of November 1972 as revised and published on 15 February 1991 (BGBl.* I, p. 454 et seq.) together with the amendments due to the law revising the Credit Act and other provisions pertaining to credit institutions of 21 December 1992 (BGBl. I, p. 2211 et seq. [p. 2226 et seq.]), and the law implementing the Treaty of 2 May 1992 on the European Economic Area of 27 April 1993 (BGBl. I p. 512 et seq. ), Article 14 of the law which came into force on 1 January 1996 on the new regulation of home ownership assistance under aspects of fiscal law of 15 December 1995 (BGB. I, p. 1783 et seq. [1791 et seq.], Article 3 of the law which came into force on 1 April 1998 on the admission of shares quoted per unit of 25 March 1998 (BGBl. I, p. 590 et seq. ), Article 21 of the law which came into force on 1 April 1998 on the further development of Germany as a financial centre (Third Financial Market Promotion Act) of 24 March 1998 (BGBl. I, p. 529 et seq. , Article 89 in connection with Article 110 of the introductory law which came into force on 1 January 1999 on the Insolvency Act of 5 October 1994 (BGBl. I, p. 2911 et seq. [2946, 2952 et seq.]), Article 3 § 11 of the law which came into force on 26 March 1998 on the admission of shares dated of 25. March 1998 (BGBl. I S. 590), Article 11 of the law which came into force on 1 May 2002 on the integrated financial service supervision of 22. April 2002 (BGBl. I p. 1310), Article 13 of the law which came into force on 1 July 2002 on the Fourth Financial Market Promotion Act of 21. June 2002 (BGBl. I S. 2010), Article 5 of the law which came into force on 24 July 2002 on the changes of the petroleum tax act and other laws of 23 July 2002 (BGBl. I p. 2778), Article 33 of the law which came into force on 22 February 2003 on the Third Act concerning the revision of the administration procedure of 21 August 2002 (BGBl. I p. 3322), Article 7 of the law which came into force on 6 April 2004 on the implementation of Directive 2002/47/EC dated 6 June 2002 on financial collateral arrangements and revision of the mortgage bank act and other laws of 5 April 2004 (BGBl. I p. 502), Article 13a Nr. 3 of the law which came into force on 1 November 2008 on the implementation of the Markets in financial instruments (MiFID) and investment services Directive of 16 July 2007 (BGBl. I p. 1330) as well as Article 3 of the law which came into force on 30 July 2008 on the improved inclusion of owner occupied housing in the supplementary pension allowance of 29 July 2008. * BGBl. = Bundesgesetzblatt = Federal Law Gazette
(1) Bausparkassen are credit institutions, whose business objective is to accept bauspar deposits (Bauspareinlagen) from bauspar customers (Bausparer) and to grant bauspar loans (Bauspardarlehen) from these aggregate savings to bauspar customers for housing finance activities. Only bausparkassen are authorized to conduct this aforementioned bauspar business (Bauspargeschäft). (2) A bauspar customer is a person who enters into a bauspar contract (Bausparvertrag) with a bausparkasse which gives the bauspar customer a legal claim to a bauspar loan after having made bauspar deposits. A bauspar contract can also be concluded as supplementary pension allowance contract in the sense of the act on the certification of supplementary pension allowance contracts of 26 June 2001 (BGBl. I p. 1310, 1322), as revised and changed by Article 2 of the act of 29 July 2008 (BGBl. I p. 1509), according to its relevant version. (3) "Housing finance activities" as defined by this law are: 1. the construction, purchase, maintenance and improvement of buildings and flats used primarily for residential purposes, especially owner-occupied homes and flats, as well as the acquisition of the rights to the permanent use of real estate for housing; 2. the construction, purchase, maintenance and improvement of other buildings insofar as such other buildings are used for residential purposes; 3. the acquisition of parcels of land and of land leaseholds for the construction of buildings insofar as such buildings are used primarily for residential purposes; 4. the acquisition of parcels of land and of land leaseholds for the construction of buildings with other functions insofar as such buildings are in appropriate relation to buildings with residential purposes;
5. activities for the development and improvement of residential areas; 6. the redemption of liabilities incurred in the course of implementing measures in Nos. 1 through 5 above; 7. the redemption of liabilities associated with parcels of land used primarily for housing purposes. Housing finance activities shall be deemed to comprise the redemption of liabilities incurred through bauspar deposits; they shall also include commercial projects provided that such projects are implemented in connection with the construction of residential units or are located in residential areas and provided that such projects form part of the supply infrastructure of such areas. (4) The right of the federal states (Länder) to delegate special responsibilities to public law bausparkassen in the area of housing construction, or in areas of public interest remains unchanged.
