Today, 17 August 2021, the Austrian Financial Market Authority (FMA) filed for the initiation of insolvency proceedings against the assets of “Autobank AG” with its registered office at Gertrude-Fröhlich-Sandner-Straße 3, 1100 Vienna at the Commercial Court in Vienna (Handelsgericht Wien).
On 30.07.2021, the FMA issued an administrative decision to the Autobank AG 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 Ms. Dorotea-E. Rebmann as expert supervisor pursuant to Article 70 para. 2 no. 2 lit. b BWG (government commissioner).
On 12.08.2021 Autobank notified the FMA pursuant to Article 73 para. 1 no. 6 BWG that it is unable to pay, as Einlagensicherung Austria GmbH has called for repayment of claims amounting to approximately € 72.9 million. The bank stated that it currently has available liquid funds amounting to approx. € 44.8 million, which are insufficient for settling the due obligation, and that it will also not be possible for the bank to do so within a foreseeable period of time.
In addition Einlagensicherung Austria GmbH’s claim may increase depending on their utilisation to around € 107 million, since there are covered deposits for this amount.
The existing liquidity gap exceeds the amount that is tolerated under law, and therefore the FMA was required by law to file an application to initiate insolvency proceedings against the assets of Autobank at the competent court.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676 882 49 516