Obligation to make special contributions and special payments

(1) Where the available financial means of a statutory compensation scheme are insufficient to compensate the depositors of a CRR credit institution allocated to the compensation scheme in a compensation event, the CRR credit institutions allocated to that statutory compensation scheme are obliged to
1. make special contributions as an advance to cover the need for funds in a compensation event under section 29, or
2. make special payments to repay credit taken out to cover the need for funds in a compensation event under section 30.
(2) The obligation to make special contributions and special payments applies only to CRR credit institutions that already belonged to the statutory compensation scheme at the beginning of the contribution year in which a special contribution or special payment is raised, and still belonged to the statutory compensation scheme at the time the compensation event is determined.
(3) The amount of the respective special contribution and special payment of the CRR credit institutions liable to contribute or pay under subsections (1) and (2) is determined by the ratio of the respective CRR credit institution's last-due full annual contribution to the total sum of all last-due full annual contributions and one-off payments under section 26(2). For CRR credit institutions that have not yet had to pay an annual contribution, the one-off payment under section 26(2) takes the place of the last-due annual contribution.
(4) A statutory compensation scheme is entitled to raise several special contributions and special payments in one contribution year in accordance with sections 29 and 30. However, in one contribution year a statutory compensation scheme may raise special contributions and special payments only up to a maximum of 0.5 per cent of the covered deposits of the CRR credit institutions allocated to it. With BaFin's consent, a statutory compensation scheme may, under exceptional circumstances, demand higher special contributions and higher special payments to protect the functioning of the statutory compensation scheme.
(5) The statutory compensation scheme may, with BaFin's consent, wholly or partly defer the levy of a special contribution or special payment against a CRR credit institution, where there is a risk that, as a result of the totality of payments to be made to the statutory compensation scheme, the CRR credit institution would no longer be able to meet its obligations towards its creditors. The deferral is made on the CRR credit institution's application. The CRR credit institution must submit, with the application, confirmation by an auditor or an audit firm that the totality of payments to be made to the statutory compensation scheme in the relevant contribution year would endanger the fulfilment of its obligations towards its creditors. Such a deferral is granted for at most six months and may, on the CRR credit institution's application, be extended by a further six months each time. The deferred special contributions or special payments must be raised where BaFin determines that the liquidity and solvency of the credit institution are no longer endangered by the payment. The deferred amounts fall due at the end of the deferral.