Division 4 Restriction of growth of the PBB sub-group
United Kingdom
- (i)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:
- (ii)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:
- (iii)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:
- (iv)Division (iv)
- (v)Division (v)
- (vi)Division (vi)
- (vii)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:
- (viii)The corrected strategic IFRS group balance sheet corresponds to the corrected IFRS group balance sheet (paragraph 4(vii)), minus
- (ix)Division (ix)
- (x)Division (x)