandbrief Bank may not cover the values until after the acquisition of a consolidated experience with regard to these new transactions, but not before the expiry of two years in the case of transactions in new markets in the field of mortgage credit. their inclusion. The existence of a consolidated experience is to be explained in detail in writing. Unofficial table of contents

Section 27a Pfandbrief; Regulation empowerment

(1) The Pfandbrief Bank has to submit to the Federal Office, within two weeks after the end of the quarter, at the end of the quarter, related to each class of Pfandbriefe in circulation, notifications relating to the covering masses, in particular to their value. The Federal Office may reduce the reporting period for individual Pfandbrief banks or by means of the general order for individual Pfandbrief genera to one month, provided that this appears appropriate to the covering situation or to the market conditions (2) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, further provisions on the content and scope and on the data carriers, transmission paths and data formats to be used by the Federal Council Pfandbrief reports adopted. Before the adoption of the legal regulation, the top associations of the credit industry should be consulted. The Federal Ministry of Finance can transfer this authorisation to the Federal Institute by means of a legal regulation.

Footnote

(+ + + § 27a (1): For application, see § 54 sentence 3 + + +) Unofficial table of contents

Section 28 Transparency provisions

(1) The Pfandbrief Bank shall publish the following quarterly data on the quarterly end of each year:

1.

the respective total amount of the mortgage Pfandbriefe in circulation, public Pfandbriefe, Ship Pfandbriefe and Aircraft Pfandbriefe, as well as the corresponding cover masses in the amount of the nominal value, the cash value as well as the in the Ordinance pursuant to section 4 (6) of the risk-related value,

2.

the maturity structure of the mortgage Pfandbriefe in circulation, the Public Pfandbriefe, Ship Pfandbriefe and Aircraft Pfandbriefe, as well as the interest-rate periods of the corresponding cover masses, each in stages of up to six months, of more than six months, from more than 12 months to 18 months, from more than 18 months to two years, from more than two years to three years, from more than three years to four years, from more than four years to four years, up to for five years, from more than five years to ten years and more than ten years,

3.

the share of derivative transactions in the covering masses according to § 19 (1) No. 4 sentence 3, also in conjunction with § 20 (2) (3) and § 26 (1) (5) and § 26f (1) No. 5, in the case of a negative total value of derivative transactions in place of the share of the share of the liabilities to be covered by the cover,

4.

the total amount of claims entered in the cover register within the meaning of section 19 (1) (1), (20) (2) (1), (26) (1) (2) and (26f) (1) (2),

5.

in each case the total amount of claims entered in the cover register within the meaning of section 19 (1) (2), § 20 (2) (2), § 26 (1) (3) and (26f) (1) (3), with the exception of the values referred to in Article 4 (1), second sentence Point 1 and 2 separately according to the States in which the debtors have their registered office, and in addition the total amount of the claims within the meaning of Article 129 of Regulation (EU) No 575/2013,

6.

in each case the total amount of claims entered in the register register as referred to in Article 19 (1) (3) plus the values referred to in Article 19 (1) (2) in conjunction with Article 4 (1), second sentence, number 1 and 2, section 26 (1) (4), plus the Values in accordance with Article 26 (1) (3) in conjunction with Article 4 (1), second sentence, number 1 and 2, and § 26f (1) point 4, plus the values referred to in Article 26f (1) point 3 in conjunction with Article 4 (1), second sentence, number 1 and 2, separately from the states in which either the debtor or, in the case of a full guarantee, the places to be guaranteed shall be established,

7.

for the mortgages referred to in Article 12 (1) entered in the cover register, also the total amount of claims exceeding the limits of section 13 (1),

8.

for points 5 and 6 in each case also the total amount of claims which exceed the limits of section 19 (1), section 20 (2), section 26 (1) and section 26f (1),

9.

the percentage of the fixed-interest cover values in the corresponding covering mass and the percentage of the fixed-interest Pfandbriefe in the liabilities to be covered,

10.

per foreign currency the net cash value in accordance with § 6 of the Pfandbrief BarValue Regulation and

11.

for the claims used in accordance with Article 12 (1), also the volume weighted average of the duration elapsed since the lending was granted.

The information shall be included in the notes to the annual accounts and shall be published on the Pfandbrief's website for a period of two years. The publication of the information on the website shall be made for the first three quarters of a financial year, in each case within one month after the end of the quarter; for the fourth quarter of a financial year, the publication of the data shall be: within two months of the end of the quarter. (2) For the total amount of claims in accordance with § 12 (1) used to cover mortgage Pfandbriefe, additional information shall be given:

1.

the distribution of the amounts to be used as cover in a nominal amount

a)

from more than EUR 300 000 up to EUR 1 million, up to EUR 1 million, up to EUR 10 million, and more than EUR 10 million,

b)

in the case of the Member States in which the real estate collateral is situated,

c)

land used for commercial and residential purposes, as well as for condominities, single and two-family houses, multi-family houses, office buildings, commercial buildings, industrial buildings, other commercially used buildings, unfinished and still non-profit-making new buildings and construction sites,

2.

the total amount of the at least 90 days of outstanding performance in respect of those claims and the total amount of such claims, to the extent that the respective arrears are at least 5 per cent of the amount receivable, and the distribution thereof by States Point 1 (b),

3.

the average, weighted by the amount of the exposures used for the coverage, the use of several mortgages on a plot of land to cover, only the one with the highest loading run out of this (a) the mortgage in the meaning of this Act is the percentage of the mortgage used in accordance with § 14, plus its priority and equal exposure to the mortgage, as well as

4.

only in the Annex to the annual accounts

a)

the number of forced displacement and compulsory administrative procedures pending at the closing date, as well as the number of foreclosures carried out in the financial year,

b)

the number of cases in which the Pfandbrief bank has to take over land during the financial year to prevent losses of mortgages,

c)

the total amount of the arrears to the interest payable by mortgage debtors, to the extent that they have not already been written off in the preceding years.

