Since German Bausparkassen are credit institutions, they are subject to all regulations of the German Banking Act and, hence, to governmental supervision by the Federal Banking Supervisory Office. Due to the unique character of the Bauspar system, a special by-law had to be added to the German Banking Act. This Bausparkassen Act was implemented in 1972 and has been amended several times. The act regulates the organisational structure of the Bausparkassen and sets forth the legal framework for the Bauspar business. It also regulates the minimum allocation requirements and contains provisions regarding the implementation of a reserve fund in order to stabilise the waiting periods. Please note that the German Bausparkassen Act was amended recently. Click here for an unofficial English translation of the new Bausparkassen Act that has been valid from 29 December 2015.
In addition to the Bausparkassen Act, the so-called Bausparkassen Regulation (Bausparkassen-Verordnung) deals with technical details. Please note that the German Bausparkassen Regulation was amended recently. Click here for an unofficial translation of the new Bausparkassen Regulation that has been valid since 29 December 2015.
Almost all countries dispose of some kind of support for private housing finance because it is known that the housing sector has positive effects on employment, economic growth and in general on socio-economic stability. What is important about government support and its efficiency. Housing support that is based on loan interest tax deduction bring about increasing loan amounts; they are non-transparent and socially unfair. Income dependent and earmarked premiums in contrast are ascertainable, well quantifiable, hence, transparent and socially reasonable. Further more, they may be integrated into the Bauspar system easily. In Germany, the Bauspar system is supported by two different schemes: the House Building Premium and the Employee Savings Allowance.
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