Austria are the Heta Asset Resolution AG fresh capital, more. Thus, the “bad bank” of the former Hypo Alpe-Adria-Bank International AG is the first institution the bondholders …
By Boris Groen Dahl
(Bloomberg) – Austria is the Heta Asset Resolution AG fresh capital, more. This is the “bad bank” of the former Hypo Alpe-Adria-Bank International AG, the first institution to have mitzutragen losses according to the new guidelines of the European Union, its bondholders.
The government in Vienna decided Heta – which has already cost the Austrian taxpayers 5.5 billion euros – to make no further funds available, said the Austrian Ministry of Finance with on Sunday. Previously Heta had informed the government about additional financing needs of up to 7.6 billion euros. The Financial Market Authority (FMA) arranged on Sunday for an immediate repayment stop for the debts of Heta on.
“The trigger for this decision is information on the first results of the asset Reviews , “wrote the Treasury. “Because of this dramatic change in the assessment of the financial situation, the Federal Ministry of Finance has decided, in accordance with the Federal Government to the Heta no more tax money more to come.”
The forerunner of Hypo Alpe Bank International AG was nationalized in 2009, after she had run into trouble because of bad loans in the Western Balkans and shareholders got out as the Bayerische Landesbank. The rescue and liquidation of the bank was complicated by a number of legal proceedings and the fact that a large portion of their debts by the Austrian state of Carinthia were guaranteed a former owner of Hypo Alpe.
The FMA takes over the management of the Heta, which took about 18 billion of assets from the Hypo at its inception last year. While the FMA created a settlement plan, they will not service the debt of Heta. Here comes the Austrian law on the reorganization and liquidation of banks (BASAG) is applied, in force since 1 January and the new EU Bankenabwicklungs- and rehabilitation Directive (“BRRD”) converts, said the FMA.
With the immediately effective moratorium are no longer served bonds maturing on March 6 and March 20 in the amount of 950 million euros. Overall affected are 9.8 billion euros in outstanding debt, subordinated debt and promissory notes; 1.24 billion euros, the Pfandbrief Bank (Austria) AG are due and loans BayernLB results from information on the website of the FMA.
Since the Heta is now settled, no insolvency Learn opened, said the FMA. Insolvency proceedings would have to sell the Hypo Group Alpe Adria AG, the “good” part of the old bank, endangered, which operates in the former Yugoslavia banks. The contract for their sale was signed last year, but is not yet completed. A bankruptcy would have been harder to sell the remaining Heta assets and creditors saddled with higher losses, it said.
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