the german private commercial banks statutory deposit guarantee and investor compensation scheme*

Transkript

1 deutscher Banken GmbH (EdB) the german private commercial banks statutory deposit guarantee and investor compensation scheme* A Brief Guide and List of Member Banks Berlin, April 2014 * Please note: The present English translation is furnished for information purposes only. The original German text is binding in all respects.

2 Since the Deposit Guarantee and Investor Compensation Act (Einlagensicherungs- und Anlegerentschädigungsgesetz) came into force in Germany, deposits and liabilities arising from securities transactions have been protected at the private commercial banks and private building and loan associations to the extent provided for under this Act by the Entschädigungseinrichtung deutscher Banken GmbH (EdB) Burgstrasse Berlin on top of any other guarantee schemes that may exist. The EdB was entrusted by the Federal Finance Ministry with the task of running the statutory deposit guarantee and investor compensation scheme for the private commercial banks in Germany. It thus operates as a sovereign body managing a federal government special fund. The EdB is subject to supervision by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht [BaFin]). CLAIM TO COMPENSATION All private individuals as well as partnerships and small corporations are entitled to compensation. Not protected are deposits of banks and financial services institutions, insurance enterprises and medium-sized and large corporations or deposits of public authorities (see in this connection Section 3 of the appended extract from the Deposit Guarantee and Investor Compensation Act). SCOPE OF THE CLAIM TO COMPENSATION The EdB protects per customer and at each member bank: 1. deposits up to a limit of 100,000 and % of liabilities arising from securities transactions, limited to the equivalent of 20,000. Besides all types of deposits mainly demand, term and savings deposits registered savings certificates are also protected. Liabilities in respect of which a bank has issued bearer instruments such as bearer bonds and bearer deposit certificates are, on the other hand, not protected. There is no claim to compensation unless deposits are denominated in euros or the currency of an EU member state. 2

3 Compensation is provided in connection with securities transactions particularly if, contrary to its duties, a bank is unable to return securities owned by the customer and held in custody on the customer s behalf. COMPENSATION PROCEDURE Creditors are notified promptly that compensation is payable. A claim to compensation must be submitted in writing by the customer to the EdB within one year of notification that compensation is payable. After expiry of this period, a claim to compensation can, as a rule, no longer be asserted. On settlement of a claim to compensation, claims on the bank are transferred to the EdB. A claim to compensation is statute-barred after a period of five years. The EdB is required to promptly meet duly examined claims, provided these relate to deposits, within 20 working days at the latest. In special cases, subject to the approval of the Federal Financial Supervisory Authority (BaFin), this deadline may be extended to up to 30 working days. The EdB must promptly examine claims which are intended to provide compensation for liabilities arising from securities transactions and meet these no later than three months after it has established the eligibility and amount of such claims. Disputes about the reasons for and the amount of a claim to compensation may be settled in civil courts. The EdB levies annual contributions on its member banks which are used to make payments to depositors when a compensation event occurs. 3

4 EXTRACT FROM THE GERMAN DEPOSIT GUARANTEE AND INVESTOR COMPENSATION ACT (EINLAGENSICHERUNGS- UND ANLEGERENTSCHÄDIGUNGSGESETZ)* SECTION 3 CLAIM TO COMPENSATION (1) If a compensation event occurs, the creditor of an institution has a right to compensation as provided in Section 4 from the compensation scheme to which the institution has been assigned. (2) No claim to compensation pursuant to subsection (1) will be granted to 1. institutions within the meaning of Section 1 (1) number 1 and financial institutions within the meaning of Article 4 (1) number 26 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 648/2012 (OJ EC L 176 of 27 June 2013, p 1) which are domiciled in Germany or abroad, if they are acting in their own name and for their own account, 2. private and public insurance companies domiciled in Germany or abroad, 3. management companies within the meaning of Section 1 (14) of the Investment Code (Kapitalanlagegesetzbuch) which are domiciled in Germany or abroad, including the German, EU and foreign investment funds within the meaning of Section 1 (1) of the Investment Code managed by them, 4. the German Federal Government, a German state government, a legally dependent special fund of the German Federal Government or a German state government, a German local authority, or the national government, a regional government or a local authority of another country, 5. managers, general partners or members of supervisory bodies of the institution, persons holding 5% or more of the institution s capital, auditors within the meaning of Section 28 of the Banking Act (Kreditwesengesetz) and creditors with a similar status or function in an enterprise which, together with the institution, constitutes a group as defined in Section 18 of the Stock Corporation Act (Aktiengesetz), irrespective of its legal form, * Translation: Deutsche Bundesbank 4

5 6. spouses, registered partners and first and second-degree relatives of the persons referred to in number 5, unless the deposits, funds or financial instruments stem from the spouses or relatives own assets, 7. enterprises which, together with the institution, constitute a group within the meaning of Section 18 of the Stock Corporation Act, irrespective of its legal form, 8. creditors who were instrumental in initiating or have taken advantage of particular circumstances at the institution, especially if they have received high interest rates or financial advantages by virtue of individually negotiated agreements, which gave rise to the financial difficulties or significantly contributed to the deterioration of the institution s financial situation, 9. enterprises which, pursuant to the provisions of the third book of the Commercial Code (Handelsgesetzbuch), are obliged to compile a management report or are exempted from this obligation only because of their inclusion in consolidated financial statements, comparable enterprises domiciled abroad, and 10. creditors whose claims on the institution are connected to transactions as a result of which a criminal conviction has been obtained against certain persons for money laundering within the meaning of Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ EC L 309 of 25 November 2005, p 15). If the creditor of an institution has acted for the account of a third party, determination of the claim to compensation in accordance with sentence 1 shall relate to the third party insofar as the fiduciary relationship is clearly labelled as such in the account designation. (3) The claim of the person entitled to compensation (compensatee) on the compensation scheme is statute-barred after five years. (4) Disputes about the reasons for and the amount of the claim to compensation shall be settled in the civil courts. 5

6 SECTION 4 SCOPE OF THE CLAIM TO COMPENSATION (1) The claim to compensation of the creditor of the institution is based on the amount and scope of the creditor s deposits or of the liabilities to the creditor arising from securities transactions, taking account of any set-off and retention rights of the institution. There is no claim to compensation if deposits or funds are not denominated in the currency of an EU member state or in euro. (2) The amount of the claim to compensation is limited to 1. the equivalent of 100,000 of deposits, and per cent of the liabilities arising from securities transactions and the equivalent of 20,000. Liabilities arising from securities transactions of an institution within the meaning of Section 1 (1) number 1 authorised to conduct banking business or provide financial services within the meaning of Section 1 (1) sentence 2 number 4 or 10 or subsection (1a) sentence 2 numbers 1 to 4 of the Banking Act are deemed to be deposits provided that the liabilities refer to the institution s obligation to obtain the possession or ownership of funds for its customers. (3) The calculation of the amount of the claim to compensation shall be based on the amount of the deposits or monetary amounts and the market value of the financial instruments upon the occurrence of the compensation event. The claim to compensation includes, up to the limits pursuant to subsection (2), claims to interest. Interest accrues starting on the occurrence of the compensation event up to repayment of the liabilities, and at the latest up to the initiation of insolvency proceedings. The claim to compensation is reduced insofar as the asset loss sustained by the creditor as a result of the compensation event is offset by payments by third parties. (4) The limit pursuant to subsection (2) refers to the creditor s aggregate claim on the institution, irrespective of the number of accounts, the currency or the location at which the accounts are maintained or the financial instruments are held. The compensation may be paid in euro. (5) In the case of joint accounts, the limit pursuant to subsection (2) is based on each account holder s relative share. In the absence of special provisions, the deposits, monetary amounts or financial instruments will be attributed to the account holders in 6

