Prospectus - Notowania

in the private sector (Bundesverband Deutscher Banken) set up a company known as
the “Clearing Institute” (Entschädigungseinrichtung deutscher Banken GmbH) for the
purpose of implementing and guaranteeing the scheme on the guarantee of deposits of
the German commercial banks operating in the private sector. German law on the
guarantee of deposits envisages certain guarantees for depositors and for the disputes
deriving from security transactions entered into by customers up to the current amount
of €50,000. Furthermore, the banking sector voluntarily set up various funds for the
protection of depositors such as the Einlagensicherungsfonds, an association for the
protection of deposits via a fund which covers the liabilities vis-à-vis the majority of
the creditors up to a specific amount, as described in the fund’s articles of association.
Liabilities deriving from bearer instruments, such as bearer bonds or bearer
certificates of deposit issued by the banks, are however excluded from the system of
guarantees.
On December 1, 2005, the Bank of Italy, BaFin and the Deutsche Bundesbank entered
into an additional agreement to the letter of intent dated August 1993 pursuant to
which the Bank of Italy and BaFin had agreed to co-operate with regard to the
supervision of the Group. On the basis of this additional agreement, the Bank of Italy
is responsible for co-ordination when information is being exchanged, the planning of
supervisory activities and the assessment of the Group’s risk while BaFin is
responsible for overseeing the group headed up by HVB. Furthermore, the three
regulatory authorities may carry out reciprocal inspections on HVB or the Bank of
Italy can request BaFin to act on its behalf.
Poland
The political and economic transformation implemented in Poland in 1989 contributed
towards the evolution of the banking sector in the new legal and economic context of
the country. On January 31, 1989 Parliament approved two new laws: Polish banking
legislation and the law on the National Bank of Poland.
Supervision of the banks’ activities, including those of the branches at local level and
the representative offices of foreign banks, was entrusted to the National Bank of
Poland (the Polish central bank) which performed the licensing, regulatory and
analytical functions with respect to banks.
On August 29, 1997, the Polish Parliament approved a new consolidated law on Polish
banking legislation and a new consolidated law of the National Bank of Poland which
introduced significant changes in the organization of the banking activities entrusting
the same to the newly-established bank supervisory commission which took over from
the National Bank of Poland and its chairman. The bank supervisory commission was
entrusted with all the authorization, discipline and control functions.
As from January 1, 2008, with the consolidation of supervision in the banking,
financial and insurance sector, bank supervision was entrusted to the PFSA.
Polish legislation applicable to banking activities, the law protecting consumers and
the financial instrument market (which could also apply to banks) underwent changes
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