immigon portfolioabbau ag

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immigon portfolioabbau ag (IMMIGON) is a wind-down entity pursuant to Article 162 para. 1 in conjunction with Article 84 BaSAG that has been formed by means of a demerger from Österreichische Volksbanken-AG (ÖVAG). The FMA in its capacity as the supervisory authority granted the approval to convert it into a wind-down entity, while the FMA in its capacity at the resolution authority approved its strategy and risk profile. As a wind-down entity IMMIGON had to ensure the orderly, active and disposal at the best possible terms of its assets. Portfolio wind-down was required to take place in accordance with a wind-down plan drawn up by the management board of IMMIGON and approved by the supervisory board.

In the last few years, IMMIGON took the various steps necessary to fulfil its legal mandate to wind-down the portfolio. At the start of 2019, IMMIGON notified the resolution authority about the completion of portfolio wind-down and submitted the confirmation by its external auditor in this regard. On 15.05.2019 IMMIGON’s general meeting passed the resolution on dissolution under company law.

Since all banking business and investment services had been wound down by IMMIGON and the liquid means are sufficient to satisfy existing and expected future obligations, the resolution authority therefore terminated IMMIGON’s operations as a wind-down entity by means of an administrative decision pursuant to Article 84 para. 12 BaSAG. Following the issuing of this administrative decision IMMIGON is no longer a wind-down unit under the Bank Resolution and Recovery Act (BaSAG) and the FMA is therefore no longer responsible for it. The liquidation of the company is occurring exclusively in accordance with the relevant provisions under company law. The FMA’s administrative decision shall be published on the website of the resolution authority until the company is expunged from the Commercial Register, for up to a maximum duration of five years.

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