By-laws of the Deposit Protection Fund

exempted from participation under Subsection (2). Domestic branches
of foreign banks within the meaning of Section 53 (1) and Section 53b (1)
respectively of the German Banking Act shall be additionally subject to the
“Supplementary arrangements for the participation of branches of foreign
banks in the Deposit Protection Fund” annexed to these By-laws.
2. Upon application, exemption from participation in the Fund may be granted to
branches of foreign banks.
3. Banks which are extraordinary members of the Banking Association shall not
participate in the Fund.
Section 3 – Conditions for participation in the Fund
1. The conditions for participation in the Fund shall be that
(a) the bank has the resources needed for business operations that satisfy the
requirements on the basis of which the competent supervisory authority
grants licences to conduct banking business under Sections 32 and 33 of
the German Banking Act and
(b) the bank has at least two managers who possess the necessary personal
qualifications and trustworthiness; in this context, the necessary per sonal
qualifications shall, in particular, require that the in dividuals in question
have extensive banking experience and offer assurance for a business
policy which excludes the jeop ardising of deposits and complies with the
principles laid down in subclause (d) and
(c) no facts exist which indicate that the owner of a qualified participating
interest (Section 1 (9) of the German Banking Act) or their legal
representative or representative according to the articles of association
By-laws Section 3
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