DEPFA ACS Bank is a covered bond bank and a 100% subsidiary of DEPFA Bank plc. DEPFA ACS’ primary focus is on reducing the portfolio of the bank in a value preserving manner.

In accordance with the requirements of the European Commission regarding the aid package of the German Financial Markets Stabilisation Fund ("SoFFin") for the HRE Group, DEPFA ACS does not conduct any new business. The business activities of DEPFA ACS are limited to the administration of the existing assets and liabilities, the volume of which is reduced mainly by way of maturities. The Bank continues to wind down its portfolio in a manner designed to maintain value.

DEPFA ACS Bank is regulated by the Central Bank of Ireland and has a full banking licence. The Bank is a designated credit institution as defined under the legislation in accordance with the Irish Asset Covered Securities Act, 2001. Principal activities of the Bank are the management of public sector assets and the ongoing administration of ACS in accordance with the legislation, subject to the conditions imposed by the European Commission. The Bank operates in accordance with, and is a Designated Credit Institution as defined under the Irish Asset Covered Securities Act 2001 and Asset Covered Securities Act Amended 2007 ("the legislation").

ACS bondholders are preferred creditors under the legislation, and as such have priority of claim over the assets in the cover pool in the event of issuer insolvency. In that event, the Irish National Treasury Management Agency has the role of finding a suitable replacement manager of the cover pool, or failing that, to manage the cover pool itself.