The particulars referred to in the first subparagraph of point 4 (a) to (c) shall be listed separately for commercial and residential purposes. (3) For the total amount of claims used to cover Public Pfandbriefe according to § The first sentence of Article 20 (1) shall be given in addition

1.

the distribution with the amounts raised as a cover, in terms of their amount, in steps of up to EUR 10 million, of more than EUR 10 million, up to EUR 100 million and of more than EUR 100 million, in each case related to a a debtor or a guarantee body;

2.

shall be distributed among the Member States in which the debtors and, in the case of a guarantee, the guarantee bodies have their registered office, the amounts denominating as a cover, the type of amounts, in addition, broken down as to whether: the requirement against the State, regional authorities, local authorities or other debtors, or guaranteed by them, and whether or not a guarantee has been granted for reasons of export promotion;

3.

the total amount of the at least 90 days of outstanding performance in respect of these claims and the total amount of such claims, provided that the respective arrears are at least 5 per cent of the claim and the regional distribution thereof, as specified in paragraph 1.

(4) In addition, for the total amount of claims in accordance with § 21, first sentence, and article 26a, sentence 1, used to cover shipping and aircraft maintenance letters, the following shall be stated:

1.

the distribution of the amounts to be used as cover in a nominal amount

a)

from the level of up to EUR 500 000, of more than EUR 500 000, up to EUR 5 million and more than EUR 5 million,

b)

in accordance with the States in which the vessels and shipbuilding vessels are registered, in each case separately from ships and inland waterway vessels, and

c)

in the case of the States in which the aeroplanes are registered,

2.

the total amount of the at least 90 days of outstanding performance in respect of such claims and the total amount of such claims, provided that the respective arrears are at least 5 per cent of the amount receivable, and

3.

only in the Annex to the annual accounts

a)

the number of procedures for the forced auction of ships, shipbuilders and aircraft pending at the end of the closing date, as well as the number of foreclosures carried out in the financial year,

b)

the number of cases in which the Bank has to take over ships, shipbuilders or aircraft during the financial year in order to prevent losses of marine pharmacy, registry rights or foreign aircraft mortgages,

c)

the total amount of the arrears to the interest payable by debtors, in so far as they have not already been depreciated in the preceding years.

The information referred to in point 3 (a) to (c) of the first sentence shall be made separately by sea and inland waterway vessels. (5) For all the information referred to in paragraphs 1 to 4, the corresponding value of the previous year shall also be indicated.

Footnote

(+ + + § 28: For application cf. § 53 sentence 1 + + +)
(+ + + § 28 (1) to (4): For application, see § 54 sentence 1 + + +)

Section 5
Protection against foreclosure; separation principle in case of insolvency of the Pfandbrief bank

Unofficial table of contents

Section 29 Protection against enforcement, arrests and offsetting

Arrests and foreclosures in all values entered in a register of coverages, including the values within the meaning of section 30 (3), are to be found only on the basis of the claims arising from the respective Pfandbriefe and the claims from those in the relevant deposit register. Cover register registered derivatives transactions. Section 394 of the Civil Code shall be applied accordingly. Unofficial table of contents

§ 30 Separation principle in the case of insolvency of the Pfandbrief bank; Sachwalterernattribution

