OpenLegislation

Division (iii)

United Kingdom

Original text. Later amendments are not shown.

As of the time when the payment obligation outlined in paragraph 9.1(i) is paid in full, Germany will ensure that the DEPFA plc sub-group (i.e. parent company and all subsidiary companies), within the limits of its abilities, pays appropriate remuneration to Germany in return for the State support measures. This remuneration represents an expenditure on the profit and loss account and its annual level corresponds to the amount that the sub-group can pay without recording losses and without being legally obliged to pay interest to the providers of hybrid capital. The remuneration will be contractually structured between the Federal Republic of Germany or SoFFin, for the one part, and DEPFA plc, for the other part, such that it is not a profit-related remuneration but a consideration in return for the State aid implemented (indirectly) by the Federal Republic of Germany and approved by the European Union in order to stabilise the DEPFA plc sub-group.