Loans of one million or more

(1) Credit institutions, financial services institutions within the meaning of section 1(1a), second sentence, points 4, 9, or 10, financial institutions within the meaning of Article 4(1), point 26, of Regulation (EU) No 575/2013 in conjunction with Annex I, point 2, of Directive 2013/36/EU, that carry on factoring, and the undertakings and bodies named in section 2(2) (undertakings participating in the loans-of-one-million-or-more reporting procedure) must notify, quarterly (the observation period), to the central credit register maintained at the Deutsche Bundesbank, the borrowers (borrowers of one million or more) whose credit volume amounts to EUR 1 million or more (the loans-of-one-million-or-more reporting threshold); the content of the notifications, the notification periods, and more detailed provisions on the observation period are to be set out in the statutory instrument under section 22. Parent undertakings within the meaning of section 10a must, at the same time, notify, for the undertakings belonging to the group, their borrowers within the meaning of the first sentence, applied correspondingly. This does not apply insofar as those undertakings are themselves subject to the notification duty under the first sentence, or are exempted or excluded from the notification duty under section 2(4), (7), (8), (9a), or (9e), or the carrying amount of the holding in the undertaking belonging to the group is deducted from the parent undertaking's own funds under Article 36 in conjunction with Article 19(2)(a) of Regulation (EU) No 575/2013, as amended from time to time. The undertakings belonging to the group that are not themselves subject to the notification duty under the first sentence must transmit to the parent undertaking the particulars necessary for this purpose. The first sentence also applies to joint loans of EUR 1 million or more, even where the individual undertaking's share does not reach EUR 1 million.
(2) Where it emerges that loans of one million or more have been granted to a borrower by one or more undertakings, the Deutsche Bundesbank must notify the reporting undertakings. The notification comprises particulars on the borrower's total indebtedness and on the total indebtedness of the borrower unit to which the borrower belongs, on the number of undertakings involved, and information on the forecast probability of default within the meaning of Articles 92 to 386 of Regulation (EU) No 575/2013 for that borrower, insofar as an undertaking has itself reported such information. The notification must be broken down in accordance with the statutory instrument under section 22. The Deutsche Bundesbank informs an undertaking subject to the notification duty, on request, of the level of debt of a borrower or prospective borrower, or, where the borrower or prospective borrower belongs to a borrower unit, of the level of debt of the borrower unit. Where a prospective borrower is concerned, the undertaking must, at the Deutsche Bundesbank's request, communicate the amount of the intended loan and demonstrate that the prospective borrower has consented to the communication. The undertakings participating in the loans-of-one-million-or-more reporting procedure and the Deutsche Bundesbank may also carry out the notification under subsection (1), the notification under the first sentence, and the communication under the fourth sentence by way of electronic data transmission. The details of the procedure are set out in the statutory instrument under section 22. Insofar as it is essential for the purposes of allocating the notification under subsection (1) to a particular borrower, the Deutsche Bundesbank may transmit personal data of several borrowers to the undertaking subject to the notification duty. This data may not contain particulars of the borrowers' financial circumstances. Persons employed at an undertaking subject to the notification duty may not disclose to third parties, or exploit, particulars communicated to the undertaking under this subsection. For the purposes of data protection monitoring by the respective competent authority, the Deutsche Bundesbank logs, for every data transmission, the time, the data transmitted, and the bodies involved. Processing the log data for other purposes is not permitted. The log data must be retained for at least 18 months and deleted no later than after 24 months.
(3) Where, under section 19(2), several debtors are deemed a single borrower, the notifications under subsection (1) must also state the indebtedness and information on the forecast probabilities of default of the individual debtors. The indebtedness of individual debtors, and the information on the forecast probabilities of default, are each to be communicated only to the undertakings that themselves, or whose undertakings belonging to the group within the meaning of subsection (1), have granted loans to those debtors or have reported information on the forecast probability of default of that debtor.
(4) The Deutsche Bundesbank may, in agreement with the Federal Institute, and in accordance with the general data protection provisions, make available to foreign central credit registers the data on borrowers stored with it, including for onward transmission to lenders resident there.