(1) The values entered in the cover registers, including the values within the meaning of paragraph 3, and the minimum reserve held by the Deutsche Bundesbank, insofar as they are not covered by Pfandbriefe, form the general assets of the Pfandbrief bank separate assets which do not fall into the insolvency mass if the assets of the Pfandbrief bank open the bankruptcy proceedings (insolvency-free assets). The exposures of the Pfandbrief creditors shall not be affected by the opening of the insolvency proceedings concerning the assets of the Pfandbrief Bank; the right of the Pfandbrief creditors in accordance with the fourth sentence of paragraph 6 shall be maintained. These parts of the Pfandbrief Bank referred to in sentences 1 and 2 shall continue to exist outside the insolvency proceedings for each of the Pfandbrief genera as Pfandbrief Bank with limited business activities. The purpose of the respective Pfandbrief Bank with limited business activities is the full contractual performance of the Pfandbrief liabilities and the proper administration of the insolvency-free assets necessary for this purpose. The management of the respective Pfandbrief bank with limited business activities shall be entitled to the appointed subject-matter of the case referred to in Article 31 (1) and (2). The respective Pfandbrief Bank with limited business activities shall be liable for the Pfandbrief liabilities as well as for the claims referred to in paragraphs 3 and 4 and paragraphs 4 and 7 as well as for those arising from the business of the Sachwalter. (2) In the case of paragraph 1, a lawyer shall be appointed; in the case of the proceedings, § 31 (1) and (2) shall apply. The appointment shall be subject to the right to all registered values, including the values in the To administer and dispose of the terms of paragraph 3, to the expert on the basis of the provisions of paragraph 3. If the Pfandbrief Bank has a value registered in the cover register after the appointment of the Sachwalter, this order shall be ineffective; § § 892 and 893 of the Civil Code and § § 16 and 17 of the Law on Rights Registered ships and shipbuilders as well as § § 16 and 17 of the Law on the Rights of Aircraft remain unaffected. If the Pfandbrief Bank has the appointment of the Sachwalter on the date of its appointment, it shall be presumed that it has a post-appointment. The attorney may make legal transactions with effect for the relevant Pfandbrief Bank in accordance with paragraph 1, insofar as this is for the proper management of the cover masses in the interest of the full contractual obligations Fulfilment of the Pfandbrief liabilities is required; in particular, it may procure liquid funds for the timely operation of outstanding Pfandbriefe. He represents the Pfandbrief Bank in court and out-of-court for this business district. Under the conditions set out in the fifth sentence, the expert shall also be entitled to carry out other acts with regard to the management of the covering masses, in particular a new refinancing register within the meaning of § § 22a to 22o of the To set up a mortgage lending act and to use an existing Pfandbrief bank refinancing register. The limitations of § 19 (1) (2) to (4), § 20 (2) (2) and (3) and (26) (1) (3) to (5) and § 26f (1) (3) to (5) shall not apply. (3) The values entered in the cover register shall also be subject to the Administrative and disposal authority of the Sachwalter, when, pursuant to Article 5 (1a), they are not intended to cover the Pfandbriefe of the Pfandbrief Bank. In particular, the expert has to collect claims in accordance with their maturity and to exploit mortgages at the time of recovery. After deduction of reasonable administrative costs, he shall pay the creditors faithfully held values within the meaning of § 5 (1a) sentence 4 and 5 and, by the way, to the insolvency mass the share which, in the case of separate claims or individual mortgages, shall apply to the creditors. Shares taking into account their rank would be eliminated. The creditors and the insolvency administrators referred to in the third sentence may in each case require a margin of division of claims or mortgages; the costs shall be borne by the creditors or, in so far as the insolvency manager requires division, the insolvency mass. (4) The creditor and the insolvency administrator shall pay the creditors. Insolvency administrators may at any time request that registered values, which are not subject to fiduciary administration and which are manifestly not necessary to cover the respective Pfandbrief genera, including the securing cover, are supplied by the expert to the insolvency mass. After satisfaction of the Pfandbrief creditor and covering the administrative costs, the remaining values shall be given out to the insolvency mass. A dispute concerning the actions of the Sachwalter by the insolvency administrator of the Pfandbrief bank is excluded. (5) The court competent pursuant to Section 31 (11) may, at the request of the Federal Institute, before the opening of insolvency proceedings on the Assets of the Pfandbrief Bank, if the conditions of Section 46 (1) of the Banking Act are fulfilled, appoint a lawyer. For the legal status of this lawyer, the provisions on the subject appointed pursuant to the first sentence of paragraph 2 shall apply accordingly. (6) The Federal Institute may, in accordance with Section 46 of the German Banking Act, own measures relating to individual cover masses meet. In the event of insolvency or over-indebtedness of a covering mass, the assets of the Pfandbrief Bank with limited business activities shall be subject to a separate insolvency procedure; the application for the opening of the insolvency proceedings can only be by the Federal Agency. Paragraph 4 shall apply accordingly. In the case of insolvency proceedings concerning the remaining assets of the Pfandbrief Bank, the Pfandbrief creditors can only assert their claims in the amount of the default; moreover, the provisions applicable to creditors entitled to colposition shall apply, in particular § 52 sentence 1, § 190 (1) and (2) as well as § 192 of the Insolvency Code accordingly. Values within the meaning of paragraph 3, which belong to the insolvency mass of the Pfandbrief bank, entitle in the insolvency proceedings to the assets of the Pfandbrief Bank with limited business activity for the purpose of suspension in accordance with § 47 of the Insolvency Code. Both the lawyer and the insolvency administrator in the insolvency proceedings concerning the assets of the Pfandbrief bank with limited business activity are entitled to the claims of the Pfandbrief creditors referred to in sentence 4 in the Insolvency proceedings on the assets of the Pfandbrief bank to be notified. The right of the Pfandbrief creditors to refuse or withdraw the application shall remain unaffected. (6a) In the insolvency proceedings concerning the assets of the Pfandbrief bank with limited business activity, the insolvency court shall, at the request of the Bundesanstalt, Arrange the property management by the expert, unless it is to be expected, in the circumstances, that the order will lead to disadvantages for the creditors. In the event that such an arrangement requested by the Bundesanstalt contradicts the unanimous decision of a provisional creditor committee, provided that such a committee exists, the court decides, on the basis of the discretion of the provisional creditors 'committee, on the basis of the decision of the provisional creditors' committee. the Bundesanstalt, the Sachwalter and the provisional creditors ' committee. For the purposes of paragraph 2 (self-management) for the debtor's Pfandbrief bank with limited business activities, the specialist in the case of self-administration shall remain competent to conduct business and representation, in so far as the provisions of the Insolvency rules shall not restrict these powers. The position of the Advisory Board in accordance with Section 31 (6a) remains unaffected. Prior to the appointment of the Sachwalter within the meaning of § 270c of the Insolvency Code and the provisional Sachwalter within the meaning of § 270a (1) sentence 2 of the Insolvency Code, the Bundesanstalt is to be heard. In addition to the persons entitled to the insolvency order pursuant to § 272 (1) of the Insolvency Code, the Bundesanstalt is also entitled to request the cancellation of the order of its own administration. § 270 (2), § 270a (2) and § § 270b, 276a, 278 (1) of the Insolvency Code shall not apply. (7) creditors of claims arising from derivative transactions pursuant to section 4 (3) shall be the same as Pfandbrief creditors.

