Search Legislation

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)

 Help about what version

What Version

Close

This is a legislation item that originated from the EU

After exit day there will be three versions of this legislation to consult for different purposes. The legislation.gov.uk version is the version that applies in the UK. The EU Version currently on EUR-lex is the version that currently applies in the EU i.e you may need this if you operate a business in the EU.

The web archive version is the official version of this legislation item as it stood on exit day before being published to legislation.gov.uk and any subsequent UK changes and effects applied. The web archive also captured associated case law and other language formats from EUR-Lex.

Status:

This is the original version (as it was originally adopted).

  1. Introductory Text

  2. Article 1.(1.) The EUR 3 billion recapitalisation, the EUR 10 billion guarantee granted...

  3. Article 2.Germany shall ensure that the original restructuring plan submitted on...

  4. Article 3.Germany shall inform the Commission within two months of notification...

  5. Article 4.This Decision is addressed to the Federal Republic of Germany....

  6. Signature

    1. ANNEX I

      LIST OF COMMITMENTS REFERRED TO IN ARTICLE 1(2) AND ARTICLE 2

      1. 1.1. [Restructuring phase/monitoring trustee] The restructuring phase ends on 31 December...

      2. 1.2. Full and proper implementation of all commitments and conditions listed...

      3. 2. [Core bank and internal restructuring unit] HSH has set up...

      4. 3. [Sale of parts of the business] The hiving off or...

      5. 4.1. [Reduction of balance sheet total – group] On the basis...

      6. 4.2. [Reduction of balance sheet total – core bank] The total...

      7. 4.3. [Reduction of balance sheet total – restructuring unit] The total...

      8. 4.4. [Correlation] Should the total balance sheet assets of the core...

      9. 4.5. [Withdrawal from object-related aircraft financing] HSH will withdraw completely from...

      10. 4.6. [Definition of the aircraft financing business area] HSH’s aviation division...

      11. 4.7. [Withdrawal from the international real estate business] HSH will give...

      12. 4.8. [Downsizing of the ship financing business area] HSH will cut...

      13. 4.9. [Restrictions in the ship financing business] Until 31 December 2014,...

      14. 4.10. [Definition of the ship financing business area] HSH’s shipping division...

      15. 4.11. [New business in the ship financing business area] The following...

      16. 5. [Restriction of external growth] Until 31 December 2014 there may...

      17. 6.1. [Locations] The following HSH offices will close by no later...

      18. 6.2. The existing business that has not been wound up by...

      19. 6.3. In so far as the existing business in Copenhagen has...

      20. 6.4. HSH may retain the following offices:

      21. 6.5. The London and New York operations will be downsized by...

      22. 7.1. [Holdings] HSH is to sell the holdings mentioned in Annex...

      23. 7.2. HSH may postpone a sale of the holdings referred to...

      24. 7.3. The holdings marked with an asterisk ‘*’ in Annex III...

      25. 7.4. The proceeds of the sale of HSH’s holdings are to...

      26. 7.5. The existing business from holdings that have not been sold...

      27. 8. [Trading for own account] HSH is to end dedicated proprietary...

      28. 9.1. [Liquidity/funding] Starting from 31 December 2012 and until 31 December...

      29. 9.2. Net stable funding ratio (NSFR) of […] and liquidity coverage...

      30. 9.3. The share of the core bank’s USD business that is...

      31. 10. [Advertising] HSH must not use the granting of the aid...

      32. 11.1. [Assurances regarding corporate governance] All members of the supervisory board...

      33. 11.2. There must be no more than twenty supervisory board members....

      34. 11.3. At least half the seats allocated to the Länder of...

      35. 12.1. [Remuneration of bodies, employees and essential agents] HSH must verify...

      36. 12.2. In the context of the possibilities under civil law, HSH...

      37. 13.1. [Discontinuation of obligations] If the public-sector owners relinquish control within...

      38. 13.2. [Independence of the buyer] The buyer of HSH must be...

      39. 14. [Other rules of conduct] In the context of its lending...

      40. 15. [Transparency] During the implementation of the Decision, the Commission is...

    2. ANNEX II

      LIST OF CONDITIONS REFERRED TO IN ARTICLE 2

      1. The restructuring phase is to end on 31 December 2014....

      2. 1.1. [Remuneration of the guarantee] The contract concluded between HSH Finanzfonds...

      3. 1.2. The premium of 400 bps p.a. on a second-loss tranche...

      4. 1.3. In addition to an ex nunc reduction of the basis...

      5. 1.4. (Partial) cancellations of the guarantee may be carried out only...

      6. 1.5. The additional premium will be calculated retroactively from 1 April...

      7. 1.6. The additional premium will be paid into an account to...

      8. 1.7. In so far as the obligation to pay the additional...

      9. 1.8. The additional premium will be payable until [2015–2025] at the...

      10. 1.9. HSH will in the framework of what is legally permissible...

      11. 1.10. In the case of legal separation of the restructuring unit...

      12. 1.11. [Lump-sum payment and capital increase] HSH Finanzfonds AöR and HSH...

      13. 1.12. HSH and HSH Finanzfonds AöR will make every reasonable effort...

      14. 1.13. The capital increase will take place either through ordinary contribution...

      15. 1.14. The claim to the lump-sum payment may not be converted...

      16. 1.15. If there is a sale of shares by the public-sector...

      17. 2. [Hybrids] Until 31 December 2014, HSH may not make any...

      18. 3. [Dividend ban] HSH will not pay dividends in the period...

      19. 4. [Protection of reserves] In the period from 1 January 2015...

    3. ANNEX III

      TIME OF SALES OF HOLDINGS (DATE OF SIGNING OF SALES CONTRACT) IN ACCORDANCE WITH POINT 7.1 OF ANNEX I

      1. The holdings marked with an asterisk ‘*’ in the Table...

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As adopted by EU): The original version of the legislation as it stood when it was first adopted in the EU. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as adopted version that was used for the EU Official Journal
  • lists of changes made by and/or affecting this legislation item
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as adopted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources