{
  "url": "https://openlegislation.uk/eu-decision-2009-775/article-2",
  "json_url": "https://openlegislation.uk/eu-decision-2009-775/article-2.json",
  "legislation": "eudn/2009/775",
  "legislation_title": "Commission Decision of 21 October 2008 on State aid measure C 10/08 (ex NN 7/08) implemented by Germany for the restructuring of IKB Deutsche Industriebank AG (notified under document C(2008) 6022) (Only the German text is authentic) (Text with EEA relevance) (2009/775/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2009-775",
  "path": "article/2",
  "kind": "article",
  "number": "2",
  "heading": null,
  "text": "1. Germany shall ensure that the plan for restructuring IKB, as communicated to the Commission by Germany on 25 September 2008, is fully implemented by 30 September 2011.\n2. Germany shall ensure that the following IKB assets are sold to a third party that is independent of IKB and KfW or liquidated:\n(a) The entire real-estate business segment, consisting of domestic and international real-estate financing, shall not accept any new business after 31 December 2008 and shall be actively unwound; […] % shall will be sold by 30 September 2010, […] % by 30 September 2011 and the remainder as it falls due. The unwinding shall include IKB Immobilien Management GmbH, IKB Projektentwicklungs GmbH Co. KG, and IKB Projektentwicklungsverwaltungsgesellschaft mbH.\n(b) The subsidiary IKB International SA Luxembourg shall be actively unwound by 30 September 2011. No new business may be acquired after 31 March 2009. Of, the business carried out by this subsidiary, that which is necessary for the corporate banking and structured finance business shall be taken over by IKB.\n(c) IKB Capital Corporation New York shall be actively unwound by 30 September 2011; […] % of the loan portfolio shall be sold by 30 September 2010. No new business may be acquired after 31 December 2008.\n(d) The activities of IKB AG in Amsterdam shall be actively unwound by […]. No new business shall be acquired after 31 December 2008.\n(e) The 50 % participation in Movesta Lease and Finance GmbH shall be sold by 30 September 2011.\n(f) Certain further non-strategic assets originally treated as off-balance sheet items, with a nominal value of EUR 1,7 billion (book value at 31 March 2007), shall be actively unwound by 30 September 2011.\n3. Germany shall ensure that IKB’s balance-sheet total does not exceed EUR 33,5 billion by 30 September 2011.\n4. In the event of unforeseeable circumstances, in particular if the financial crisis continues or if the sale of some assets is impossible, the measures referred to in paragraphs 2 and 3 may be amended or replaced, or a deadline may be extended, provided that sufficient justification is given at least two months before the deadline and the Commission does not raise any objection within two months.\n5. For the purposes of monitoring compliance with the conditions set out in paragraphs 1, 2 and 3, Germany shall provide regular annual reports until 2012, by 31 April at the latest, on progress in implementing the restructuring plan and the conditions and obligations listed above.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "For the purposes of this Decision, ‘actively unwound’ means (a) sold or unwound by other similar extraordinary measures resulting in liquidity, or (b) cessation of business activity, including not extending existing contracts, except for existing contractual obligations."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "If the disposal of certain (special purpose) companies or shareholdings in such companies in the real-estate financing business segment adversely affects IKB and the other shareholders any further owing to conveyance duty and agreements with business associates to hold shares of about 5,2 % until the project expires, shareholdings of approximately 5,2 % in the companies concerned may be maintained, and debt financing directly related thereto may be continued, beyond 30 September 2011."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Germany has confirmed that, in accordance with the IFRS accounting rules applied by IKB, all activities that are economically imputable to IKB will be accounted for in the IKB balance sheet."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2009/775/article/2",
    "retrieved_at": "2026-11-01T15:16:21.791268+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}