7 equal parts. For accounts operated in the name of an association of condominium owners, sentences 1 and 2 shall apply mutatis mutandis provided that the members of the association of condominium owners are deemed to be account holders. (6) If the creditor has acted for the account of a third party, the limit pursuant to subsection (2) shall apply to the third party. SECTION 5 COMPENSATION PROCEDURE (1) BaFin shall determine that a compensation event has occurred promptly, but no later than five working days after it has come to its notice that an institution is unable to repay deposits and no later than 21 days after it has come to its notice that an institution is unable to meet obligations arising from securities transactions. It shall also determine that a compensation event has occurred if measures pursuant to Section 46 (1) sentence 2 numbers 4 to 6 of the Banking Act have been ordered and they continue for more than six weeks. Objections to and appeals against the determination of a compensation event do not have suspensory effect. BaFin will publicise compensation events which have been determined pursuant to sentences 1 and 2 in the Federal Gazette (Bundesanzeiger). BaFin will promptly notify the compensation scheme to which the institution has been assigned of the determination of a compensation event. (2) The compensation scheme shall promptly notify the institution s creditors of the occurrence of a compensation event and of the deadline pursuant to subsection (3) sentence 1; it will take appropriate measures to compensate the creditors within the period specified in subsection (4). To this end, the institution shall make the documents necessary for the creditors compensation available to the compensation scheme promptly, and at the latest within one week. (3) The claim to compensation shall be submitted to the compensation scheme in writing within one year from the date of notification that a compensation event has occurred. The right to compensation is barred after expiry of this period unless the compensatee is not responsible for failing to meet the deadline. (4) The compensation scheme shall examine the submitted claims promptly. The compensation scheme shall meet duly examined claims which are intended to provide compensation for deposits no later than 20 working days after BaFin has determined that a compensation event has occurred. The compensation scheme shall meet claims which are submitted later than two weeks after the occurrence of a compensation 7

8 event has been determined no later than 20 working days after receiving the claim. Section 4 (2) sentence 2 shall apply mutatis mutandis. In special cases, subject to BaFin s approval, the deadline pursuant to sentences 2 and 3 may be extended up to 30 working days. The compensation scheme shall meet claims which are intended to provide compensation for the institution s liabilities arising from securities transactions no later than three months after it has established eligibility and the amount of the claims. In special cases, subject to BaFin s approval, this period may be extended by up to three months. (5) Insofar as the compensation scheme meets a compensatee s claim to compensation, the latter s claims on the institution are transferred to the compensation scheme. (6) If the creditor s claim is connected to business as a result of which persons are under investigation in criminal proceedings in relation to money laundering within the meaning of Article 1 of Directive 2005/60/EC, the compensation scheme may suspend payment of compensation until the proceedings have been terminated 8

9 LIST OF MEMBER BANKS The EdB member banks listed below are required by law to inform customers about membership of a deposit guarantee scheme in their General Business Conditions (Allgemeine Geschäftsbedingungen), Price Display (Preisaushang) and account-opening forms. Aachener Bausparkasse AG, Aachen Aareal Bank AG, Wiesbaden abcbank GmbH, Köln Agricultural Bank of China Limited Frankfurt Branch, Frankfurt am Main AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung, Frankfurt am Main AKBANK AG, Frankfurt am Main akf bank GmbH & Co KG, Wuppertal Allgemeine Beamten Kasse Kreditbank Aktiengesellschaft, Berlin ALTE LEIPZIGER Bauspar AG, Oberursel Archon Capital Bank Deutschland GmbH, Hof Augsburger Aktienbank Aktiengesellschaft, Augsburg AUMA KREDITBANK GMBH & CO. KG Bank für Finanzierungen, Annweiler am Trifels Australia and New Zealand Banking Group Limited Niederlassung Frankfurt am Main, Frankfurt am Main AXA Bank AG, Köln B. Metzler seel. Sohn & Co. Kommanditgesellschaft auf Aktien, Frankfurt am Main Baader Bank Aktiengesellschaft, Unterschleißheim Banco do Brasil S.A. Zweigniederlassung Frankfurt, Frankfurt am Main Bank J. Safra Sarasin (Deutschland) AG, Frankfurt am Main Bank Julius Bär Europe AG, Frankfurt am Main BANK MELLI IRAN Zweigniederlassung Hamburg, Hamburg Bank of America National Association Frankfurt Branch/Filiale Frankfurt am Main, Frankfurt am Main BANK OF CHINA LIMITED Zweigniederlassung Frankfurt am Main, Frankfurt am Main Bank of Communications Co., Ltd. Zweigstelle Frankfurt am Main, Frankfurt am Main Bank Saderat Iran Zweigniederlassung Hamburg, Hamburg Bank Schilling & Co Aktiengesellschaft, Hammelburg Bank Sepah-Iran Filiale Frankfurt am Main, Frankfurt am Main Bank Vontobel Europe AG, München Bank11 für Privatkunden und Handel GmbH, Neuss Bank11direkt GmbH, Neuss Bankhaus Anton Hafner KG, Augsburg Bankhaus August Lenz & Co. Aktiengesellschaft, München Bankhaus Bauer Aktiengesellschaft, Stuttgart 9

