{
  "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.1/division-ii",
  "json_url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.1/division-ii.json",
  "legislation": "eudn/2012/118",
  "legislation_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)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2012-118",
  "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:",
  "text": "(a) the full amount of the relevant annual net profit after tax will be offset against the net loss;\n(b) until reprivatisation of PBB, no decision will be taken which offsets the net loss against the uncommitted reserves, with the aim of establishing profit distribution capability;\n(c) this profit distribution capability will be restored only in the context of reprivatisation, with the result that profits will be retained by appropriation to Germany's silent participation and subsequent repayment of the silent participation;\n(d) until full repayment of the silent participation, no dividend payments and no coupon payments which are not required by law will be made.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2012/118/annex/division/9/division/9.1/division/ii",
    "retrieved_at": "2026-11-01T15:15:31.821595+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."
}