📄 Extracted Text (366 words)
institution are transferred
Section 59 Branches of CRR credit institutions which have their registered office in a third country
Chapter 6
Provisions concerning administrative fines
Section 60 Provisions conceming administrative fines
Part 4
Institutional protection schemes and deposit guarantee schemes that are not recognised
Section 61 Requirements for schemes that are not recognised
Part 5
Concluding provisions
Section 62 Non-application of the Insurance Supervision Act (Versicherungsaufsichtsgesetz)
Section 63 Transitional provisions
Part 1
General provisions
Section 1
Institutions' obligation to guarantee deposits
CRR credit institutions within the meaning of section 1 (3d) sentence 1 of the Banking Act
(Kreditwesengesetz) shall guarantee their deposits as required by this Act through membership of a
deposit guarantee scheme. Domestic branches that are maintained by undertakings which have their
registered office outside Germany and that at a minimum conduct deposit business in accordance with
section 1 (1) sentence 2 number 1 of the Banking Act and lending business in accordance with section 1
(1) sentence 2 number 2 of the Banking Act are also CRR credit institutions within the meaning of this
Act.
Section 2
Definition of terms
(1) Deposit guarantee schemes within the meaning of this Act mean
1 statutory compensation schemes in accordance with section 22 (2) and
2 institutional protection schemes that are recognised as deposit guarantee schemes in accordance
with section 43.
(2) An institutional protection scheme within the meaning of this Act is a liability arrangement within
the meaning of Article 113 (7) of Regulation (EU) No 575/2013 of the European Parliament and of the
Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and
amending Regulation (EU) No 646/2012 (OJ L 176 of 27 June 2013, page 1).
(3) Deposits within the meaning of this Act mean credit balances, including time deposits and savings
deposits, that
1 result from funds left in an account or from temporary situations deriving from normal banking
transactions and
2 that the CRR credit institution is required to repay under the legal and contractual conditions
applicable.
A credit balance is excluded from the definition of deposits in sentence 1 above if
5
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0066384
CONFIDENTIAL SDNY_GM_00212568
EFTA01372619
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