Footnote

Section 30 (2) Sentence 5 italic print: IdF d. Art. 4 No. 12 Buchst. b G v. 10.12.2014 I 2091 mWv 1.1.2015 (by way of derogation from the Federal Law Gazan), the word "timely" has been replaced by the word "contractual" in place of the term "timely") Unofficial table of contents

§ 31 Appointment of the Sachwalter; rights and obligations

(1) The competent court competent pursuant to paragraph 11 shall be responsible for the nomination of the specialist. The Federal Institute shall propose to the Court of First Instance at least one appropriate natural person for appointment. The court may only refuse the appointment of a proposed person if the person is not suitable for taking over the office; the Bundesanstalt is to be consulted prior to any failure to do so. The Bundesanstalt is also to be heard before an appointment deviating from the proposal of the Federal Institute. (2) The competent court can appoint up to three experts on a proposal from the Federal Institute for the Environment. The proposal of the Bundesanstalt must contain a regulation of the powers of management and representation when several experts are appointed; the fourth sentence of paragraph 1 shall apply accordingly. A specialist lawyer may be appointed at the same time for several Pfandbrief banks with limited business activities. The provisions of this law relating to the lawyer shall apply to several experts. (2a) The expert shall be subject to the supervision of the court responsible for the appointment. In particular, the Court of First Instance may, at any time, request individual information or a report on the state of play and the management of it. It may be dismissed by the expert at the request of the Bundesanstalt if there is an important reason. The Sachwalter shall enter into the obligations to the Federal Institution which are to be fulfilled by the Pfandbrief Bank in accordance with this Act and the Banking Act in connection with the management of the cover values. (2b) The Sachwalter receives a certificate on his appointment, which he shall return to the Court of First Instance at the end of his duties. The court has to inform the competent register court of the appointment and dismise of the legal attorney and to make it immediately known in the Federal Gazette. The appointment and dismise of the Sachwalter shall be entered in the Register of Commerce or in the Register of Cooperatives in the case of Section 33 (5) of the Office of the Cooperative Register. The entries will not be made known. The provisions of § 15 of the Commercial Code shall not apply. (3) The appointment of the Sachwalter shall be entered in the register of mortgages entered in the register, if, in the nature of the law and under the circumstances, there is a risk that the mortgage shall be placed in the register. that without the registration the Pfandbrief creditors would be disadvantaged. The registration is to be applied for by the property lawyer at the Land Registry Office. If mortgages, in which the appointment of the Sachwalter has been registered, are deleted in the register, the property lawyer has to request the cancellation of the registration of the Sachwalter appointment with the Land Registry Office. In the case of rights on ships registered in the register, the register of ships shall enter the place of the land register, the ship's register shall be replaced by the ship's register on the right of ships registered in the register, and the register court shall enter the place of the land register. (4) (Omitted) (5) The Sachwalter shall regularly monitor the value of the individual coverage masses; § 4 (4) shall be applied accordingly. The Federal Institute may order special examinations. The costs incurred by the Bundesanstalt are to be borne proportionally from the values entered in the registers; the ratio of the nominal value of the individual cover mass to the nominal value of all the cover masses of the Pfandbrief bank is decisive. (6) The In his management, he has the care of a prudent and conscientious business leader to apply. In the event of a breach of duty, he is obligated to pay damages to the Pfandbrief Bank with limited business activities. A breach of duty does not exist if, in the event of an entrepreneurial decision, the expert was reasonably allowed to take action on the basis of appropriate information for the benefit of the Pfandbrief creditors. (6a) The lawyer can take a decision on the subject. Advisory board with up to five expert members appointed. The Advisory Board advises the expert on the subject. It shall adopt its rules of procedure. The expert can discontinue the members and appoint new members. Section 31a (1) and (2) shall apply in respect of remuneration and replacement of deposits. The Federal Ministry of Finance is authorized to regulate the remuneration and reimbursement of the expenses of the members of the Advisory Board as well as the relevant proceedings by means of a regulation which does not require the approval of the Federal Council. (7) Trustees and insolvency administrators shall inform each other of all the information which may be relevant for the insolvency proceedings of the Pfandbrief bank or the management of the cover values. (8) The Sachwalter shall be entitled to fulfil his/her obligations under the law of the Pfandbrief Bank. Access to the staff and factual resources of the Pfandbrief bank . The actual costs incurred are to be reimbursed to the insolvency estate. (9) The property attorney may collect and use personal data, insofar as this is necessary for the performance of his duties. § 203 of the Criminal Code does not preclude the transfer of information required for the performance of his/her duties. (10) The Federal Institute may appoint a Special Representative pursuant to Section 45c (1) sentence 1 of the Banking Act with the exclusive task of preparing the management of the covering mass as a non-profit-making agent. The Special Representative shall not carry out any business or consultative duties. In addition, Section 45c (1) sentences 3 to 5, paragraphs 6 and 7 of the Banking Act shall apply accordingly. The appointment to the Special Representative is not a reason to refuse the subsequent appointment to the expert by the competent court, unless the Special Representative has business-leading or advisory duties contrary to the sentences 1 and 2. (11) The jurisdiction of all judicial decisions relating to the appointment and the position of the legal expert shall be governed by the provisions of Sections 2 and 3 of the Insolvency Code. Decisions shall be taken by decision. § § 4, 5 (1) and (3) and § 6 (1) sentence 2 and (2) and (3) of the insolvency order shall apply mutas to the procedure. The Bundesanstalt, the Sachwalter and the Pfandbrief Bank have the right to lodge an immediate appeal against decisions of the Court of First Instance; the first half-sentence shall not apply in the cases of Section 30 (6a). Unofficial table of contents

