Conditions for the provision of intragroup financial support; authorisation to issue statutory instruments

(1) Financial support in implementation of an intragroup financial support agreement may be provided by an undertaking of the group, in accordance with sections 31 and 32, only under the following conditions: 1. there are reasonable grounds to expect that the financial difficulties of the group undertaking that is the recipient of the support will be materially remedied by the support provided; 2. the provision of the financial support a) is intended to preserve or restore the financial stability of the group as a whole or of an undertaking of the group, and b) is in the interest of the group undertaking providing the financial support; 3. consideration corresponding to section 23(5) is determined; 4. the information available to the management body of the group undertaking providing the financial support, at the time of the decision to provide financial support, justifies the reasonable expectation that the group undertaking receiving the support will fulfil its obligations under the intragroup support agreement; 5. the provision of the financial support does not endanger the liquidity or solvency of the group undertaking providing the support; 6. the provision of the financial support does not give rise to a threat to financial stability, in particular in the Member State of the group undertaking providing the financial support; 7. the group undertaking providing the financial support a) satisfies, at the time the support is provided, the requirements adopted implementing Directive 2013/36/EU as regards aa) own funds or liquidity, and other requirements imposed under Article 104(2) of Directive 2013/36/EU, bb) large exposures, including any national legislation on the exercise of the options provided for therein; b) is not caused, by the provision of the financial support, to breach the requirements under letter a, unless the authority responsible for supervising the undertaking on an individual basis has authorised this; 8. the resolvability of the group undertaking providing the support is not impaired by the provision of the financial support.
(2) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, more detailed provisions on the conditions referred to in subsection (1), points 2, 4, 6 and 7. The Federal Ministry of Finance may, by statutory instrument, delegate the authorisation to the Federal Financial Supervisory Authority, with the proviso that the resolution authority must be heard before the statutory instrument under the first sentence is issued.