10 Bankhaus C. L. Seeliger Kommanditgesellschaft, Wolfenbüttel Bankhaus Carl F. Plump & CO AG, Bremen Bankhaus E. Mayer Aktiengesellschaft, Freiburg Bankhaus Ellwanger & Geiger KG, Stuttgart Bankhaus Gebr. Martin Aktiengesellschaft, Göppingen Bankhaus Hallbaum AG, Hannover Bankhaus Herzogpark AG, München Bankhaus J. Faißt ohg, Wolfach Bankhaus Lampe KG, Düsseldorf Bankhaus Löbbecke AG, Berlin Bankhaus Ludwig Sperrer KG, Freising Bankhaus Max Flessa KG, Schweinfurt Bankhaus Neelmeyer Aktiengesellschaft, Bremen Bankhaus Rautenschlein GmbH, Schöningen Bankhaus von der Heydt GmbH & Co.KG, München Bankhaus Werhahn GmbH, Neuss Bankhaus Wölbern & Co. (AG & Co. KG), Hamburg Bausparkasse Mainz Aktiengesellschaft, Mainz Bethmann Bank AG, Frankfurt am Main BfW - Bank für Wohnungswirtschaft AG, Neubiberg BHF-BANK Aktiengesellschaft, Frankfurt am Main BHW Bausparkasse Aktiengesellschaft, Hameln biw Bank für Investments und Wertpapiere, Willich BMW Bank GmbH, München BSQ Bauspar AG, Nürnberg CACEIS Bank Deutschland GmbH, München China Construction Bank Corporation Niederlassung Frankfurt am Main, Frankfurt am Main Citibank N.A. in New York Filiale Frankfurt am Main, Frankfurt am Main Citigroup Global Markets Deutschland AG, Frankfurt am Main Clearstream Banking Aktiengesellschaft, Eschborn Close Brothers Seydler Bank AG, Frankfurt am Main comdirect bank Aktiengesellschaft, Quickborn Commerz Finanz GmbH, München Commerzbank AG, Frankfurt am Main COREALCREDIT BANK AG, Frankfurt am Main Credit Suisse (Deutschland) Aktiengesellschaft, Frankfurt am Main CreditPlus Bank Aktiengesellschaft, Stuttgart CRONBANK Aktiengesellschaft, Dreieich CVW-Privatbank AG, Wilhermsdorf DAB Bank AG, München 10

