{
  "url": "https://openlegislation.uk/eu-decision-2012-118",
  "json_url": "https://openlegislation.uk/eu-decision-2012-118.json",
  "id": "eudn/2012/118",
  "title": "Commission Decision of 18 July 2011 on State aid C 15/09 (ex N 196/09), which Germany implemented and is planning to implement for Hypo Real Estate (notified under document C(2011) 5157) (Only the German text is authentic) (Text with EEA relevance) (2012/118/EU)",
  "short_title": "Commission Decision of 18 July 2011 on State aid C 15/09 (ex N 196/09), which Germany implemented and is planning to implement for Hypo Real Estate (notified under document C(2011) 5157) (Only the German text is authentic) (2012/118/EU)",
  "long_title": "Commission Decision of 18 July 2011 on State aid C 15/09 (ex N 196/09), which Germany implemented and is planning to implement for Hypo Real Estate (notified under document C(2011) 5157) (Only the German text is authentic) (Text with EEA relevance) (2012/118/EU)",
  "citation": "EU Decision 2012/118",
  "type": "eudn",
  "year": "2012",
  "number": "118",
  "version": "current",
  "date": "2011-07-18",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-decision-2012-118/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-decision-2012-118/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex",
      "kind": "annex",
      "number": null,
      "heading": "COMMITMENTS DOCUMENT IN STATE AID PROCEEDINGS SA.28264 (C 15/09) HYPO REAL ESTATE — GERMANY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/division/1",
      "kind": "division",
      "number": "1",
      "heading": "General",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/1/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-1/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/1"
    },
    {
      "path": "annex/division/1/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-1/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/1"
    },
    {
      "path": "annex/division/1/division/iii",
      "kind": "division",
      "number": "(iii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-1/division-iii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/1"
    },
    {
      "path": "annex/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Restriction of new business to the PBB sub-group",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/3",
      "kind": "division",
      "number": "3",
      "heading": "Reprivatisation of the PBB sub-group",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/3/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-3/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/3"
    },
    {
      "path": "annex/division/3/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": "Economically sustainable conditions for reprivatisation exist if the proceeds of the reprivatisation represent:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-3/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/3"
    },
    {
      "path": "annex/division/4",
      "kind": "division",
      "number": "4",
      "heading": "Restriction of growth of the PBB sub-group",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/4/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": "Germany will ensure that the cumulative book values of the interest-bearing assets (‘interest-bearing assets’) in the PBB sub-group's strategic business lines of real estate finance and public investment finance, which at 31 December 2010 together amounted to EUR 34,3 billion, do not exceed EUR [30–50] billion at 31 December 2011, EUR [40–60] billion at 31 December 2012, EUR [40–60] billion at 31 December 2013, EUR [40-60] billion at 31 December 2014 and EUR [60–90] billion at 31 December 2015. The interest-bearing assets of the two strategic business lines may be subdivided as follows:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": "The cumulative book values of the interest-bearing assets in the PBB sub-group's strategic business lines of real estate finance and public investment finance are based on new business as follows:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/iii",
      "kind": "division",
      "number": "(iii)",
      "heading": "Compliance with the upper limits as set out in paragraph 4(i) and paragraph 4(ii) is obligatory. Deviations from those limits are permissible as described below:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-iii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/iv",
      "kind": "division",
      "number": "(iv)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-iv",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/v",
      "kind": "division",
      "number": "(v)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-v",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/vi",
      "kind": "division",
      "number": "(vi)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-vi",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/vii",
      "kind": "division",
      "number": "(vii)",
      "heading": "The corrected IFRS group balance sheet corresponds to the IFRS group balance sheet of the PBB sub-group, corrected for the one-off and pass-through effects stemming from the transfer of non-strategic assets to the winding-up institution FMS-WM. This relates, for instance, to ECB funding of the winding-up institution or upgrades to the transfer channels which have not yet been implemented, e.g. back-to-back instead of novation for derivatives. In addition to the assets required for proper running of the bank, the PBB sub-group's corrected IFRS group balance sheet contains:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-vii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/viii",
      "kind": "division",
      "number": "(viii)",
      "heading": "The corrected strategic IFRS group balance sheet corresponds to the corrected IFRS group balance sheet (paragraph 4(vii)), minus",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-viii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/ix",
      "kind": "division",
      "number": "(ix)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-ix",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/4/division/x",
      "kind": "division",
      "number": "(x)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-4/division-x",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/4"
    },
    {
      "path": "annex/division/5",
      "kind": "division",
      "number": "5",
      "heading": "Active reduction of the business activities of the DEPFA plc sub-group",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/5/division/5.1",
      "kind": "division",
      "number": "5.1",
      "heading": "Business activities of the DEPFA plc sub-group",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-5/division-5.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5"
    },
    {
      "path": "annex/division/5/division/5.2",
      "kind": "division",
      "number": "5.2",
      "heading": "Sale of DEPFA plc or participations held by DEPFA plc (HPFB, HPBI and ACS)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5"
    },
    {
      "path": "annex/division/5/division/5.2/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-5/division-5.2/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5/division/5.2"
    },
