On the basis of an instruction by the European Central Bank (ECB), the Austrian Financial Market Authority (FMA), has issued an emergency administrative decision dated 01.03.2022 pursuant to Article 70 para. 2 no. 4 of the Austrian Banking Act (BWG; Bankwesengesetz), that prohibits Sberbank Europe AG, with its registered office at Schwarzenbergplatz 3, 1010 Vienna, from continuing business operations with immediate effect. The official prohibition of continuation of business operations legally triggers the deposit guarantee pay-out event. The Austrian deposit guarantee system is therefore required to pay out covered deposits up to the amount of € 100,000 within a maximum of ten banking days. The procedure for repaying depositors will be conducted by
Einlagensicherung AUSTRIA Ges.m.b.H. (ESA)
Wipplingerstraße 34/DG4, 1010 Vienna
- Hotline for Austrian customers: 0800 404345
- Hotline for international customers including Germany: +43 (1) 3589034
- E-Mail: [email protected]
More detailed information about deposit protection in Austria is available on the FMA website.
What are covered deposits?
Covered deposits are eligible deposits (such as credit balances on current accounts, salary accounts, student accounts, savings accounts, term deposit accounts, instant access 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.
Under certain conditions, an amount of up to € 500,000 may be repaid: namely in the case of the deposit held at the bank:
- results from a real estate transaction in conjunction with privately used residential property,
- is linked to legally prescribed social purposes, in conjunction with particular life events of the depositor: such as marriage, divorce, retirement, dismissal, redundancy, invalidity or death,
- or, are based on the payment of insurance benefits or compensation for criminal injuries or wrongful conviction.
A pre-requisite for this larger repayment amount is that this deposit was not paid into the bank more than twelve months prior to the deposit guarantee pay-out event. This increased amount will however only be repaid once an application has been made to do so, which is required to be made within twelve months to the deposit guarantee scheme following the occurrence of the pay-out event.
Customers from Germany
A large number of Sberbank Europe AG’s customers are located in Germany, and are handled through the German branch of Sberbank Europe AG. This German branch is a legally non-autonomous branch establishment, operating under the “Sberbank Direkt” commercial brand. Deposits through Sberbank Direkt are therefore considered as deposits at Sberbank Europa AG and are therefore protected by Einlagensicherung Austria (ESA)’s deposit guarantee scheme.
Addendum of 01 April 2022 – Information for Sberbank Customers:
The FMA’s administrative decision dated 01.03.2022 prohibited the continuation of business operations with immediate effect. This only affects Sberbank Europe AG’s new business. The receiving of repayments on loans that were granted by Sberbank Europe AG prior to the administrative decision entering into force, are not covered by the administrative decision. Customers are therefore obliged to continue to repay such loan instalments.