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Protection system

Voluntary institutional guarantee systems and statutory deposit guarantee schemes

The German Einlagensicherungsgesetz (EinSiG - Deposit Guarantee Scheme Act) takes effect on 3 July 2015. The act transposes the corresponding EU directive into national law. The Sparkassen-Finanzgruppe has aligned its tried and tested joint liability scheme with the requirements of the new law and it is now recognised as a deposit guarantee scheme under EinSiG.

1. Voluntary institutional guarantee systems

The main purpose of institutional guarantee systems is for the member institutions to mutually protect each other in order to avert any threatening or existing financial difficulties. By protecting the member institutions, customer deposits are likewise protected.

In particular, the scheme protects

2. Statutory deposit guarantee scheme

The Sparkassen-Finanzgruppe's joint liability scheme includes several different guarantee funds for each of the various groups of institutions that belong to it. These funds have been officially recognised as deposit guarantee schemes under the German Deposit Guarantee Scheme Act. If in an exceptional situation the institutional guarantee funds are not able to solve the problem, then customers' deposits (including deposits at branches set up by the member institutions in other member states of the European Economic Area) are protected up to EUR 100,000 by the deposit guarantee scheme in accordance with EinSiG.

Maintenance obligation and guarantors' liability

Until 18 July 2005, BayernLB benefited from owners' guarantees in the form of "Anstaltslast" (maintenance obligation) and " Gewährträgerhaftung" (guarantee obligation);

Anstaltslast (maintenance obligation) means that the owners are obligated to ensure the Bank's solvency and make certain that the Bank can fulfil its financial obligations at all times.

Gewährträgerhaftung (guarantee obligation) means that the owners are fully and directly liable for the Bank's liabilities.

While "Anstaltslast" expired on 18 July 2005, "Gewährträgerhaftung" will remain in force through the so-called "grandfathering" which was agreed as an interim solution. In keeping with this concept, liabilities which were incurred from 18 July 2001 to 18 July 2005 and which mature no later than 31 December 2015 will continue to be covered (grandfathered) by "Gewährträgerhaftung". Liabilities which were incurred before 18 July 2001 will continue to be grandfathered even up until their final maturity. Anstaltslast_en

On the contrary, those liabilities incurred after 18 July 2005 are not covered (grandfathered) by "Gewährträgerhaftung", meaning they are unguaranteed.

The Free State of Bavaria and the Association of Bavarian Savings Banks made the following statement on "grandfathering" (in addition to the regulations laid down in the law on Bayerische Landesbank - see download box): they will immediately fulfil their obligations under this guarantee system if and when the creditors of the relevant liabilities cannot be satisfied from the Bank's assets.


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