Maintenance and Guarantee Obligation
EU Agreement
An understanding regarding state guarantees Maintenance and Guarantee Obligation was reached between the EU Commission and the German federal government on July 17, 2003. This stipulates that Maintenance Obligation should be transformed into a market-based ownership relationship and that Guarantee Obligation should be abolished. A transitional period of four years until July 18, 2005 for full implementation was agreed upon. A grandfathering clause is provided for all commitments made prior to or during the transitional period.
The following overview contains important information on the Brussels agreement:
Maintenance and Guarantee Obligation (Anstaltslast and Gewährträgerhaftung) for HSH Nordbank AG
The state of Schleswig-Holstein and the City of Hamburg ratified a state treaty which stipulates that guarantee obligations are also valid for HSH Nordbank to the same extent, that is, as these obligations were valid for the previous bank entities, Hamburgische Landesbank and LB Kiel. (Art. 2 Liability for HSH Nordbank AG liabilities).
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