Real estate credit institution

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Real bank ( English Real Estate Bank ) is in banking the generic term for specialized banks , the Real Estate Finance operate and this whole or in part, by the emission of mortgage bonds or mortgage bonds refinance .

species

The German Bundesbank takes its classification of credit institutions by category of banks due to prudential aspects, and performs under the mortgage-credit institutions subsegments private mortgage banks , ship mortgage banks and other private mortgage banks on (15 institutions). This includes also mortgage banks , organized under public law Mortgage banks. The Bundesbank divides them into housing credit institutions ( Hamburgische Wohnungsbaukreditanstalt ) and agricultural credit institutions ( Calenberger Kreditverein and Ritterschaftliches Kreditinstitut Stade ). The Pfandbrief Act of July 2005 introduced the term Pfandbrief banks , which covers the previous mortgage banks . The latter are allowed to keep their name according to § 43 PfandBG .

In addition to mortgage, ship and Pfandbrief banks, mortgage banks also include universal banks which - in addition to other banking transactions - also offer real estate financing and refinance this through Pfandbriefe. This is expressly permitted by the current PfandBG, because it has abolished the special banking principle of the former Mortgage Bank Act. These institutes are called "mixed real estate credit institutes".

Business activity

Pure real estate credit institutions lend residential and commercial real estate , whereby according to § 14 PfandBG they are only allowed to use a lending limit of 60% of the loan value when granting loans . This is the real estate loan they are named after. This lending business is refinanced through the Pfandbrief business . According to Section 1 (1) of the PfandBG, the Pfandbrief business consists of the

  1. Issue of covered bonds on the basis of acquired mortgages under the designation Pfandbriefe or Mortgage Pfandbriefe,
  2. Issue of covered bonds on the basis of acquired claims against government agencies under the name of municipal bonds , municipal bonds or public Pfandbriefe,
  3. Issue of covered bonds on the basis of acquired ship mortgages under the designation ship Pfandbriefe,
  4. Issue of covered bonds on the basis of acquired registered liens in accordance with Section 1 of the Law on Rights to Aircraft or foreign aircraft mortgages under the designation aircraft Pfandbriefe.

The requirement of core capital of at least 25 million euros in accordance with Section 2 (1) of the PfandBG is justified by the long-term nature of the loans granted and the issuing periods of the Pfandbrief business. The lending business (legally called "cover assets ") must exceed the volume of the Pfandbriefe by 2% according to Section 4 (1) PfandBG ("securing excess cover"). This surplus cover may only exist in bonds from certain countries , their regions and institutions or bank balances with central banks of the European Union . In addition to the Pfandbrief business, derivatives (pursuant to section 1 (11) sentence 3 no. 1 KWG), with which the risk of interest rate changes can be excluded, may be concluded. Further cover assets are selectively permitted in Section 19 PfandBG. According to Section 5 of the PfandBG, the bank must keep a cover register in which the credit transactions including derivative claims are to be entered.

International

Property liens may be registered in Germany and comparable foreign legal systems. According to Section 13 (1) PfandBG, this includes the EU member states or another signatory to the Agreement on the European Economic Area , Switzerland , the United States of America , Canada , Japan , Australia , New Zealand and Singapore . § 18 Pfandbrief Act clarifies that land charges (including land charges ) as well as mortgages come as a backup values into consideration. In the lending practice of the credit institutions, land charges against mortgages are the norm due to their lack of accessory nature to loan debt . Since the PfandBG grants BaFin more extensive supervisory powers, Pfandbrief banks are subject to stricter banking supervision than the other credit institutions.

Individual evidence

  1. ↑ Deutsche Bundesbank, Directory of Credit Institutions , Banking Information 2, January 2015, p. 4
  2. ↑ BT-Drucksache 15/4321 of November 29, 2004, draft law for the reorganization of Pfandbrief law , p. 29.
  3. ↑ BT-Drucksache 15/4321 of November 29, 2004, draft law for the reorganization of Pfandbrief law , p. 33.
  4. ↑ Tobias Koppmann, Covered Bonds in Germany and Great Britain , 2009, p. 94.