# Commission Decision of 20 September 2011 on State aid granted by Germany to HSH Nordbank AG SA.29338 (C 29/09 (ex N 264/09)) (notified under document C(2011) 6483) (Only the German text is authentic) (Text with EEA relevance) (2012/477/EU), Division 1.2

Extent: E+W+S+N.I.

The premium of 400 bps p.a. on a second-loss tranche of EUR 10 billion (the ‘basic premium’) will be supplemented by an additional premium amounting to 385 bps. The guarantee provision contract will lay down that the basis for the calculation of the amount of the basic premium and the additional premium (EUR 10 billion) will be reduced by (partial) cancellation of the guarantee but not by drawing on the guarantee. In so far as HSH Finanzfonds AöR also remains liable for reference undertakings following a (partial) cancellation to zero (i.e. up to no more than the amount of the last nominal value of the guarantee before the partial cancellation to zero), the (partial) cancellation to zero will not have the effect of reducing the basis of assessment.

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Source: https://www.legislation.gov.uk/eudn/2012/477/annex/II/division/1.2 (the official version)
Page: https://openlegislation.uk/eu-decision-2012-477/annex-II/division-1.2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.