Anstaltslast und Gewährträgerhaftung als staatliche Beihilfe i.S.d. EG-Vertrages : Konsequenzen für Geschäftspartner öffentlichrechtlicher Finanzinstitute

Abstract

Die Arbeit stuft Anstaltslast und Gewährträgerhaftung als unzulässige staatliche Beihilfe nach EG-Vertrag ein und schlägt den Geschäftspartnern öffentlichrechtlicher Finanzinstitute vor, sich durch Einfügung vertraglicher Vorkehrungen zur vorzeitigen Beendigung und der Risikoklarlegung abzusichern. Beispiele solcher Vertragsklauseln werden vorgeschlagen.

The German public law financial institutions benefit from an enhanced credit standing as a consequence of institutional and guarantee liability (Anstaltslast and Gewährträgerhaftung) hence are the beneficiaries of aid. The aid granted enables these institutions to fulfill their public duties but also enhances their competitive position, hence represents State Aid according to the EC-Treaty. The application of the State Aid principles of the EC-Treaty are compatible with the tasks assigned to the German public law financial institutions: Whilst property ownership rules must not be affected by the EC-Treaty, Member Sates must not act in a way that contravenes the Treaty provisions. The market economy investor principle does not allow a Member State to grant aid as long as the supported institution remains in an economically viable position. The degree of aid granted can be masured by the enhanced credit rating. The value of unlimited aid is not comparable to civil law concepts such as guarantees, letters of comfort, profit sharing agreements or investor compensation schemes. Institutional and guarantee liability distorts competition. The Commission should therefore order Germany to abolish or alter the aid granted. Counterparties of public law financial institutions should accordingly insert safe harbour provisions/termination provisions/disclosure notes in derivatives, securities, credit and Capital Markets documentation. Sample language is attached.