    {
      "path": "annex/division/5/division/5.2/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": "Reprivatisation of HPFB, HPBI, ACS or DEPFA plc as a sub-group must, in each case, take place only if and in so far as the following conditions are met with regard to the company in question:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-5/division-5.2/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5/division/5.2"
    },
    {
      "path": "annex/division/5/division/5.2/division/iii",
      "kind": "division",
      "number": "(iii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-5/division-5.2/division-iii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5/division/5.2"
    },
    {
      "path": "annex/division/5/division/5.3",
      "kind": "division",
      "number": "5.3",
      "heading": "Sale of credit portfolios",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5"
    },
    {
      "path": "annex/division/5/division/5.3/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-5/division-5.3/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5/division/5.3"
    },
    {
      "path": "annex/division/5/division/5.3/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-5/division-5.3/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/5/division/5.3"
    },
    {
      "path": "annex/division/6",
      "kind": "division",
      "number": "6",
      "heading": "Winding-up institution",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/6/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-6/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/6"
    },
    {
      "path": "annex/division/6/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-6/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/6"
    },
    {
      "path": "annex/division/6/division/iii",
      "kind": "division",
      "number": "(iii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-6/division-iii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/6"
    },
    {
      "path": "annex/division/7",
      "kind": "division",
      "number": "7",
      "heading": "Active reduction and run-down of business lines",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/7/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-7/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/7"
    },
    {
      "path": "annex/division/7/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-7/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/7"
    },
    {
      "path": "annex/division/8",
      "kind": "division",
      "number": "8",
      "heading": "Reduction in market presence",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/8/division/8.1",
      "kind": "division",
      "number": "8.1",
      "heading": "Reduction in market presence in the public investment finance and budget finance business lines",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-8/division-8.1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/8"
    },
    {
      "path": "annex/division/8/division/8.2",
      "kind": "division",
      "number": "8.2",
      "heading": "Reduction in market presence in the real estate finance business line",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-8/division-8.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/8"
    },
    {
      "path": "annex/division/8/division/8.3",
      "kind": "division",
      "number": "8.3",
      "heading": "Reactivation of branches or sales offices",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-8/division-8.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/8"
    },
    {
      "path": "annex/division/8/division/8.4",
      "kind": "division",
      "number": "8.4",
      "heading": "Restriction of the countries with new business activity",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-8/division-8.4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/8"
    },
    {
      "path": "annex/division/9",
      "kind": "division",
      "number": "9",
      "heading": "Own contribution",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/9/division/9.1",
      "kind": "division",
      "number": "9.1",
      "heading": "Remuneration for using the winding-up institution",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9"
    },
    {
      "path": "annex/division/9/division/9.1/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.1/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9/division/9.1"
    },
    {
      "path": "annex/division/9/division/9.1/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": "Germany will ensure that PBB, within the limits of its abilities, pays appropriate remuneration to Germany in return for the State support measures. This will be achieved by skimming off all the profits of Deutsche Pfandbriefbank AG (HGB unconsolidated financial statement). Profits will be skimmed off by means of the following measures:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.1/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9/division/9.1"
    },
    {
      "path": "annex/division/9/division/9.1/division/iii",
      "kind": "division",
      "number": "(iii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.1/division-iii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9/division/9.1"
    },
    {
      "path": "annex/division/9/division/9.2",
      "kind": "division",
      "number": "9.2",
      "heading": "Restrictions regarding coupon payments and profit distributions",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9"
    },
    {
      "path": "annex/division/9/division/9.3",
      "kind": "division",
      "number": "9.3",
      "heading": "Restrictions regarding paybacks",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9"
    },
    {
      "path": "annex/division/9/division/9.3/division/i",
      "kind": "division",
      "number": "(i)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.3/division-i",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9/division/9.3"
    },
    {
      "path": "annex/division/9/division/9.3/division/ii",
      "kind": "division",
      "number": "(ii)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.3/division-ii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9/division/9.3"
    },
    {
      "path": "annex/division/9/division/9.3/division/iii",
      "kind": "division",
      "number": "(iii)",
      "heading": "With the approval of SoFFin and after consultation with and approval of the Commission, the following items are not excluded:",
      "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.3/division-iii",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/division/9/division/9.3"
    },
    {
      "path": "annex/division/10",
      "kind": "division",
      "number": "10",
      "heading": "Other commitments",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex"
    },
    {
      "path": "annex/division/10/division/10.1",
      "kind": "division",
      "number": "10.1",
      "heading": "Sound, prudent business policy, taking into account the borrowing requirement of the EU economy",
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    "retrieved_at": "2026-10-31T17:53:31.950110+00:00"
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  "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."
}