Information for the depositor and right of termination on conversion

(1) A CRR credit institution must inform depositors, in the event of a conversion that leads to a change of deposit guarantee scheme, at least one month before the conversion takes effect, of the conversion and the change of deposit guarantee scheme, unless the Federal Financial Supervisory Authority (BaFin) permits a shorter period for reasons of preserving trade secrets or the stability of the financial system. BaFin decides on a shortening of the period under the first sentence, on application by the CRR credit institution, within five working days.
(2) Within a period of three months after receipt of the information under subsection (1), depositors are entitled to withdraw, free of compensation, or to transfer to another CRR credit institution, their eligible deposits within the meaning of section 2(4), including claims to interest on those deposits, insofar as they exceed the coverage level under section 8, but at most the amount existing at the time of the conversion.