(1) The only legal form under which private bausparkassen may operate is that of a public limited company (Aktiengesellschaft). (2) The legal form under which public law bausparkassen (öffentlich-rechtliche Bausparkassen) may operate shall be determined by the respective federal states.
(1) The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) shall be authorized to supervise the bausparkassen in accordance with the provisions of this law and with the provisions of the Credit Act. Within the framework of its supervisory functions, it shall be authorized to give such instructions as may be necessary to reconcile the business operations of the bausparkassen with the General Business Principles and with the Standard Terms and Conditions for Bauspar Contracts. (2) Insofar as a bausparkasse is subject to supervision by any other governmental authority, such supervision shall be exercised in addition to that of the Federal Financial Supervisory Authority. (3) In cases of doubt, the Federal Financial Supervisory Authority shall decide whether an enterprise shall be subject to the provisions of this law. Its conclusions shall be binding for the administrative authorities.
(1) In addition to the bauspar business, bausparkassen shall be restricted to the following activities: 1. To grant loans to serve as anticipatory or intermediate loans until such times as the bauspar loan established in the bauspar contract is due; 2. to grant loans for housing finance activities subject to the provisions of Para. 2, Article 4 below; 3. to administer third-party loans and to act as intermediary for such loans, as well as to approve third-party loans in the bausparkasse's name or in the name of another third-party, insofar as such loans are for housing finance activities; 4. to assume guarantees for third-party loans subject to the provisions of Para. 2, Article 4 below, which the bausparkasse itself would be allowed to grant, and which are secured in accordance with Article 7 below; 5. for the purpose of granting bauspar loans as well as loans in accordance with nos. 1 and 2 above, in order to perform the obligations arising from contracts under § 1 Para. 2 sentence 2, as well as for the purpose of obtaining additional capital required for business operations a) to accept third-party monies from credit institutions and other institutional investors, b) to accept third-party monies from other creditors, c) to issue bonds;
6. to acquire equity holdings in enterprises, hen such investments promote business operations as defined in Article 1 and where liabilities for the bausparkasse are limited by the legal form of this enterprise, and subject to the provision that the amount of the acquired equity holding does not exceed one-third of the enterprise's capital (nominal capital, sum of capital shares). Financial interests in excess of this limit shall be permissible insofar as the enterprise's business purpose is primarily devoted to such transactions, either by law or by its articles of association, as those which the bausparkasse itself is allowed to conduct; the sum total of such financial interests may not be in excess of 20% of the bausparkasse's liable equity resources; 7. to grant loans to enterprises in which the bausparkasse has equity holdings, 8. to account for the opportunity to conclude contracts on the acquisition, purchase or usage of land and rooms, 9. to conduct property valuation and production site analysis also independently from granting own loans. (2) The sum total of claims arising from loans granted according to No. 2 of Para. 1 above and of the guarantees assumed according to No. 4 of Para. 1 above may not exceed 75% of the total amount of the bauspar loans and the loans granted according to No. 1 of Para. 1 above. (3) The bausparkassen shall be authorized to invest available funds 1. as deposits with appropriate credit institutions and in registered bonds issued by such credit institutions; 2. in non-interest bearing treasury bonds and treasury bills of the Federal Government, in special funds of the Federal Government and in those of the federal states (Länder), in comparable instruments of the European communities and their member states or in another contracting state of the Treaty on the European Economic Area, as well as in certificates of deposit of appropriate credit institutions provided that the residual term of such certificates does not exceed twelve months; 3. in bonds and in book entry securities of the Federal Government and in its special funds, in those of the federal states (Länder) and in those of the European communities and their member states or in other contracting states of the Treaty on the European Economic Area; 4. in bonds whose principal and interest is guaranteed by any of the bodies listed in No. 3 above, 5. in other bonds which are admitted to trade in an organised market in accordance with § 2 Para. 5 of the Securities Acquisition and Takeover Act (Wertpapierhandelsgesetz); 6. in claims arising from loans that are a part of a loan issued by a third-party which are