§ 31a Remuneration of the Sachwalter; Regulation empowerment

(1) The Sachwalter shall be entitled to remuneration of his/her work and to the replacement of appropriate equipment. The remuneration rule set shall be calculated on the basis of the value of the cover mass, as far as the administration by the expert on it extends. The costs of the administration by the lawyer, including his remuneration and the reimbursement of his expenses, shall be borne by the assets of the Pfandbrief Bank with limited business activities. (2) The court responsible for the appointment shall the remuneration and the costs shall be fixed at the request of the expert. The final decision takes place in accordance with the Code of Civil Procedure. (3) The Federal Ministry of Finance is authorized, the remuneration and the reimbursement of the expenses of the Sachwalter as well as the relevant The procedure shall be governed by a regulation which does not require the consent of the Federal Council. Unofficial table of contents

Section 32 Transfer of cover masses and liabilities

(1) With the written consent of the Federal Institute, the Sachwalter may, as a whole, be entitled to all or part of the values entered in the cover register, including the values within the meaning of Section 30 (3) and the liabilities from Pfandbriefe as a whole. (2) The transfer contract must contain at least the following information:

1.

the company and the seat of the transferring and accepting Pfandbrief Bank,

2.

the agreement on the transfer of the values entered in the cover register and of the obligations arising from Pfandbriefe as a whole and, where appropriate, of a consideration;

3.

the exact designation of the values and liabilities to be transferred from Pfandbriefe.

(3) Where a special type of designation is intended for the transfer of goods in the case of individual succession in the general rules, those rules shall apply to the name of the values and liabilities to be transferred. from Pfandbriefe referred to in paragraph 2 (3). § 28 of the Code of Land Registry as well as § 36 of the Ship Registration Code and § 87 of the Law on the Rights of Aircraft are to be observed. For the rest, reference may be made to documents the content of which allows the individual subject to be assigned; the documents must be attached to the transfer contract as annexes. (4) The transfer contract must be notarized. Unofficial table of contents

Section 33 Commercial register registration

(1) The expert and the representative body of the receiving Pfandbrief bank shall notify the transfer for entry in the trade register of the registered office of the respective Pfandbrief bank. The application must be accompanied by the transfer contract in the form of a copy or a publicly certified copy and the approval certificate of the Bundesanstalt. (2) The transfer may not be transferred to the commercial register of the registered office of the deposit deposit bank. after having been registered in the commercial register of the registered office of the receiving deposit deposit. The registration in the commercial register of the registered office of the accepting Pfandbrief bank shall be marked with the endorsement that the transfer shall not take effect until the registration in the commercial register of the registered office of the deposit bank transferred. (3) The General Court of the The registered office of the Pfandbrief Bank shall, on its own account, inform the Court of the seat of the accepting Pfandbrief Bank of the date of registration of the transfer and send an extract from the Commercial Register. After receipt of the notification, the court of the registered office of the receiving deposit-deposit bank shall have the day of registration of the transfer in the commercial register. (4) The court of the seat of each of the parties involved in the transfer shall be notified of the date of registration of the transfer. Pfandbrief banks have in each case notified the registration of the transfer of officality in the Federal Gazette of their entire contents. (5) Insofar as the Pfandbrief Bank is a registered cooperative within the meaning of Section 1 (1) of the German Federal Gazette (Bundesanzeiger). For the purposes of applying paragraphs 1 to 4 to the Office of the Trade Register, the Cooperative Code shall be replaced by the Cooperative register. Unofficial table of contents

Section 34 Transition of cover values and liabilities

(1) Upon registration of the transfer into the commercial register of the registered office of the transferred Pfandbrief bank, the values and Pfandbrief liabilities referred to in the transfer contract shall be transferred as a whole to the receiving Pfandbrief bank. The registration shall heal the lack of the notarial assessment of the transfer contract. Section 33 (5) shall apply accordingly. For the transferred Pfandbrief liabilities, the transferring Pfandbrief bank and the accepting Pfandbrief Bank shall be liable as the total debtor. (2) In the event of a consideration, the first and second sentences of § 30 (4) shall apply mutagenic to the person. Section 30 (3) shall apply with the proviso that the holder of the Pfandbrief Bank shall be replaced by the person responsible for the deposit. Unofficial table of contents

Section 35 Trustee administration

(1) With the written consent of the Federal Institute, the Sachwalter may agree with another Pfandbrief bank that the values entered in the coverage registers of the insolvent Pfandbrief Bank, including the values within the meaning of Section 30 (3) are managed wholly or in part in a fiduciary manner by the non-solvent Pfandbrief Bank for the other Pfandbrief Bank, to the extent that the other Pfandbrief Bank is liable for the covered liabilities of the insolvent Pfandbrief Bank takes over. The contract shall be written in writing. The values and Pfandbrief liabilities are to be described in detail therein. (2) The values administered by the trustee within the meaning of paragraph 1 shall apply in relation to the relationship between the other Pfandbrief bank and the insolvent Pfandbrief Bank or its creditors. as the values of the other Pfandbrief Bank, even if they have not been transferred to them. (3) The transfer claim as follows from the trustee ratio shall be entered in the corresponding register of the other Pfandbrief Bank. The values entered in the contract within the meaning of paragraph 1 and registered in the cover register of the insolvent Pfandbrief bank shall be deemed to be entered in the register of the other Pfandbrief bank. The trustee of the other Pfandbrief Bank shall carry out its duties and powers in so far as the insolvent Pfandbrief Bank is to be held. The partially trustee administration must be noted in the respective cover register of the insolvent Pfandbrief bank in respect of the individual cover values. (4) § 30 (3) applies accordingly. Unofficial table of contents

