{
  "url": "https://openlegislation.uk/eu-decision-2016-2057/annex-I/division-6",
  "json_url": "https://openlegislation.uk/eu-decision-2016-2057/annex-I/division-6.json",
  "legislation": "eudn/2016/2057",
  "legislation_title": "Commission Decision (EU) 2016/2057 of 2 May 2016 on the State aid and measures SA.29338 (2013/C-30) and SA.44910 (2016/N) in favour of HSH Nordbank AG (notified under document C(2016) 2689) (Only the German text is authentic) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2016-2057",
  "path": "annex/I/division/6",
  "kind": "division",
  "number": "6",
  "heading": null,
  "text": "[Obligations during the sale period] During the sale period, HoldCo will manage OpCo with the aim of retaining its viability, saleability and competitiveness. To that end,\n(a) additional cost-reduction and rationalisation measures will be taken at OpCo in accordance with the submitted restructuring plan, so that the administrative costs will not exceed EUR [570-590] million in 2016 and EUR [520-550] million in 2017;\n(b) OpCo's risk management, in particular in relation to new business, will be carried out in accordance with the principles of prudent business practice;\n(c) measures will be taken to further strengthen the capital base (including liability management), subject to approval by the Commission;\n(d) OpCo may not make any payments in respect of profit-related equity instruments (such as hybrid financial instruments and participation certificates [Genussscheine]), in so far as those payments are not owed under contract or law. Those instruments will also have to participate in losses, if OpCo's balance sheet, without release of reserves and retained earnings, shows a loss. There will be no participation in losses carried forward from previous years, and\n(e) OpCo will not pay any dividends until the sale (i.e. for the period including the business year ending on 31 December 2017). This does not preclude dividend payments by OpCo to HoldCo to the extent legally possible.",
  "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/2016/2057/annex/I/division/6",
    "retrieved_at": "2026-11-01T15:13:46.139371+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."
}