notesecured, provided that it is possible to assign such claims at least twice after having been acquired by the bausparkasse and that the loans were extended a) to one of the bodies mentioned in No. 3 above, or to any other domestic regional authority or any regional governmental or local authority of any member state of one of the European communities or any of the contracting states of the Treaty on the European Economic Area, which received a credit institution's solvency coefficient of zero according to Article 7 of the Directive of the Council from 18 December 1989; b) to other appropriate authorities of public law corporations, either domestic or domiciled in any of the member states of one of the European communities or in any of the contracting states of the Treaty on the European Economic Area; c) to enterprises that have issued securities, which are admitted to trade in an organised market in accordance with § 2 Para. 5 of the Securities Acquisition and Takeover Act (Wertpapierhandlesgesetz); d) for investments whose principal and interest are guaranteed by one of the bodies mentioned in No. 3 above. The sum total of such claims of the bausparkasse may not exceed its liable equity resources;
7. in shares of a managed investment fund (US: mutual fund; GB: unit trust) issued by an institutional investor or a foreign investment corporation that are subject to special governmental supervision in the interest of the shareholders, if the terms of the contract or articles of association of the institutional investor or investment corporation require that such investments be exclusively of the type of debt instruments mentioned in Nos. 1 through 6 above and of deposits with credit institutions. (4) Bausparkassen may only acquire parcels of land, land leaseholds, home ownership and coownership rights, home ownership rights and co-ownership rights based on land leaseholds, where this is necessary to prevent the loss of claims and to obtain business premises as well as housing facilities for their employees. (5) The bausparkasse may not designate a specific point in time at which the bauspar sum will be paid to the bauspar customer.
(1) Bausparkassen must conduct their operations on the basis of the General Business Principles and on the Standard Terms and Conditions for Bauspar Contracts. (2) The General Business Principles must include provisions regulating 1. the calculations relevant to the implementation of bauspar contracts including individual valuation indices (No. 1 of Para. 1 of Article 8) and highlighting the longest, median and shortest waiting periods; 2. the composition of the allocation fund, the allocation date, and the preconditions for allocation as well as the order of allocation (Zuteilungsverfahren); a) the calculation of funds temporarily ineligible for allocation as defined by Sentence 2 of Para. 1 of Article 6 and of the additional net earnings obtained from investing such funds as well as the use of the resulting off-line item called the "technical security reserve”; 3. the calculation of property value for lending purposes; 4. the financing of activities designed to develop and improve residential areas; 5. the financing of buildings used exclusively or primarily for commercial purposes insofar as this is permissible according to Article 1; 6. the procedure governing the repayment of deposits made in respect to cancelled bauspar contracts; 7. a simplified procedure for the settlement of bauspar contracts, which protects the interests of the bauspar customer in the case where a bausparkasse ceases operations or the Federal Financial Supervisory Authority revokes the bausparkasse's licence. (3) The Standard Terms and Conditions for Bauspar contracts must include provisions regulating 1. the amount and due dates of the deposits to be made by the bauspar customer and by the bausparkasse as well as the legal consequences arising from default; 2. the interest payable on bauspar deposits and on bauspar loans; 3. the amount of costs and fees chargeable to the bauspar customer; 4. the conditions for allocation and the rules governing the order of allocation as well as the terms governing the payment of the bauspar sum; 5. the security for the claims arising from the bauspar loan; 6. the conditions under which a bauspar contract may be split or combined with another bauspar contract or under which the bauspar sum may be increased or reduced; 7. the conditions under which claims arising from a bauspar contract may be transferred or under which notice of termination of a bauspar contract may be served as well as the legal consequences arising from the termination or a simplified settlement of a bauspar contract;
8. the court of jurisdiction or an arbitration court; 9. life insurance policies to be taken out, the amounts to be insured and the insurance premiums to be paid by the bauspar customer as well as the possibility of accepting already existing life insurance policies as security for the bauspar sum when a bauspar customer is required to take out such life insurance policies.