11 DB Investment Services GmbH, Frankfurt am Main Debeka Bausparkasse Aktiengesellschaft Sitz Koblenz am Rhein, Koblenz Degussa Bank GmbH, Frankfurt am Main Deutsche Bank AG, Frankfurt am Main Deutsche Bank Bauspar-Aktiengesellschaft, Frankfurt am Main Deutsche Bank Europe GmbH, Frankfurt am Main Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft, Frankfurt am Main Deutsche Bausparkasse Badenia Aktiengesellschaft, Karlsruhe Deutsche Factoring Bank Deutsche Factoring GmbH & Co., Bremen Deutsche Kontor Privatbank AG, Grünwald Deutsche Pfandbriefbank AG, Unterschleißheim Deutsche Postbank AG, Bonn Deutscher Ring Bausparkasse Aktiengesellschaft, Hamburg Dexia Kommunalbank Deutschland AG, Berlin Die AKTIONÄRSBANK Kulmbach GmbH, Kulmbach Donner & Reuschel Aktiengesellschaft, Hamburg Düsseldorfer Hypothekenbank Aktiengesellschaft, Düsseldorf equinet Bank Aktiengesellschaft, Frankfurt am Main ETRIS Bank GmbH, Wuppertal Eurex Clearing AG, Eschborn Eurocity Bank AG, Frankfurt am Main Europäisch-Iranische Handelsbank Aktiengesellschaft, Hamburg European Bank for Fund Services GmbH (ebase), Aschheim FCB Firmen-Credit Bank GmbH, Frankfurt am Main FFS Bank GmbH, Stuttgart FIDOR Bank AG, München FIL Fondsbank GmbH, Kronberg im Taunus Fondsdepot Bank GmbH, Hof Fürst Fugger Privatbank Kommanditgesellschaft, Augsburg Fürstlich Castell sche Bank, Credit-Casse Aktiengesellschaft, Würzburg Gabler-Saliter Bankgeschäft Kommanditgesellschaft, Obergünzburg GALLINAT-BANK Aktiengesellschaft, Essen GE Capital Bank AG, Mainz GEFA Gesellschaft für Absatzfinanzierung mbh, Wuppertal GMAC Bank GmbH, Rüsselsheim Goldman Sachs AG, Frankfurt am Main Goyer & Göppel Kommanditgesellschaft, Hamburg GRENKE BANK AG, Baden-Baden Hanseatic Bank GmbH & Co KG, Hamburg Hauck & Aufhäuser Privatbankiers Kommanditgesellschaft auf Aktien, Frankfurt am Main 11

12 HKB Bank GmbH, Frankfurt am Main Hoerner-Bank Aktiengesellschaft, Heilbronn Honda Bank GmbH, Frankfurt am Main HSBC Trinkaus & Burkhardt AG, Düsseldorf Hypothekenbank Frankfurt AG, Eschborn IBM Deutschland Kreditbank GmbH, Ehningen Ikano Bank GmbH, Wiesbaden IKB Deutsche Industriebank Aktiengesellschaft, Düsseldorf Industrial and Commercial Bank of China Limited Frankfurt Branch, Frankfurt am Main ING-DiBa AG, Frankfurt am Main Isbank AG, Frankfurt am Main J.P. Morgan AG, Frankfurt am Main Joh. Berenberg, Gossler & Co. KG, Hamburg JPMorgan Chase Bank, N.A. Frankfurt Branch, Frankfurt am Main KBC Bank Deutschland Aktiengesellschaft, Bremen Korea Exchange Bank (Deutschland) Aktiengesellschaft, Frankfurt am Main M.M.Warburg & CO Hypothekenbank Aktiengesellschaft, Hamburg M.M.Warburg & CO Kommanditgesellschaft auf Aktien, Hamburg MainFirst Bank Aktiengesellschaft Torhaus Westhafen, Frankfurt am Main Maple Bank GmbH, Frankfurt am Main MARCARD, STEIN & CO AG, Hamburg Max Heinr. Sutor OHG, Hamburg MCE Bank GmbH, Flörsheim mediserv Abrechnung und Service für Heilberufe GmbH, Saarbrücken Mercedes-Benz Bank AG, Stuttgart Merck Finck & Co. ohg, München Merkur Bank KGaA, München MHB-Bank Aktiengesellschaft, Frankfurt am Main Misr Bank - Europe GmbH, Frankfurt am Main Mizuho Corporate Bank, Ltd. Filiale Düsseldorf, Düsseldorf MKB Mittelrheinische Bank GmbH, Koblenz MLP Finanzdienstleistungen AG, Wiesloch Morgan Stanley Bank Aktiengesellschaft, Frankfurt am Main Münsterländische Bank Thie & Co. KG, Münster National Bank of Pakistan Filiale Frankfurt am Main, Frankfurt am Main National-Bank Aktiengesellschaft, Essen NATIXIS Pfandbriefbank AG, Frankfurt am Main net-m privatbank 1891 AG, München netbank Aktiengesellschaft, Hamburg NordFinanz Bank Aktiengesellschaft, Bremen 12

