Exclusion from the statutory compensation scheme; legal consequences

(1) Where a CRR credit institution fails to fulfil, or fails to fulfil correctly, completely or in time, its obligations to contribute, pay or cooperate under section 7(8), sections 26, 27, 35, 36, 38 and 39, the statutory compensation scheme to which the CRR credit institution is allocated must notify BaFin and the Deutsche Bundesbank of this.
(2) BaFin requires the CRR credit institution to fulfil its obligations towards the statutory compensation scheme within one month after BaFin's request. Where the CRR credit institution does not fulfil its obligations within the period under the first sentence, the compensation scheme may give the CRR credit institution a further month's notice of exclusion from the compensation scheme. Where the CRR credit institution has not fulfilled its obligations by the end of the exclusion period under the second sentence, the compensation scheme concerned excludes the CRR credit institution, with BaFin's consent.
(3) The statutory compensation scheme continues to protect, in full and in accordance with this Act, deposits accepted before the CRR credit institution's exclusion under subsection (2), third sentence.
(4) The excluded CRR credit institution must inform its depositors without delay of the exclusion from the statutory compensation scheme and its legal consequences.