Division 8.4 Restriction of the countries with new business activity

Germany will ensure that the PBB sub-group only concludes new business in the following countries:

1. (i)

   Real estate finance:

   1. (a)

      Core markets: Germany, United Kingdom, France, Spain.

   2. (b)

      Further markets: Sweden, Poland, Czech Republic, Belgium, Netherlands, Luxembourg, Austria, Switzerland, Denmark, Finland, Norway, Slovakia, Hungary.

2. (ii)

   Public investment finance:

   1. (a)

      Core markets: Germany, France, Spain, Italy.

   2. (b)

      Further markets: Switzerland, Austria, Poland, Hungary, Czech Republic, Slovakia, Sweden, Norway, Denmark, Finland, Belgium, Netherlands, Luxembourg, United Kingdom.