13 norisbank GmbH, Berlin North Channel Bank GmbH & Co. KG, Mainz Oldenburgische Landesbank Aktiengesellschaft, Oldenburg OnVista Bank GmbH, Frankfurt am Main Otto M. Schröder Bank Aktiengesellschaft, Hamburg OYAK ANKER Bank GmbH, Frankfurt am Main ProCredit Bank AG, Frankfurt am Main quirin bank AG, Berlin RBS (Deutschland) Aktiengesellschaft, Frankfurt am Main RSB Retail + Service Bank GmbH, Kornwestheim Sal. Oppenheim jr. & Cie. AG & Co. Kommanditgesellschaft auf Aktien, Köln Salzburg München Bank Aktiengesellschaft, München Santander Consumer Bank Aktiengesellschaft, Mönchengladbach Schwäbische Bank Aktiengesellschaft, Stuttgart SEB AG, Frankfurt am Main SECB Swiss Euro Clearing Bank GmbH, Frankfurt am Main SHINHAN BANK EUROPE GmbH, Frankfurt am Main Siemens Bank GmbH, München SIGNAL IDUNA Bauspar Aktiengesellschaft, Hamburg St. Galler Kantonalbank Deutschland AG, München State Bank of India (Indische Staatsbank) Zweigniederlassung, Frankfurt am Main State Street Bank GmbH, München Steyler Bank GmbH, St. Augustin Süd-West-Kreditbank Finanzierung GmbH, Bingen am Rhein SÜDWESTBANK Aktiengesellschaft, Stuttgart Sumitomo Mitsui Banking Corporation Filiale Düsseldorf Zweigniederlassung der Sumitomo Mitsui Banking Corporation mit Sitz in Tokyo, Düsseldorf TARGOBANK AG & Co. KGaA, Düsseldorf The Bank of New York Mellon Filiale Frankfurt am Main, Frankfurt am Main The Bank of Tokyo-Mitsubishi UFJ, Ltd. Hamburg Branch, Hamburg Toyota Kreditbank GmbH, Köln Tradegate AG Wertpapierhandelsbank, Berlin TRUMPF Financial Services GmbH, Ditzingen UBS Deutschland AG, Frankfurt am Main UmweltBank Aktiengesellschaft, Nürnberg UniCredit Bank AG, München Union-Bank Aktiengesellschaft, Flensburg V-Bank AG, München VALOVIS BANK AG, Essen Varengold Bank AG, Hamburg 13

14 VEM Aktienbank AG, München Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Filiale Deutschland, Frankfurt am Main Volkswagen Bank Gesellschaft mit beschränkter Haftung, Braunschweig VON ESSEN GmbH & Co. KG Bankgesellschaft, Essen VTB Bank (Deutschland) Aktiengesellschaft, Frankfurt am Main W. Fortmann & Söhne KG, Oldenburg Wirecard Bank AG, Aschheim Wüstenrot Bank Aktiengesellschaft Pfandbriefbank, Ludwigsburg Wüstenrot Bausparkasse Aktiengesellschaft, Ludwigsburg ZIRAAT BANK INTERNATIONAL AKTIENGESELLSCHAFT, Frankfurt am Main 14

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