(1) Allocation funds, especially bauspar deposits and redemption payments on bauspar loans may only be used, subject to the provisions of Para. 3 of Article 4, for the bauspar business and for the repayment of third-party monies added to the allocation fund, as well as according to the provisions of the legal regulations to be adopted under Article 10 for the granting of loans as defined by No. 1 of Para 1 of Article 4; the allocation funds are to be employed in a manner that keeps the waiting periods equal in length and as short as possible. Earnings from the investment of allocation funds, which are momentarily unavailable for disbursement because the prerequisites of the bauspar contract have not been fulfilled, must be included in the technical security reserve which is designed to protect the affairs of the bauspar customer up to the difference between the net interest earned from interim investments of the allocation funds and the net interest that would have been earned had the funds been allocated as bauspar loan. The bausparkasse may liquidate the technical security reserve at the end of any one business year provided it exceeds three percent of the bauspar deposits on the date of liquidation. (2) Claims arising from bauspar loans, the property liens registered as security for such loans, as well as from any other type of security, may only be sold or pledged to serve as collateral for conducting the bauspar business and for making the types of transactions mentioned in No. 1 of Para. 1 of Article 4. The same shall apply to claims arising from loans within the meaning of the provisions of No. 1 of Para. 1 of Article 4 and to the property liens registered as security for such loans, or other types of collateral registered as security for such loans.
The bausparkasse, in exercising the due diligence of a businessman, must take the necessary precautions to avoid exchange-rate risks in the course of its business. It must form separate allocation funds especially for bauspar contracts transacted either in foreign currency or in units of account and must ensure a currency-congruent use of the allocation funds and available monies. In individual cases, the Federal Financial Supervisory Authority may grant release from the obligation to form such separate allocationfunds provided that the interests of the bauspar customer are not adversely affected to any substantial degree by this action.
(1) Claims arising from bauspar loans and from loans according to No. 2 of Para. 1 of Article 4 as well as from claims arising from loans according to No. 1 of Para. 1 of Article 4, unless secured by rights assigned under a bauspar contract, shall be secured by mortgage or by a land charge (Grundschuld) of a domestic property. The Grundschuld is equivalent to claims held by a bausparkasse against a credit institution for the assignment, either wholly or in part, of a Grundschuld administered by a credit institution as trustee of the respective bausparkasse claim. In the absence of additional adequate security, loans may not exceed the first four-fifths of the collateral value of the property. (2) It shall also be permissible to secure claims as defined by the first Sentence of Para. 1 above by encumbering real estate located in any of the member state/states of the European communities or in any contracting state of the Treaty on the European Economic Area or in Switzerland, provided that the financial institutions of those states ordinarily accept such encumbrances on land as security for claims arising from housing loans. (2a) It shall also be possible to secure claims as defined in the first Sentence of Para. 1 above by encumbering real estate located in European states other than those covered by Para.2 above if
1. the state is a full member of the Organisation for Economic Cooperation and Development, 2. the encumbrance on land in this state is ensuring the repayment of and payment of interest on the claims and 3. the total sum of these lendings does not exceed the liable equity of the bausparkasse. (3) The requirement for an encumbrance on property as security for a loan may be waived if another form of security (Ersatzsicherheiten), adequate in amount, can be provided. (4) The requirement for an encumbrance on property as security for a loan or of another form of security (Ersatzsicherheiten) may be waived where 1. the borrower agrees to refrain from hindering the creation of an encumbrance on the property by selling or pledging the same object as security for any other liability; or 2. because of the small loan amount, security on the bauspar loan, according to No. 1 of Para. 1 of Article 4 does not seem to be required. (5) The requirement for security on a loan may be waived where loans are made to 1. domestic public authorities and public law corporations; 2. the European communities, their member states or any of the contracting states of the Treaty on the European Economic Area and the European Investment Bank; 3. regional governmental or local authorities of any member state of one of the European communities or any of the contracting states of the Treaty on the European Economic Area, which received a credit institution's solvency coefficient of zero according to Article 7 of the Directive of the Council from 18 December 1989; 4. other borrowers whose loans have been guaranteed by one of the bodies mentioned in Nos. 1 through 3 above. (6) The Federal Financial Supervisory Authority may allow loans on pledged property outside of the states specified in Nos. 2 and 2a if the negotiated land charges or additional security suggests that an exception is justified. (7) The assumed lending value of the pledged object may not exceed the property’s market value. When establishing its value for lending purposes the only factors to be taken into consideration may be the lasting qualities (value) of the pledged object and the net earnings regularly generated to any owner when properly managed.
