Commerzbank could have to pay a fee to the German Government of as much as €408m ($555m) to offload its toxic structured credit assets into “bad banks” under the terms of the country’s new draft financial markets stabilisation law.

Commerzbank, along with other German banks looking to shift such troubled asset-backed securities off their own balance sheets, could face paying fees of up to 102 basis points, or 1.02% on its toxic assets, according to new research from BNP Paribas analysts.