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Occurrence of a deposit guarantee pay out event – AutoBank AG

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In an emergency administrative decision dated 30.07.2021, the FMA has completely prohibited AutoBank AG with its registered office at Gertrude-Fröhlich-Sandner-Straße 3, 1100 Vienna from continuing business operations with immediate effect pursuant to Article 70 para. 2 no. 4 BWG.

As a result of this decision an official payment stop was also imposed on covered deposits, meaning in particular that no further deposits, withdrawals or credit transfers are possible and that the deposit guarantee pay out event as defined in Article 9 no. 2 of the Deposit Guarantee Schemes and Investor Compensation Act (ESAEG; Einlagensicherungs- und Anlegerentschädigungsgesetz) has therefore been triggered. Pursuant to Article 8 para. 1 ESAEG, AutoBank AG is a member institution of Einlagensicherung AUSTRIA Ges.m.b.H.

Pursuant to Article 13 para. 1 in conjunction with Article 59 no.8 lit.c ESAEG a deposit guarantee facility must repay every depositor of a member institution an amount that is equal to the depositor’s covered deposits within ten working days following the occurrence of the pay-out event at one of its member institutions.

Pursuant to Article 7 para. 1 no. 5 ESAEG covered deposits consist of eligible deposits (such as e.g. credit balances on current accounts, salary accounts, student accounts and pension accounts or deposits held in savings books and saving accounts) up to an amount of EUR 100,000 or the equivalent amount in a foreign currency per depositor at a member institution, as well as temporarily covered deposits pursuant to Article 12 ESAEG.

Einlagensicherung AUSTRIA Ges.m.b.H has already established contact with AutoBank AG and is currently preparing the handling of an orderly pay-out.