Euram Bank notifies overindebtedness following increased need for write-downs. Filing of initiation of insolvency proceedings at the Commercial Court in Vienna (Handelsgericht Wien).
Today, on 6 December 2024, the Austrian Financial Market Authority (FMA) filed for the initiation of insolvency proceedings at the Commercial Court in Vienna (Handelsgericht Wien) against the assets of European American Investment Bank AG (Euram Bank) registered at Schottenring 18, 1010 Vienna.
On 16 October 2024, the FMA already issued an administrative decision to Euram Bank pursuant to Article 7 para. 2 no. 4 of the Austrian Banking Act (BWG; Bankwesengesetz) prohibiting the continuation of all business operations with immediate effect and appointing lawyer and external auditor Dr. Gerd Konezny as expert supervisor pursuant to Article 70 para. 2 no. 2 lit. b BWG (government commissioner (Regierungskommissär).
Euram Bank informed the FMA by means of a notification pursuant to Article 73 para. 1 no. 6 BWG that it had become overindebted due to an increased requirement for write-downs on impaired loans. Due to Euram Bank’s overindebtedness, the FMA was legally required to file for the initiation of insolvency proceedings against Euram Bank’s assets at the competent court.
Journalists may address further enquiries to:
Boris Gröndahl (FMA Media Spokesperson)
Telephone: +43 (1) 249 59-6010
Mobile: +43 676 8824 9995
E-Mail: [email protected]