The Austrian Financial Market Authority (FMA) today determined by means of an administrative decision that the operations of “immigon portfolioabbau ag” (IMMIGON), the resolution entity of the former leading institution in the Volksbank sector, ÖVAG, are now concluded in accordance with the Bank Recovery and Resolution Act (BaSAG; Bundesgesetz über die Sanierung und Abwicklung von Banken). IMMIGON had previously informed the FMA that all banking business had already been resolved and that adequate liquid funds of EUR 926 million are available to be able to satisfy all existing and expected future obligations.
On 15 May 2019, IMMIGON’s general meeting already passed the resolution on dissolution, and appointed Ithuba Capital AG as the liquidator under company law. Some securitised liabilities with a total volume of approx. EUR 200 million still have residual maturities until 2028 at the latest, for which reason the company may only be expunged from the Commercial Register in 2029.
The administrative decision (in German only) can be downloaded from the FMA’s website.
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