(1) Except for the reasons listed in Para. 1 of Article 33 of the Credit Act, licences to operate a bausparkasse may be denied if the General Business Principles and/or the Standard Terms and Conditions of the Bauspar Contracts 1. suggest the possibility that the execution of bauspar contracts cannot be fulfilled over time because the total of the contributions of individual bauspar contracts do not exhibit an adequate correlation, with regard to the entire life spans, between the performance of the bauspar customer and the performance of the bausparkasse, or 2. stipulate savings and redemption instalments and/or other obligations which unduly postpone the allocation of bauspar contracts or otherwise inadequately regard the interests of the bauspar customer. (2) Except for the reasons mentioned in Para. 2 of Article 35 of the Credit Act, the Federal Financial Supervisory Authority may also withdraw licences where facts are brought to its attention that would justify the denial of licences according to Sentence 1 above and where the interests of the bauspar customer cannot be appropriately protected by other measures according to this law or to the Credit Act.
(1) Modifications and amendments to the General Business Principles and the Standard Terms and Conditions for Bauspar Contracts affecting the provisions of Nos. 1, 2 and 4 through 9 of Paras. 2 and 3 of Article 5 as well as of the General Business Principles and the Standard Terms and Conditions for Bauspar Contracts that are to form the basis for a new bauspar tariff (Bauspartarif) require approval of the Federal Financial Supervisory Authority; § 37 Para. 4 of the act on the administration procedure should be applied. Such approval may also be granted for existing contracts insofar as changes and amendments appear to be necessary to protect the interests of the bauspar customer in an appropriate manner. Para. 1 of Article 8 above shall apply to the denial of licences mutatis mutandis. The Federal Financial Supervisory Authority shall be notified of any other modifications or amendments at least three months prior to their entry into effect. (2) Where it appears that a bausparkasse can no longer satisfy the commitments of the bauspar contracts, the Federal Financial Supervisory Authority may require that the bausparkasse concerned amends its general Business Terms/Principles and its Standard Terms and Conditions for Bauspar Contracts. Under similar conditions the Federal Financial Supervisory Authority may, irrespective of the authority accorded to it under Para. 1 of Article 46 of the Credit Act, prohibit the realisation of new contracts by the respective bausparkasse.
In order to enable bausparkassen to meet their commitments vis-à-vis their creditors, especially to protect the assets entrusted to them, and to ensure the ability of the bausparkassen to make the payments required of the bauspar contracts as well as to ensure an order of allocation which is as even as possible, the Federal Minister of Finance, after having heard the opinions of the Deutsche Bundesbank and the Federal Associations of Bausparkassen, may enact legislation concerning 1. the temporary investment of funds available for allocation which have not yet been claimed by the bauspar customer; 2. the permissible share of large-scale bauspar contracts (bauspar contracts whose contractual amount is in excess of the amount regulated by legislation) relative to the entire unallocated contract sum of bauspar contracts, as well as the permissible percentage of large-scale bauspar contracts relative to all the bauspar contracts of a bausparkasse which were transacted within one calendar year; for this purpose, all bauspar contracts transacted by one individual within one calendar year shall be deemed to form a single bauspar contract; bauspar contracts shall be included in the permissible share of large-scale bauspar contracts of those bauspar customers who have paid, as defined by the General Business Principles, the minimum amount to be saved within one year from the date on which the contract was transacted; 3. the terms governing the granting of loans to finance the construction of commercial projects and the permissible share of such loans in the total portfolio of a bausparkasse's claim; this share may not exceed three percent; 4. the total percentage, as well as percentage to an individual commercial enterprise, of the bausparkasse's liable equity resources to which loans may be granted under No. 7 of Para. 1 of Article 4; 5. the permissible share of claims on loans relative to the total amount of claims on loans requiring substitute security; 6. the amount of a loan which a bausparkasse may transact, in individual cases, either by receiving a liability claim, or as defined by Para. 4 of Article 7, without a liability claim, as well as the permissible share of such loans relative to the total amount of claims on loans of a bau-sparkasse; 7. the minimum requirements governing allocation to ensure an appropriate individual bauspar customer/bausparkasse performance ratio, especially the minimum amounts to be saved and the fixation of a minimum valuation index;
8. the details regarding extra net earnings according to Para. 1 of Article 6 and the inclusion of such extra earnings into the technical security reserve; 9. the conditions under which the technical security reserve, with respect to the extra net earnings according to Para. 1 of Article 6 may be liquidated, and latest date at which they must be liquidated; 10. a transitional arrangement ending 31 December 1995, governing the simplified fixation of the minimum allocation conditions in order to ensure an appropriate individual bauspar customer/bausparkasse performance ratio as regards bauspar tariffs offered as of 1 January 1991. The Federal Minister of Finance shall be authorised to transfer the above authority to the Federal Financial Supervisory Authority by way of legal decree.
