The 10 % - Limit. Ensuing the Preferential Right in Case of
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The 10 % - Limit. Ensuing the Preferential Right in Case of
The 10 % - Limit. Ensuing the Preferential Right in Case of Insolvency for Creditors of German Pfandbriefe Dr. Otmar Stöcker Association of German Mortgage Banks Comments Mortgages and public sector granting the covered bonds insolvency of a mortgage bank. loans guarantee the covered bonds creditor a preferential right in case by of Assets located out of Germany are in the same cover pool. Does the insolvency privilege apply to these foreign assets? § 5 para. 1 No. 1 and No. 2a Mortgage Bank Act (HBG) limits the volume of the assets, which cannot clearly be defined according to those standards, to 10 % of the cover volume. That is the reason why the Association of German Mortgage Banks for several years now has been examining this legal question. The following charts summarize the actual results. After implementation of the EU Directive on Rescue and Liquidation of Financial Institutions (until 5.5.2004 at the latest) the preferential right in case of insolvency will be clearly defined in most EC countries. 2 1.5.2004 / © Dr. Stöcker, VDH Extension of the Preferential Right in Case of Bankruptcy according to § 35 Mortgage Bank Act (HBG) to Foreign Cover Assets Clearly Defined in: Austria: Statute: § 35 para. para. 2 of the Austrian Mortgage Bank Act France: Stü Stürner, Rolf: Legal opinion: Hypothekenpfandbriefe und Beleihung in Frankreich, Frankreich, Munich 1994 Ireland: Statute: Part 10, Section 102 Asset Covered Securities Act Luxembourg: Statute: Art. 12 – 8 (8) Law on Financial Sector Netherlands: Stü Stürner/Stadler rner/Stadler:: Legal opinion: Deutsche Pfandbriefe und Deckungswerte in den Niederlanden, Niederlanden, Frankfurt 2000 United Kingdom: Stü Stürner/Schumacher/Bruns rner/Schumacher/Bruns:: Legal opinion: Der deutsche Pfandbrief und englische Deckungswerte, Deckungswerte, Frankfurt 2000 Spain: Stü Stürner/Stadler rner/Stadler:: European Union: 3 Legal opinion: Pfandbriefe und Beleihung in Spanien, Spanien, Frankfurt 2002 EU Directive 2001/24 of 4.4.2001 on Rescue and Liquidation of Financial Institutions (ABl (ABl.. L 125/15 of 5.5.2001) - to be implemented in all EC countries – 1.5.2004 / © Dr. Stöcker, VDH Mortgage Loan Business . 4 Cover business admitted: Non cover business admitted: EU, European Economic Area, Switzerland USA, Canada, Japan 1.5.2004 / © Dr. Stöcker, VDH Public Loan Business . Cover business admitted: EU, European Economic Area, Switzerland, USA, Canada, Japan 5 1.5.2004 / © Dr. Stöcker, VDH