Separate Pfandbrief circulation

By way of derogation from section 4(1) and (2), a Pfandbrief bank may continue to cover the Pfandbriefe issued by it before this Act entered into force under the provisions applicable up to the entry into force of this Act, where the Pfandbrief bank notified this intention to BaFin by no later than 18 July 2005. The notification period is a preclusive period. In this case, the previous cover register must be kept separately from that under section 5(1), first sentence. Claims against domestic public-law credit institutions are eligible for ordinary cover only insofar as an unlimited institutional liability, or a statutory guarantor liability or refinancing guarantee for the corresponding liabilities of the credit institutions, applies. The provisions of sections 8, 9, 10, 27 and 28 do not apply as regards the previous cover register.