§ 36 Subwise Transfer

In the case of the partial transfer of the cover mass in accordance with section 32 (1), the part of the corresponding covering mass which remains with the insolvent Pfandbrief bank must comply with the requirements for the deposit of the deposit. The first sentence shall apply in the event of the partial fiduciary management of the cover mass pursuant to section 35 (1). Unofficial table of contents

§ 36a Separation principle in the event of reorganization or restructuring of the Pfandbrief bank

(1) Measures in accordance with the provisions of the credit institution-reorganization law shall not apply to the parts of the Pfandbrief bank which, in the case of insolvency as a Pfandbrief bank with limited business activities, in accordance with Section 30 (1) sentence 3 would continue. If a reorganization procedure is arranged according to § 7 of the credit institution reorganization act, § § 30 to 36 shall apply in the area of the Pfandbrief business accordingly. The lawyer shall observe the provisions of the reorganization plan in the event of the fulfilment of his duties and exercise of his rights, unless there is a risk of discrimination against the Pfandbrief creditors in breach of § § 30 to 36. (2) The resolution authority in the case of a transfer within the meaning of Section 107 of the Sanitization and Settlement Act provisions for the partial or complete transfer of the Pfandbrief transaction, the transfer shall be different from Section 114 (2) of the Sanitization and Settlement Act in accordance with § § 30 to 36. The Sachwalter is not bound by the provisions of the transmission order, insofar as these are at a disadvantage to the Pfandbrief creditors, contrary to § § 30 to 36. By way of derogation from sentences 1 and 2, the transmission system may also arrange for the immediate transition of the values entered in the cover registers, including the values referred to in Article 30 (3) and the associated Pfandbrief liabilities. In the case of sentence 3, section 30 (3) shall apply in accordance with the proviso that the holder of the Pfandbrief bank shall enter the position of the expert and shall be required to carry out the transfer obligation to the transferred Pfandbrief bank, irrespective of its insolvency; if the provision of a consideration is provided for, § 30 (4) sentences 1 and 2 shall apply accordingly. Are in the coverage register

1.

Claims against debtors who do not have their registered office in a Member State of the European Union or in another State Party to the Agreement on the European Economic Area, or

2.

Guarantees of land or similar rights, ships or aircraft which, in turn, are registered outside the Member States of the European Union or of the other States Parties to the Agreement on the European Economic Area are or are registered,

the transfer in accordance with the third sentence may, however, only be carried out in such a way that the Bundesanstalt in the transmission order orders the legal sequence of Article 35 (2) and, at the same time, appoints a lawyer from its own motion for the time being, who shall be responsible for the transferred values (3) If the reorganization procedure is initiated or if the transfer order is issued, the Federal Institute may, on its own account, be responsible for the Provisional order, unless a provisional decision is taken in accordance with the first sentence of paragraph 2 Order must be made. In all cases, the appointment of a court pursuant to § 31 (1) and (2) shall be immediately followed up.

Section 6
Legal remedies and infringements

Unofficial table of contents

Section 37 Immediate enforceability

Contradiction and action against measures taken by the Federal Institute on the basis of § 2 para. 2 no. 1, § 3 paragraph 1 sentence 2 and 3, paragraph 2, § 4 paragraph 3a and 3b, § 7 para. 3 sentence 2, § 27a paragraph 1 sentence 2, § 32 para. 1, § 35 para. 1 sentence 1, § 36a paragraph 3 and § 42 (1) sentence 3 and 2 do not have suspensive effect. Unofficial table of contents

Section 38 Criminal law

A custodial sentence of up to one year or a fine shall be punished.

1.

Contrary to § 4 (7) sentence 1 of the Pfandbriefe, it is placed on the market,

2.

Knowingly has a value referred to in Section 4 (7) sentence 2 above, or

3.

contrary to § 5 (1) sentence 3, a substitute value shall not be inserted in the cover register or not in due time.

Unofficial table of contents

Section 39 Penal rules

(2) The administrative offence can be punishable by a fine of up to one hundred thousand euros. Unofficial table of contents

Section 40 Managing Authority

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) is the managing authority within the meaning of Section 36 (1) (1) of the Code of Administrative Offences.

Section 7
Final provisions

Unofficial table of contents

Section 41 Protection of the title

Debt securities may only be placed on the market under one of the names referred to in Article 1 (1), second sentence, No 1 to 4, or under another name containing the word "Pfandbrief"

1.

of credit institutions granted a permit to operate the Pfandbrief business,

2.

of credit institutions within the meaning of Article 4 (1) (1) of Regulation (EU) No 575/2013, having its registered office in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area, even without Permission by the Federal Institute if:

a)

the issue of debt securities under one of the names referred to above is also lawfully operated in the country of origin;

b)

the debt securities referred to in the first subparagraph of Article 52 (4) of Directive 2009 /65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to certain Undertakings for collective investment in transferable securities (UCITS) (OJ L 136, 30.4.2004, p. 32, OJ L 269, 13.10.2010, p. 27), as amended in each case, and the debt securities in a credit institution's country of origin, in accordance with the third subparagraph of Article 52 (4) of that Directive, to the The European Commission is to be sent to the Commission

c)

in the case of mortgages, ship mortgages and registered stores or foreign aircraft mortgages used for cover, a limit of 50% of the market value or 60 per cent of the mortgage lending value in accordance with Article 4 (1) (74) of the Regulation (EU) No 575/2013 is not exceeded and

d)

in the name of the debt description in all prospectuses, reports and promotional literature, a possible foreign-language original designation of the Pfandbriefs is indicated and it is pointed out that the debentment is based on the shall be issued in respect of foreign law.