In addition to the reasons mentioned in Article 36 of the Credit Act, the Federal Financial Supervisory Authority may also require the dismissal of bausparkassen managers where such managers have violated, either wilfully or neglectfully, the provisions of this law, the legal regulations adopted in implementation of this law, the instructions of the Federal Financial Supervisory Authority, or the provisions of Paras. 2 and 3 of Article 5 of the General Business Principles or the Standard Terms and Conditions for Bauspar Contracts and where such managers continue to do so in spite of a warning issued by the Federal Financial Supervisory Authority.
(1) The Federal Financial Supervisory Authority shall appoint an ombudsman to each bausparkasse. Prior to such appointment, the bausparkasse and the competent authority where under Para. 2 of Article 3 state supervision other than by the Federal Financial Supervisory Authority exists, must have the opportunity for a hearing. The appointment may be cancelled at any time. (2) The ombudsman shall ensure that the provisions of the General Business Principles and the Standard Terms and Conditions for Bauspar Contracts governing the allocation procedure are duly observed. (3) The ombudsman shall be authorised to inspect the books and documents of the bausparkasse insofar as these relate to the allocation procedure. In the event of any dispute between the bausparkasse and the ombudsman as regards his duties, the Federal Financial Supervisory Authority is the decision authority. (4) The ombudsman shall inform the Federal Financial Supervisory Authority of his findings and observations. He shall not be bound by instructions from the Federal Financial Supervisory Authority. (5) The ombudsman shall be paid adequate compensation by the Federal Financial Supervisory Authority; the cost thereof shall be separately refunded by the bausparkasse in exercise, mutatis mutandis, of Para. 3 of Article 51 of the Credit Act.
In the course of auditing a bausparkasse's annual financial statement, the auditors shall be required to establish whether 1. the bauspar sums were allocated in accordance with the Standard Terms and Conditions for Bauspar Contracts; 2. the bausparkasse has complied with the provision of No. 2 of Para. 2 of Article 5 on the General Business Principles and with the provision of No. 5 of Para 3. of Article 5 on the Standard Terms and Conditions for Bauspar Contracts; and 3. the provisions of the legal regulations adopted according to Article 10 have been observed. The conclusions of the auditors shall be incorporated into the auditing report.
(1) Any contract by which a bausparkasse's portfolio of bauspar contracts, including its accompanying assets and liabilities, is transferred to one or several other bausparkassen, either wholly or in part, must have the approval of the Federal Financial Supervisory Authority. Such approval shall be published by the Federal Financial Supervisory Authority in the Federal Law Gazette (Bundesanzeiger); the bauspar customer shall be considered notified as of the day of its publication. Upon approval, the rights and duties of the bausparkasse and of the bauspar customer under the bauspar contracts shall pass to the transferee bausparkasse; Article 415 of the Civil Code (BGB) shall not be applicable. Approval of transfer ay only be denied where the transfer of the above rights and duties would jeopardise the interest of the bauspar customer of either the transferring or the transferee bausparkasse. (2) Such contracts must be made in writing.
In the event that there is the risk that a bausparkasse cannot satisfy its obligations and there is the need to take measures to fend off insolvency proceedings under the Insolvency Act in the interest of the bauspar customer and of the bausparkasse's other creditors, the Federal Financial Supervisory Authority may temporarily prohibit payments of any kind. Under the same conditions, the Federal Financial Supervisory Authority may agree to simplified procedures according to No. 7 of Para. 2 of Article 5. The rules of the insolvency act concerning the protection of payment and investment services, clearing schemes as well as securities in rem of central banks and of financial securities apply accordingly.
(1) Enterprises a uthorised to conduct the business of a bausparkasse shall be the only ones permitted to use the word "Bausparkasse" or an expression in which the word "Bausparkasse" or the prefix "Bauspar"- appears as part of their names to designate their business purpose or to advertise the kind of services they offer. (2) Para. 1 above shall not be applicable to enterprises using the word "Bausparkasse" or the prefix "Bauspar" as part of their names in a context that rules out the impression that they conduct the business of a bausparkasse. (3) The provisions of Article 42 and Article 43 of the Credit Act shall apply mutatis mutandis.
