Anglo Austrian AAB Bank AG (previously Meinl Bank AG): Withdrawal of Banking Licence in force again. Appointment of the government commissioner lapses. The FMA has submitted an application at the Commercial Court for the appointment of a liquidator. | FMA Österreich

Anglo Austrian AAB Bank AG (previously Meinl Bank AG): Withdrawal of Banking Licence in force again. Appointment of the government commissioner lapses. The FMA has submitted an application at the Commercial Court for the appointment of a liquidator.

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The General Court of the Court of Justice of the European Union today in a decision repealed the interim relief granted to Anglo Austrian AAB Bank AG (“AAG”; previously Meinl Bank AG) against the administrative decision of the European Central Bank (ECB) of 15 November 2019 to withdraw the Bank’s licence to conduct banking transactions. The institutions is therefore not allowed to conduct any new banking business, and must wind down existing banking business, and is no longer subject to supervision by the ECB/FMA. By doing so, the mandate for Otto Friedrich Hief to act as a government commissioner at the same time ends, who had been appointed by means of an administrative decision issued by the Austrian Financial Market Authority (FMA) to supervise AAB’s management board in order to protect the financial interests of creditors as well as to secure the assets entrusted to the supervised entity.

Since the FMA had justified doubts to about the ability of the members of the management board of Anglo Austrian AAB Bank AG to guarantee an orderly winding-down of its banking business, it – as was already the case on the occasion of the withdrawal of the licence with effect from 15 November 2019 – today has also submitted an application at the Commercial Court in Vienna (Handelsgericht Wien) for the appointment of a liquidator pursuant to Article 6 para. 5 of the Austrian Banking Act (BWG; Bankwesengesetz).

 

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