Unofficial table of contents

§ 42 Permission for existing Pfandbrief Banks

(1) Where a credit institution has authorized, before 19 July 2005, Pfandbriefe of the genera referred to in Article 1 (1), second sentence, No. 1 to 3, and also has the power to issue Pfandbriefe at the beginning of 19 July 2005, the following shall apply to: The operation of the Pfandbrief business according to § 2 para. 1 sentence 1 required permission is limited to the respective Pfandbrief nature as granted. The credit institution shall have a credit institution before the end of the 18 Submit an ad that meets the content requirements of a permit application. If the notification is not filed within the time limit, the Federal Institute may cancel the permission granted as granted. (2) The Federal Institute may also cancel the granted permission if the conditions for a repeal pursuant to section 35 (2) of the German Federal Office for the Environment (3) For the credit institutions referred to in paragraph 1, the second sentence of Article 2 (1) of the credit institution shall apply until 31 December 2008. no application. The time limit referred to in the first sentence shall not apply to the Ritternal Credit Institute Stade and the Calenberg-Göttingen-Grubenhagen-Hildesheim ` schen ritternal Kreditverein. Unofficial table of contents

§ 43 Permission for Mortgage Banks

For the mortgage banks admitted at the end of July 18, 2005 within the meaning of § 1 of the Mortgage Bank Act, the authorization shall apply for the banking transactions referred to in § 1 (1) sentence 2 No. 1 to 5 and 7 to 10 of the Banking Act according to § 32 of the German Banking Act. Credit Law as granted. The period referred to in § 35 (1) of the Banking Act shall begin on 19 July 2005. Unofficial table of contents

§ 44 Permission for Ship Pfandbrief Banks

For the Ship Pfandbrief Banks approved at the end of July 18, 2005 within the meaning of Section 1 of the Law on the Law of the Bank, the authorization shall apply to the banking transactions referred to in Article 1 (1), second sentence, Nos. 1 to 5 and 7 to 10 of the Banking Act, in accordance with § 32 of the Bank Act. Credit Law as granted. The period referred to in § 35 (1) of the Banking Act shall begin on 19 July 2005. Unofficial table of contents

Section 45 Insurance obligation

Mortgages granted to Pfandbrief banks at the beginning of July 19, 2005, are not unsuitable for the purpose of covering the mortgage bonds issued by them, because the building up is not in accordance with § 15, sentence 3, point 1. is insured. Loan claims secured by mortgage mortgages, which are due to the Pfandbrief banks at the beginning of 19 July 2005, are not unsuitable for the purpose of covering the shipping requirements they issue because the ship or ship's construction works is not insured in the amount of the insurance obligation in accordance with the first sentence of Article 23 (1). Unofficial table of contents

§ 46 Beleification Limit

(1) Mortgage, before the 13. As far as they do not meet the requirements of § 16 (1) to (3), by way of derogation from § 14 (1) to 30 June 2006, in accordance with Article 14 (1) to (3) of the 50 per cent of the Pfandbrief bank on the basis of a pre-13. (2) In the case of paragraph 1, Section 14 (2) and Section 30 (3) sentence 4 shall apply with the proviso that, instead of the provisions of Section 14 (1), the provisions of Article 14 (1) shall apply. The limit referred to in paragraph 1 shall be applicable to the limit of the supply. Unofficial table of contents

Section 47 Right of the ship's letter creditors

Until the end of July 18, 2009, a Pfandbrief bank, which issued naval letters pursuant to Section 1 (1) of the Ship Bank Act before 19 July 2005, shall not be subject to the limit of section 22 (5) sentence 2. However, the Pfandbrief Bank shall ensure that: the total amount of the charges in respect of which it is not ensured that the prerogative of the creditor's creditors pursuant to Section 30 (1) of this Directive extends to the claims of the Pfandbrief creditors from those lending activities until the expiry of the 18 July 2007 Percentage of the total amount of claims guaranteed by the preroe, not exceeds. Unofficial table of contents

§ 48 Ship Pfandbriefe in foreign currency

The Ship Pfandbriefe issued by a Ship Pfandbrief Bank within the meaning of Section 1 of the Ship Bank Act before 19 July 2005 pursuant to Section 37 of the Ship Bank Act shall continue to apply to the provisions of the Ship Bank Act which apply before 19 July 2005. , Unofficial table of contents

Section 49 Continuing coverage

(1) By way of derogation from Article 20 (1), first sentence, point 1, point (a), claims against such credit institutions which are conducted in the legal form of a body or institution of public law shall continue to be unrestrictively congrued if the Requests already passed on 18 July 2001. Claims against the above-mentioned credit institutions are also eligible if the claims have been agreed after 18 July 2001 and before 19 July 2005 and their duration does not extend beyond 31 December 2015. (2) By way of derogation from § 20 The first sentence of paragraph 1 (1) (d), (e) and (h) in the version in force as from 26 March 2009 shall be subject to claims against the debtors or guarantors referred to therein, which are the level 2 of credit quality referred to in Table 1 of Article 114 (2), Table 5 of the Article 121 (1), Table 2 of Article 116 (1) or Table 3 of Article 120 (1) of the Regulation (EU) No 575/2013, if the claims have been entered in the cover register prior to 26 March 2009. The total amount of claims against debtors of the creditworthiness level 2 shall not exceed a maximum of 20 percent of the outstanding Pfandbriefe of the respective Pfandbrief genera; those of Section 20 (1), first sentence, No. 3 in the from the 26th of March 2009 Cover values are to be included in the current version. Unofficial table of contents

