By-laws of the Deposit Protection Fund valid from January 2023

Section 9 – Eligible financial collateral
The Banking Association may place restrictions on, or set criteria to be met by,
low-risk debt securities or cash collateral which are eligible as financial collateral.
The Banking Association shall publish a list of eligible low-risk debt securities and
cash collateral on its website.
Section 10 – Management of financial collateral
Annex to Section 6 (18) of the By-laws of the Deposit
Protection Fund
Section 6 of the version of the By-laws of the Deposit
Protection Fund registered with the Register of
Associations on 18 November 2021
Section 6 – Scope of deposit protection
(1) The Banking Association may designate a third party to manage the financial
collateral. In this case, an agreement shall be concluded between the Banking
Association and the collateral manager.
(2) The cost of the collateral management shall be borne by the bank. If the
collateral is managed by a third party, the bank’s obligation to bear the cost
shall be specified in the agreement.
Section 11 – Haircuts, valuation
(1) The Banking Association shall set haircuts for the financial collateral provided
and shall apply these to determine the haircut-adjusted value of the financial
collateral. The haircuts shall reflect the credit, market and liquidity risk of the
financial collateral in question and an evaluation of the expected loss in the
event of a sale and the expected period of time until the sale of the financial
collateral is complete.
(2) The Banking Association may involve the Audit Association in the determination
of the haircuts.
1. Credit balances, including time deposits and savings deposits, which result
from amounts left in an account or from temporary situations deriving from
banking transactions and which the bank is required to repay under the legal and
contractual conditions applicable (deposits) shall be protected at banks as follows:
2. Deposits of
− natural persons (also where they are acting in the exercise of their commercial
or self-employed professional activity) and
− foundations with legal capacity under German law or foundations under
foreign law that are comparable to foundations with legal capacity under
German law
shall be protected unless the deposit
(a) forms part of the own funds within the meaning of Article 4 (1), point (118)
of Regulation (EU) No. 575/2013 (CRR) (this shall apply irrespective of the
extent to which the own funds are recognised for prudential purposes; the
deposit must not be a subordinated liability or a liability from the bank’s
profit-participation rights capital either) or
(b) is a liability of the bank from an own acceptance or promissory note or
(c) is a liability of the bank from a securities repurchase agreement or repo
transaction or from a securities lending transaction or
80 By-laws Annex to Section 5a (10)
By-laws Annex to Section 6 (18) 81