Restructuring Act

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Basic data
Title: Law on the restructuring and
orderly liquidation of credit institutions,
the establishment of a restructuring fund for
credit institutions and the extension of the
statute of limitations for corporate body liability
Short title: Restructuring Act
Type: Federal law
Scope: Federal Republic of Germany
Legal matter: Commercial administrative law
References : 660-8
Issued on: 9 December 2010
( Federal Law Gazette I, p. 1900 )
Entry into force on: predominantly January 1, 2011
GESTA : D060
Please note the note on the applicable legal version.

The Restructuring Act is a German article law with the purpose that financial institutions minimize high risks and bear the costs of future banking crises themselves. Systemically important institutions in particular should no longer be able to force the state to take rescue measures . The institutes should deal with imbalances at an early stage and primarily independently .

General

The Federal Government justified the draft law on the restructuring law as follows: "One of the main lessons from the financial market crisis is that suitable instruments have to be developed in order to either reorganize or liquidate banks that have got into difficulties in an orderly manner". “If a systemically important credit institution gets into economic difficulties, it must be prevented that the difficulties of this one credit institution develop into a national or even global crisis. If such a credit institution is released into an insolvency-related liquidation uncontrolled and unaccompanied by the public sector , this can - as the experience with the insolvency of Lehman Brothers has shown - lead to serious disruptions in the financial system and consequently to a restriction in the supply of credit. These effects are ... effectively avoided through government stabilization measures that enable business operations to continue. ”“ The public budgets cannot be expected to stand up for dealing with bank difficulties as in the past. ”

content

To this end, new legal instruments have been introduced. Since 2011, the bankruptcy procedure for credit institutions has been reorganized. A few banks in Germany classified as " systemically relevant " have to pay a bank levy into a "restructuring fund" every year. In the event of a crisis, the funds are to be used to stabilize a bank.

In addition, in force since December 15, 2010, ten years instead of the earlier five-year statute of limitations sfristen to the liability of directors and supervisory boards of listed public companies . This period also applies to cases before this point in time if the previously applicable limitation period has not yet expired on this date.

So that state funds do not flow out of a state-supported bank as a result of inadequate remuneration payments , the law now also limits the remuneration for all employees - not just for the board members - to 500,000 euros per year.

Legislation and amendments

With the Restructuring Act, the Bank Reorganization Act (KredReorgG) and the Restructuring Fund Act (RStruktFG) were introduced. The restructuring and reorganization process has brought about cost changes in the Court Fees Act and in the Lawyers' Fees Act. In the event of liquidation , the Pfandbrief Act had to anchor the separation between insolvent and still limited operational parts of the bank in Section 36a of the PfandBG .

Web links

Individual evidence

  1. ↑ BT-Drs. 17/3027 of September 27, 2010, draft of a law on the restructuring and orderly liquidation of credit institutions, the establishment of a restructuring fund for credit institutions and the extension of the statute of limitations for corporate liability under company law (Restructuring Act) , p. 1
  2. ↑ BT-Drs. 17/3027 of September 27, 2010, draft of a law on the restructuring and orderly liquidation of credit institutions, on the establishment of a restructuring fund for credit institutions and on the extension of the statute of limitations for corporate liability under company law (Restructuring Act) , p. 40
  3. ↑ BT-Drs. 17/3027 of September 27, 2010, draft of a law on the restructuring and orderly liquidation of credit institutions, on the establishment of a restructuring fund for credit institutions and on the extension of the statute of limitations for corporate liability under company law (Restructuring Act) , p. 42