Requirements for unrecognised schemes

(1) Section 3(2), section 41(4) and section 23a(1), ninth sentence of the Banking Act apply accordingly to contractual schemes for the protection of deposits and institutional protection schemes not recognised as deposit guarantee schemes, and to the CRR credit institutions belonging to them. Schemes subject to a statutory obligation to compensate depositors must have appropriate financial means or corresponding financing mechanisms to be able to fulfil their obligations.
(2) The schemes under subsection (1) are, without prejudice to the existing supervision by other state bodies, subject to supervision and examination by BaFin with regard to the requirements of subsection (1). Section 44(1) of the Banking Act applies accordingly.