Article 14 and Sentence 1 of Article 15 of this law shall not be applicable to bausparkassen which are subject to special governmental supervision.
(1) Credit institutions authorised to conduct the bauspar business on the date of entry into effect of this law shall be deemed to possess the licence required for conducting the class of banking business which bausparkassen are permitted to operate as defined by Article 32 of the Credit Act. The deadline mentioned in Para. 1 of Article 35 of the Credit Act shall commence on the date on which this law enters into effect. (2) Upon the entry into effect of this law, the bausparkassen which were operated in the legal form of Gesellschaft mit beschränkter Haftung (private limited company) may continue to operate in this legal form of organisation.
(3) Upon the entry into effect of this law, credit institutions which were authorised to conduct the bauspar business through legally dependent business units shall be deemed bausparkassen to the extent of such bausparkassen business. They shall be required to administer the assets and the liabilities of their bausparkassen business units separately from their other assets and liabilities, to draw up separate annual financial statements of their bausparkassen operations and to publish separate annual reports on their bausparkassen activities. The provision governing audits, annual financial statements and annual reports of credit institutions shall apply mutatis mutandis. The operating capital assigned to such bausparkassen business units and the reserves shown in such separate annual financial statements shall be deemed to constitute liable equity resources of a bausparkasse. (4) Prior to the entry into effect of this law, bausparkassen which conducted business transactions other than those permitted under Article 4 or transactions on a wider scale than that permissible under Article 4, Article 6 and Article 7 as well as under Article 10 of the legal regulations shall not be subject to these provisions insofar as existing contracts are concerned. The Federal Financial Supervisory Authority may set appropriate deadlines by which this type of transaction must be executed. (5) Para. 3 above shall also apply mutatis mutandis to such credit institutions which operate the bausparkassen business through legally dependent business units after the entry into effect of this law.
(1) The legal provisions already in existence in the bausparkassen sector as well as the instructions hitherto given on the basis of the present legal regulations, shall remain in force insofar as the provisions of this law or of the Credit Act do not contradict them. Legal regulations containing wider stipulations than this law in respect to the activities of specific types of bausparkassen shall remain unaffected. (2) (deleted) (3) The responsibility of the federal states (Länder) for confirming the conversion arrangement for bausparkassen which are subject to their special jurisdiction, shall remain unchanged. (4) At least 60 % of the surplus net earnings as defined by Para. 1 of Article 6 accruing prior to 1 January 2001 must be included into the technical security reserve. Surplus earnings as defined by Para. 1 of Article 6, insofar as they are temporarily unavailable for allocation, need not be included into the technical security reserve if they are from bauspar contracts transacted before 1 January 1991. (5) In exception to Sentence 1 of No. 6 of Para. 1 of Article 4, a bausparkasse may own equity holdings in an enterprise exceeding one-third of the enterprise's nominal capital, if the bausparkasse legally took over or acquired such equity holdings prior to 31 May 1990.
(1) The law pertaining to the supervision of private insurance companies and bausparkassen as revised and published on 6 June 1931 (Reichsgesetzblatt* I p. 315, 750), last amended by the Authentication Act of 28 August 1969 (BGBl. I p. 1513) shall be revised as follows: 1. The words "and bausparkassen" shall be deleted from the heading. 2. Section VII and Article 133, Para. 2 of Article 135, Article 136, Para. 2 of Article 146, Para. 2 of Article 151, Para. 1 and the final half-Sentence of Para. 2 in Article 158 shall be repealed. 3. In Para. 1 of Article 134, the words "or a bausparkasse" and the words "or the holding(s) of bauspar contracts" shall be deleted and the reference contained in brackets, namely "Articles 14, 112" shall be replaced by the reference "Article 14". 4. In Para. 4 of Article 137 the words "or the bausparkasse" shall be deleted. 5. a) In Article 140 the words "or a bausparkasse" shall be deleted in Para 1. b) In Para. 2, the words "or a bauspar contract" shall be deleted and the words "such contracts" shall be replaced by the words "of any such contract".
