Division Viability concerns

periodically explore possibility of a sale as a whole or in parts of remaining assets and liabilities (yearly market sounding calls to be reported to Trustee; full documented market sounding every two years)

ring fence the possible impact on the viable business through separation of accounts and clear cost allocation between good bank and run down business

estimate future capital needs of the run down business in a conservative manner and allocate the necessary capital, in the form of provisions or other

conservative management of assets relative to liabilities (reinvestment guidelines to be documented).

conservative hedging policy with a target hedge efficiency in the range of 80-120 % of the overall hedge objective, subject to materiality

possibilities of partial or full reinsurance to be examined periodically (to be documented)

above to be consistent with applicable local regulatory requirements and objectives