KA Finanz AG is a wind-down entity pursuant to Article 162 para. 1 in conjunction with Article 84 of the Bank Resolution and Recovery Act (BaSAG) that was created from the demerger with its predecessor Kommunalkredit. The Austrian Financial Market Authority (FMA) in its capacity as supervisory authority granted approval for its conversion into a wind-down entity on 6 September 2017. As a wind-down entity KA Finanz AG was required to ensure the orderly, active and best possible disposal of its portfolio. Portfolio wind-down was required to take place in accordance with a wind-down plan drawn up by KA Finanz AG’s management board and approved by the supervisory board.
In recent years various steps and measures were taken by KA Finanz AG to meet the statutory requirements for portfolio wind-down. In September 2023, KA Finanz AG submitted a notification of completion of portfolio wind-down and submitted the confirmation by its external auditor in this regard. On 17 October 2023, KA Finanz AG’s general meeting passed the resolution on dissolution under company law.
Since all banking business and investment services had been wound down by KA Finanz AG and the liquid means are sufficient to satisfy existing and expected future obligations, on 28 December 2023 the resolution authority therefore terminated KA Finanz AG’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 KA Finanz AG 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 resolution authority’s web pages until the company is expunged from the Commercial Register (Firmenbuch) for up to five years.
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