Supervision of Pfandbrief banks

Pfandbrief Competence Center I

Within the Federal Financial Supervisory Authority (BaFin), the new division "Pfandbrief Competence Center I – Fundamental Issues and Supervision of Pfandbrief Banks without Company Involvement” is responsible for the interpretation of the Pfandbrief Act and all pieces of legislation relevant thereto. This division previously operated under the name "Mortgage Banks" division.

Pfandbrief Competence Center II

BaFin created the new division "Pfandbrief Competence Center II – Cover Audits of Pfandbrief Banks" at the beginning of 2006. This division conducts cover audits at all Pfandbrief issuers and develops uniform standards for the quality of the audits, as by § 3 of the Pfandbrief Act to take place every two years at each Pfandbrief bank. The division conducts a large proportion of the audits by their own specialised officers, but also may avail itself of the services of external experts to conduct the cover audits. In terms of the relevant procedure, one new feature is that as from 2006, those cover audits not conducted by BaFin officers are put out to tender. See the website of BaFin.

Breakdown of the divisions at BaFin

For the reorganization of the divisions, see the organization chart of BaFin.

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