Selection of the objects of transfer

(1) Without prejudice to the resolution authority's powers under sections 82, 83, and 144, the objects of transfer may be transferred only together with the security interests created over them, and security interests may be transferred only together with the objects of transfer for which the security interests were created.
(2) Subsection (1) does not apply to covered deposits. Insofar as necessary to ensure the availability of covered deposits, objects of transfer may also be transferred without the security interests created over them, and security interests may also be transferred without the objects of transfer for which the security interests were created.
(3) Subsection (1) applies correspondingly to 1. security interests securing liabilities in a system within the meaning of section 1(16) of the Banking Act, or included in a system of central banks, 2. netting agreements, 3. set-off agreements, 4. liabilities arising from issued securitisation transactions and the securitised claims, and 5. liabilities arising from outstanding covered bonds, including derivative transactions forming part of the cover pool within the meaning of section 4(3), second sentence, of the Pfandbrief Act, and the cover assets entered in the associated cover register.
(4) In the case of systems within the meaning of section 1(16) of the Banking Act, a transfer of objects of transfer does not entitle any party to revoke transfer orders within the meaning of Article 5 of Directive 98/26/EC; the transfer leaves unaffected the legal enforceability of transfer orders and netting under Articles 3 and 5 of Directive 98/26/EC, the use of funds, securities, or credit facilities within the meaning of Article 4 of Directive 98/26/EC, and the protection of collateral security within the meaning of Article 9 of Directive 98/26/EC.