(1) Only monetary claims from the granting of loans, from debt securities or from a comparable legal transaction, or other monetary claims acknowledged in writing as free from objection by the bodies named in no. 1, may be used for the cover of public Pfandbriefe, 1. that are directed immediately against a) domestic regional or local authorities and such corporations and institutions under public law for which an institutional liability or a statutory guarantor liability or a state refinancing guarantee applies, or that hold the statutory right to levy fees, charges or other duties, b) Member States of the European Union or contracting states to the Agreement on the European Economic Area and their central banks, c) regional administrations and regional or local authorities of the states named in letter b), d) the United States of America, Japan, Switzerland, the United Kingdom of Great Britain and Northern Ireland and Canada and their central banks, provided the risk weight has been assigned to credit quality step 1 under Table 1 of Article 114(2) of Regulation (EU) No 575/2013 in accordance with the assignment of the rating of recognised international rating agencies made by the competent authorities, e) regional administrations and regional or local authorities of the states named in letter d), provided they have been treated as equivalent to the central government by the relevant national authority, or provided they have been assigned a risk weight corresponding to credit quality step 1 under Table 5 of Article 121(1) of Regulation (EU) No 575/2013 under the national rules issued to implement the "International Convergence of Capital Measurement and Capital Standards" framework of the Basel Committee on Banking Supervision of June 2004; the ratings of recognised international rating agencies are decisive for assignment to credit quality step 1; Article 115(4) of Regulation (EU) No 575/2013 applies accordingly for this purpose, f) the European Central Bank and multilateral development banks and international organisations within the meaning of Article 117(2) and Article 118 of Regulation (EU) No 575/2013, g) public-sector bodies of another Member State of the European Union or another contracting state to the Agreement on the European Economic Area, h) public-sector bodies within the meaning of Article 4(1) no. 8 of Regulation (EU) No 575/2013 of the states named in letter d), provided they satisfy the requirements listed in letter e), or 2. for which one of the bodies named in no. 1(a) to (f) or an export credit insurer with its seat in one of the states named in no. 1(b) and (d), provided the requirements of no. 1(g) or (h) are satisfied, has assumed the guarantee. A guarantee exists to the extent that, under a statute, an ordinance, articles or a legal transaction, the claim-holder has a claim against the guarantor that the guarantor will, in the event of the debtor's non-payment, make available the funds necessary to satisfy the obligation. The second sentence applies accordingly where the Pfandbrief bank has a claim against a domestic regional or local authority or one of the bodies named in no. 1(b) to (f) to make available to the guarantor the funds necessary to satisfy the guarantor's guarantee obligation; Article 214(1) of Regulation (EU) No 575/2013 applies accordingly. The guarantor, and, in the case of the third sentence, the body obliged to provide the guarantor with funds, may not have the right, as against the Pfandbrief bank, to raise objections arising from the legal relationship with third parties, or to unilaterally release themselves from their obligations, or 3. that are owed by a) a central government, central bank, regional administration or local authority of a state listed in no. 1(d), or b) a public-sector body of a state listed in no. 1(d), or are guaranteed by the bodies named in letter (a), provided the debtor or guarantor is assigned to credit quality step 2 and was assigned to credit quality step 1 at the time the specific claim was entered in the cover register, and these claims in total do not exceed 20 per cent of the total amount of the Pfandbrief bank's outstanding public Pfandbriefe.
(2) The cover prescribed in subsection (1) may also be effected 1. by the cover assets named in section 19(1), first sentence, no. 1, under the conditions and limits named there, with the proviso that the total amount of outstanding public Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe; 2. by the cover assets named in section 19(1), first sentence, no. 2, under the conditions and limits named there, with the proviso that the total amount of outstanding public Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe; 3. up to a total of 15 per cent of the total amount of outstanding public Pfandbriefe a) by monetary claims, provided the amount of the Pfandbrief bank's claims is already known at the time of acquisition, their satisfaction is not conditional, contractually subordinated to other claims or otherwise restricted, against credit institutions that satisfy the conditions of section 4(1), third sentence, no. 3 and to which a risk weight corresponding to credit quality step 1 has been assigned, b) by respective credit balances from an account relationship with credit institutions that satisfy the conditions of section 4(1), third sentence, no. 3 and to which a risk weight corresponding to credit quality step 1 has been assigned, c) by claims to the amount payable uniformly to the Pfandbrief bank upon early termination of the master agreement for a derivative transaction concluded with aa) the Federation, bb) a Land, or cc) a credit institution that satisfies the conditions of section 4(1), third sentence, no. 3 and to which a risk weight corresponding to credit quality step 1 has been assigned; 4. by respective credit balances from an account relationship with a) the European Central Bank, or b) the central bank of one of the Member States of the European Union or the other contracting states to the Agreement on the European Economic Area. For the cover under the first sentence, no. 2, the cover assets named in the first sentence, no. 1 must be counted. For the cover under the first sentence, no. 3, the cover assets named in the first sentence, nos. 1 and 2 must be counted. Section 19(1), fifth sentence applies with the proviso that the total amount of outstanding public Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe. Section 19(1), sixth sentence applies accordingly.
(3) The total amount of claims against debtors resident outside the Member States of the European Union, for which it is not ensured that the priority right of the creditors of the public Pfandbriefe under section 30(1) extends to the Pfandbrief bank's claims under subsections (1) and (2), may not exceed 10 per cent of the total amount of claims for which the priority right is ensured or for which an obligation under the third sentence exists. The first sentence applies accordingly to claims against guarantors and providers of collateral under subsection (1) no. 2. Claims against debtors named in the first and second sentences are not counted towards the limit named in the first sentence insofar as one of the bodies named in subsection (1) no. 1(b) or (d), or an export credit insurer satisfying the requirements of subsection (1) no. 2, has assumed, as against the Pfandbrief bank, the obligation to hold the Pfandbrief bank with limited business activity harmless in the event of loss of the relevant claim, and this claim is entered, for the relevant claim, in the cover register for public Pfandbriefe; insofar as the person obliged to hold harmless has its seat outside the Member States of the European Union, counting towards the limit named in the first sentence is not omitted unless it is ensured that the priority right of the Pfandbrief creditors extends to the claim to be held harmless.
(4) The registered cover assets also extend to all claims of which the Pfandbrief bank is the holder and that are directed at the economic substance of the cover asset, in the case of a mortgage guaranteed under subsection (1) no. 2, in particular also to the claims named in section 12(3).
Subdivision 3
Ship Pfandbriefe