Licence for existing Pfandbrief banks

(1) Insofar as a credit institution permissibly issued Pfandbriefe of the classes named in section 1(1), second sentence, nos. 1 to 3 before 19 July 2005, and also still held the power to issue Pfandbriefe at the beginning of 19 July 2005, the licence required for carrying on the Pfandbrief business under section 2(1), first sentence is deemed granted, limited to the respective Pfandbrief class. The credit institution had to submit, before the expiry of 18 October 2005, a notification satisfying the substantive requirements of a licence application. Where the notification is not submitted in time, BaFin may revoke the licence deemed granted.
(2) BaFin may also revoke the licence deemed granted where the conditions for a revocation under section 35(2) of the Banking Act are satisfied, or where the credit institution, without prejudice to subsection (3), does not satisfy the requirements of section 2(1), second sentence.
(3) For the credit institutions named in subsection (1), section 2(1), second sentence, no. 1 does not apply until 31 December 2008. The time limit named in the first sentence does not apply to the Ritterschaftliches Kreditinstitut Stade and the Calenberg-Göttingen-Grubenhagen-Hildesheim'scher ritterschaftlicher Kreditverein.