{
  "url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.2",
  "json_url": "https://openlegislation.uk/eu-decision-2012-118/annex/division-9/division-9.2.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/9.2",
  "kind": "division",
  "number": "9.2",
  "heading": "Restrictions regarding coupon payments and profit distributions",
  "text": "Germany will ensure that, during the implementation of the restructuring plan and until 31 December 2015 at the latest, HRE and its subsidiaries are only obliged to pay to third parties which are external to the group, by the end of the financial year for the previous financial year, coupons and profit distributions on the core capital instruments, silent participations, participation rights and participation certificates with a share in the loss pursuant to § 10(5) of the German Banking Act (KWG) and any other profit-related own capital financial instruments (e.g. hybrid capital instruments, participation certificates) (excluding shares) existing in HRE at 30 September 2010 provided that they have not been guaranteed by SoFFin (‘other own capital instruments’) if and in so far as HRE or the subsidiary companies in question are legally obliged to do so without releasing reserves or the special item pursuant to § 340g of the German Commercial Code (HGB).",
  "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/9.2",
    "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."
}