§ 50 Continuation of the law

(1) In the case of Article 2 (3), public service credit institutions shall be subject to public service credit institutions in respect of the obligations of public law creditors in accordance with the provisions of the Law on Pfandbriefe and related bonds issued by public law creditors. In the case of transactions carried out exclusively for the purpose of covering such transactions, the above-mentioned law and the legal regulations adopted for the implementation thereof shall continue in the version in force prior to 19 July 2005, provided that: Claims against domestic public-sector credit institutions only (2) In the case of § 2 (2) in the case of § 2 (2) of the Financial Regulation (2) of the German Financial Regulation (2), is applicable to the credit institutions. Paragraph 3 shall apply to mortgage banks in respect of transactions concluded by them in accordance with the provisions of the mortgage banking law and the cover register held solely for the purpose of covering those transactions, the mortgage banking act and the cover the implementation of the provisions of the legislation adopted in the preceding 19 July 2005, on the understanding that claims against domestic public credit institutions are likely to be used only as far as possible for credit institutions to be subject to an unlimited period of stalemate or to be used for credit institutions. the corresponding liabilities of the credit institutions shall be subject to a guarantee liability or a guarantee of refinancing. (3) In the case of § 2 para. 3, ship banks shall be deemed to be subject to the provisions of the Law on the Law of the Shipyards concluded transactions and which are exclusively for the purpose of covering such transactions Cover register the Law on the Law of the Bank and the legal regulations adopted for its implementation, in each case in the version valid before 19 July 2005, with the proviso that claims against domestic public-law credit institutions are only (4) In the case of the credit institutions, an unrestricted legal burden or a guarantee of liability or a guarantee of refinancing for the corresponding liabilities of credit institutions. (4) In the case of Conversion of a public-law credit institution in accordance with § 1 para. 1 in the manner referred to in the conversion law, paragraph 1 shall apply with regard to the transactions concluded by the Kreditanstalt prior to the conversion of the conversion for the continuing legal entity after the change of law or for a legal entity to which the The conversion of the assets of the Kreditanstalt as a whole or in part has been transferred, even if the legal entity is a company in a legal form of private law. Unofficial table of contents

Section 51 Clerk of the Pfandbrief circulation

By way of derogation from Article 4 (1) to (2), a Pfandbrief bank may continue to cover the Pfandbriefe issued by it before the entry into force of this Act, in accordance with the provisions in force until the date of entry into force of this Act, if the Pfandbrief Bank intends to do so until by July 18, 2005 at the latest at the Bundesanstalt. The display period is an exclusion period. In this case, the previous cover register shall be kept separate from that pursuant to section 5 (1) sentence 1. Exposures to domestic public credit institutions shall only be appropriate for the purpose of ordinary coverage, where credit institutions have an unlimited start-up burden or a credit institution ' s equivalent liabilities. Guarantee liability or refinancing guarantee applies. The provisions of § § 8, 9, 10, 27 and 28 shall not apply with regard to the previous coverage register. Unofficial table of contents

Section 52 Continuing provisions of the Act amending and supplementing the Law on the Law of the Ship Bank

(1) Where a ship's mortgage is entered in the register of ships in respect of a claim to be paid in a foreign currency, the amount of the sum of the claim and any additional benefits or the maximum amount to which the ship is to be liable shall be the sum of the amount of the amount of the claim and any anceshare amount of such a claim; in foreign currency. The same is true for the registration of a ship's mortgage in the shipbuilder's register. (2) The provisions of Article 4 (1) of the Law amending and supplementing the Law on the Law of the Ship in the Act of Part III of the Bundesgesetzblatt, Section 7628-2-1, the revised version published, subject to repealed provisions, that they remain applicable to rights registered in foreign currency before the entry into force of the designated law, in so far as they are still applicable. in the case of the scope and the scope of the application as defined by the reference. Unofficial table of contents

Section 53 Transitional provision to the CRD IV-Implementation Act

§ 28 (1) to (3) of this Act in the version in force as from 1 January 2014 shall apply for the first time to the quarter beginning on 1 April 2014, for the first time to the quarter beginning on 1 April 2015, in the case of the application of Section 28 (5). Section 28 (1) to (3) in the version valid until 31 December 2013 is the last quarter ending on 31 March 2014 and § 28 (5) in the version valid until 31 December 2013 is in relation to § 28 (1) sentence 1 (1) and (3), (2), first sentence, point 3 and second sentence, second paragraph, point 1 and paragraph 4, in the version in force until 31 December 2013, to be applied last time to the quarter ending 31 March 2015. Unofficial table of contents

Section 54 Transitional provision on the BRRD-transposing law

§ 28 (1) to (4) of this Act in the version in force as of 19 December 2014 shall apply for the first time to the quarter beginning on 1 April 2015, for the first time to the quarter beginning on 1 April 2016, in the case of application of Section 28 (5). Section 28 (1) to (4) in the version valid until 18 December 2014 is the last quarter ending on 31 March 2015 and § 28 (5) is the first sentence of the first sentence of Article 28 (1) (1) (5) and (6), (2) sentence 1 (3), (3) (1) and (2)) , the last sentence of paragraph 4, in the version in force until 18 December 2014, to be applied last time to the quarter ending on 31 March 2016. Article 27a (1) shall not apply until the entry into force of the legal regulation in accordance with Article 27a (2) sentence 1.