6. In Para. 1 of Article 141, the words "or the members of the managing board, personally liable shareholders, managers or liquidators of a bausparkasse" shall be deleted. a) In Sentence 1 of Article 150, the words "insurance and bausparkassen" shall be replaced by the word "insurance". b) In Sentence 2 of Article 150, the words "insofar as bausparkassen are concerned, the advisory council for bausparkassen" shall be deleted. 7. In Sentence 2 of Article 152 and in Article 156 the words "and bausparkassen" shall be deleted. (2) The law pertaining to the establishment of a Federal Supervisory Office for Insurance and Bausparkassen of 31 July 1951 (BGBl. I, p. 480), which was revised by the law to amend the law pertaining to the establishment of a Federal Supervisory Office for Insurance and Bausparkassen of 22 December 1954 (BGBl. I, p. 501), and the First, Second and Third Implementation Regulations pertaining to this law (BGBl. I 1952 p. 94, 610 and 1953 p. 75) shall be amended as follows: 1. The words "Insurance and Bausparkassen" shall be replaced by the word "Insurance" in the heading of the law and in the heading of the implementation regulations, in Sentence 1 of Article 1, in No. 7 of Article 8 and in Sentence 1 of Article 10a of the law, in the introduction to the First, Second and Third Implementation Regulations and in Article 1 of the First and Second Implementation Regulations. 2. The words "and bausparkassen" shall be deleted in Sentence 1 of Article 1, Article 6, the first half-Sentence of Article 8 and Para. 2 of Article 10 of the law and in Article 3 and Para. 1 of Article 4 of the First Implementation Regulations. 3. The reference "12" and the words "and bausparkassen" in Article 2 will be deleted in the Third Implementation Regulations. 4. Para 2. of Article 2 of the law, Para. 3 and Para. 4 of Article 3 and Sentence 2 in Para. 2 of Article 10 of the Third Implementation Regulations shall be repealed. 5. The words "and the advisory council for bausparkassen" shall be deleted in Article 8 of the First Implementation Regulations. (3) The words "and bausparkassen" shall be deleted in Para. 1 of Article 112 in the Law on Composition Proceedings of 26 February 1935 (Reichsgesetzblatt I, p. 321), last revised by the law to amend the Court Registrars Act, the Authentication Act and the transformation of the oath of disclosure into an affirmation in lieu of oath of 27 June 1970 (BGBl. I, p. 911) and the words "or the Bausparkassen Act of 16 November 1972 (BGBl. I, p. 2097) shall be inserted after the reference to "Reichsgesetzblatt I, p. 315, 750". (4) The Credit Act shall be amended as follows: 1. No. 6 in Para. 1 of Article 2 shall be repealed. 2. No. 2 of Article 3 shall be worded as follows: "2. The acceptance of sums of money, if the majority of the money lenders are entitled to be granted loans from these sums of money or objects purchased on credit (special purpose savings institutions); this shall not apply to bausparkassen". 3. After Article 22, the following provision shall be inserted as Article 22a: "Article 22a Bauspar Deposits Articles 21 and 22 shall not apply to bauspar deposits". 4. Para. 2 of Article 40 shall be revised as follows: "(2) Credit institutions within the meaning of Article 1 of the Bausparkassen Act of 16 November 1972 (BGBl. I, p. 2097) may use the designation "bausparkasse", registered cooperatives belonging to an auditing association may use the designation "savings and loan banks"."
5. The following provision shall be inserted as Article 52a after Article 52: "Article 52a Forms for the Annual Financial Statements of Public Credit Institutions. The Federal Minister of Justice is empowered, in agreement with the Federal Minister of Economics, to prescribe the preparation of the annual financial statements of public credit institutions through regulations and to issue any other regulations for the organisation of such annual financial statements insofar as this is required in order to harmonise the structure of the annual financial statements of these credit institutions to the prescribed organisation of the annual financial statements of other credit institutions." (5) Chapter V of the First Part of the Regulations issued by the Reich president on measures in the areas of the judicature and administration of 14 June 1932 (Reichsgesetzblatt I, pp. 385, 288), the implementation and amendment regulations on the simplified handling of bauspar contracts of June 1953 (Reichsgesetzblatt I, p. 372) and the Second Implementation and Amendment Regulations on the simplified handling of bauspar contracts of 7 September 1934 (Reichsgesetzblatt I, p. 827) shall not be applied to any bauspar contracts which are concluded after this law takes effect.