{
  "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-4",
  "json_url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-4.json",
  "legislation": "eudn/2015/657",
  "legislation_title": "Commission Decision (EU) 2015/657 of 5 February 2013 on State aid granted by Germany and Austria to Bayerische Landesbank (Case SA.28487 (C 16/09, ex N 254/09)) (notified under document C(2013) 507) (Only the German text is authentic) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2015-657",
  "path": "annex/I/division/B/division/4",
  "kind": "division",
  "number": "4",
  "heading": null,
  "text": "[Reduction of balance sheet total—group] BayernLB undertakes to reduce its balance sheet assets to around EUR 239,4 billion by 31 December 2015 by closing locations abroad, selling holdings and restricting its business activities. To ensure that monitoring can proceed smoothly, any change in the EUR/USD exchange rate will be disregarded as long as the rate does not fall below the following: [1,05-1,25] for 2012, [1,05-1,25] for 2013, [1,05-1,25] for 2014, and [1,05-1,25] for 2015. If the EUR/USD rate falls below these levels the bank may, after informing the monitoring trustee, adjust the target balance sheet total taking account of the exchange rate drop by the full difference compared with the planned rate, provided that the Commission does not object to the adjustment in writing, giving adequate reasons for the objection.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "In 2008 values this corresponds to a reduction to a balance sheet total of around EUR 206 billion."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "If the restriction under this point applies beyond the year 2015 in accordance with point 1, the value of the balance sheet total will be indexed each year using the following formula: […]."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "BayernLB is planning for the following EUR/USD exchange rates: [1,10-1,60] for 2012, [1,10-1,60] for 2013, [1,10-1,60] for 2014 and [1,10-1,60] for 2015. After 2015 the figures for the EUR/USD exchange rate will be supplemented, if necessary, from the bank's plans applicable at that time."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/657/annex/I/division/B/division/4",
    "retrieved_at": "2026-11-01T15:14:23.174263+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."
}