Branches of CRR credit institutions with their seat in another state of the European Economic Area

(1) A domestic deposit guarantee scheme under this Act has the task of carrying out the reimbursement of deposits of the branches of a CRR credit institution with its seat in another state of the European Economic Area, in the name and in accordance with the instructions of the deposit guarantee scheme of the home Member State, insofar as the domestic deposit guarantee scheme has received the funds necessary for the compensation of depositors from the deposit guarantee scheme of the home Member State before pay-out. The deposit guarantee scheme of the home Member State reimburses the domestic deposit guarantee scheme for the costs of the compensation procedure. The deposit guarantee scheme is not liable for acts it has carried out in accordance with the instructions of the deposit guarantee scheme of the home Member State.
(2) The deposit guarantee scheme is authorised to receive depositors' correspondence in the name of the deposit guarantee scheme of the home Member State and informs the depositors concerned in the name of that deposit guarantee scheme.
(3) BaFin requires the branch to name the deposit guarantee scheme responsible for it in the home Member State, and determines the domestic deposit guarantee scheme responsible for that branch for the purposes of subsection (1). The domestic deposit guarantee scheme determined by BaFin must without delay seek a cooperation agreement within the meaning of section 56(3) with the deposit guarantee scheme of the home Member State. Section 56(3), second and third sentences applies accordingly.