Trust administration

(1) With the written consent of BaFin, the administrator may agree with another Pfandbrief bank that the assets entered in the cover registers of the insolvent Pfandbrief bank, including the assets within the meaning of section 30(3), are administered, wholly or in part, in trust by the administrator of the insolvent Pfandbrief bank for the other Pfandbrief bank, insofar as the other Pfandbrief bank assumes liability for the covered liabilities of the insolvent Pfandbrief bank. The contract requires written form. The assets and Pfandbrief liabilities must be precisely designated in it.
(2) The assets administered in trust within the meaning of subsection (1) are deemed, as between the other Pfandbrief bank and the insolvent Pfandbrief bank or its creditors, to be assets of the other Pfandbrief bank, even though they have not been transferred to it.
(3) The transfer claim arising from the trust relationship must be entered in the corresponding cover register of the other Pfandbrief bank. The assets designated in the contract within the meaning of subsection (1) and entered in the cover register of the insolvent Pfandbrief bank are deemed entered in the cover register of the other Pfandbrief bank. The trustee of the other Pfandbrief bank exercises the trustee's tasks and powers to that extent as against the insolvent Pfandbrief bank. The partial trust administration must be noted in the respective cover register of the insolvent Pfandbrief bank for the individual cover assets.
(4) Section 30(3) applies accordingly.