{
  "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-2",
  "json_url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-2.json",
  "legislation": "eudn/2012/269",
  "legislation_title": "Commission Decision of 29 June 2011 on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society (notified under document C(2011) 4432) (Only the English text is authentic) (Text with EEA relevance) (2012/269/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2012-269",
  "path": "annex/I/division/COMMITMENTS/division/2",
  "kind": "division",
  "number": "(2)",
  "heading": "Management of existing assets. The merged entity will manage existing commercial assets in a way that maximises Net Present Value (NPV) of the assets in accordance with normal commercial practice and fiduciary duties. Specifically, if a client cannot respect the terms of his loan, the merged entity will only restructure the lending terms (deferral or partial waiver of repayments, conversion of (part of) the claim in capital, etc.) if such a restructuring would lead to enhancing the present value of the loan (i.e. if the present value of the cash flows to be expected from the restructuring is higher than the present value of the cash flows which can be expected from liquidation). In summary, the merged entity will manage its commercial asset portfolio in the same way as a private asset manager would manage the work-out of a similar book.",
  "text": "As regards the merged entity’s mortgage assets, the obligations that apply to the commercial assets will apply mutatis mutandis. The merged entity, in particular, will be allowed to restructure its mortgage assets via the following variations to the terms of existing mortgages: (i) a change of deal (e.g. by offering a new fixed rate); (ii) transferring existing mortgages to new properties; and (iii) transferring equity (e.g. adding a borrower to the mortgage or removing one).",
  "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/2012/269/annex/I/division/COMMITMENTS/division/2",
    "retrieved_at": "2026-11-01T15:15:27.561285+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."
}