{
  "url": "https://openlegislation.uk/eu-decision-2014-341/annex/division-n2/division-V/division-2/division-2.2",
  "json_url": "https://openlegislation.uk/eu-decision-2014-341/annex/division-n2/division-V/division-2/division-2.2.json",
  "legislation": "eudn/2014/341",
  "legislation_title": "Commission Decision of 3 September 2013 State aid SA.32554 (09/C) Restructuring aid for Hypo Group Alpe Adria implemented by Austria (notified under document C(2013) 5648) (Only the German text is authentic) (Text with EEA relevance) (2014/341/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2014-341",
  "path": "annex/division/n2/division/V/division/2/division/2.2",
  "kind": "division",
  "number": "2.2",
  "heading": "Prolongations with existing customers remain allowed in the wind-down part too if there is a realistic and plausible prospect, supported by evidence, that a prolongation will improve the future serviceability or future utilisation of the financing. Prolongations will not be granted for longer than […]; justified exceptions with longer extension periods are to be disclosed to the Monitoring Trustee and adequately justified in each individual case. Even at the end of the restructuring period all wind-up activities must be resolved as quickly as possible.",
  "text": "The following continue to be admissible:\ntransactions which are necessary in the context of liquidity management in the wind-down part, i.e. central bank transactions;\nmanagement of the cover pools in the wind-down part, where no new asset business is transacted, save as provided by the rule in indent 4;\nderivative transactions which are necessary in order to manage interest-rate, currency and credit risks in the existing portfolio, e.g. asset swaps, provided that they reduce HGAA’s overall market risk position;\ntransactions that are necessary for regulatory or other legal reasons, including the acquisition, holding and sale of securities authorised for the management of HGAA’s cover pools and liquidity;\nbusiness concluded by the wind-down entity for its own refinancing, including new issues and buying back of debt;\nthe purchase of moveable and immovable assets in the context of court-supervised and extra-judicial auctions and private transfer to take possession of securities;\nfulfilment of existing contracts and commitments (e.g. real estate under construction, activation of leases to go, reclassification of finance leases as operating leases and vice versa);\nre-leasing of assets (short to medium-term), where it is not possible to sell the assets in the short term and preserve value, in order to reduce or avoid costs (maintenance, etc.).\nIn addition, transactions with HGAA group companies remain authorised (provided that their purpose is the prolongation of refinancing lines) and transactions with buyers of HGAA assets (shareholdings, portfolios, etc.), which are carried out in connection with the reprivatisation and are necessary for the successful sale of the entities/assets concerned (e.g. seller financing, extension by HGAA of collateral granted — such as guarantees — in favour of the buyer, etc.).",
  "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/2014/341/annex/division/n2/division/V/division/2/division/2.2",
    "retrieved_at": "2026-11-01T15:14:45.373906+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."
}