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Resolution of Heta Asset Resolution

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The Federal Act on the Recovery and Resolution of Banks (“BaSAG”), as published in the Austrian Federal Law Gazette I No. 98/2014 has been in force since 01.01.2015. It transposes the EU Directive on the Recovery and Resolution of Credit Institutions and Investment Firms (“BRRD”) in Austria, in which Directive assent has been given by Europe for new rules for the resolution of banks (the European bank resolution regime). It was an important aim of the European Union to relieve pressure on public budgets and consequently also taxpayers resulting from the costs of the resolution of a bank.

In accordance with BaSAG, the Austrian Financial Market Authority (FMA) assumed the function of the national resolution authority on 1 January 2015.

The Austrian Financial Market Authority (FMA), in its capacity as the designated Austrian resolution authority, issued an administrative ruling on 1 March 2015 initiating the resolution of “Heta Asset Resolution AG” in accordance with the Federal Act on the Recovery and Resolution of Banks (BaSAG) in accordance with the new European resolution regime for banks. In order to draw up a resolution plan, which conforms with the aims of this new regime, the FMA on the strength of its legally granted powers has imposed a temporary moratorium on the liabilities of Heta Asset Resolution AG until 31.5.2016 against its creditors in accordance with BaSAG.

The accompanying edict in accordance with BaSAG was published immediately on the FMA website, in the FMA’s capacity as the designated resolution authority.(in German only).

 

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