FMA files application for the initiation of insolvency proceedings at the Landesgericht Eisenstadt against the assets of “Commerzialbank Mattersburg im Burgenland AG”.
The Austrian Financial Market Authority (FMA) has today, 27 July 2020, filed for the initiation of insolvency proceedings against the assets of “Commerzialbank Mattersburg im Burgenland AG” (CMB) at the Landesgericht Eisenstadt. This measure was necessary as the government commissioner, Bernhard Mechtler, who had been appointed by the FMA by means of an administrative decision dated 14 July 2020, determined in an interim report dated 24 July 2020 that Commerzialbank Mattersburg was overindebted by an estimated € 528 million at the time of the FMA’s prohibiting the continuation of the Bank’s business operations, according to an interim status report. Furthermore, according to the interim report, Commerzialbank Mattersburg is unable to pay, since as at the reporting date of 24 July 2020 the claims of Einlagensicherung Austria GmbH (ESA) alone stood at € 162 million, against liquid funds of € 78 million, based on the covered deposits paid out by ESA. Depending on further claims asserted by depositors, the deposit guarantee scheme’s claim may increase to up to € 490 million.
According the FMA, in the insolvency filing “[T]he government commissioner has already excluded the possibility in practical terms that the situation of the Bank’s overindebtedness may be rectified as a result of assets about which we are yet to become aware, or any hidden reserves”. Any positive forecast relating to the Bank’s ability to continue to operate may be ruled out due to CMB’s incapacity to pay. The FMA was therefore required to file the petition at the Landesgericht Mattersburg to initiate bankruptcy proceedings against the assets of Commerzialbank Mattersburg im Burgenland AG.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)676 882 49 516