One and a half years was raging dispute between BayernLB and its former Austrian subsidiary Hypo Alpe Adria in court. Now the Munich Regional Court has sentenced the Abwicklungsanstalt to repay a billion sum. But the last word has not been spoken.
BayernLB in a dispute with its former subsidiary Hypo Alpe Adria (HGAA) to the repayment of more than two billion euros won a victory. The Munich District Court ordered the winding-up institution Heta the Austrian bank on Friday to pay and caused quite a bang. The Austrians have together replace open interest loan receivables from BayernLB ten contracts, as the Presiding Judge Gesa Lutz said.
“We have won all along the line”
In the process, BayernLB demanded by the former subsidiary HGAA repayment of around 2.4 billion euros, which it had granted her earlier. With interest, the sum in the opinion of BayernLB lawyer Michael Rohls expected but now even higher. “We beat the pants”, Rohls said.
Bavaria Finance Minister Markus Söder (CSU) has warmly welcomed the verdict, which was announced as a complete surprise in the late afternoon. “So there is finally clarity”, Söder said. The process was already since the end of 2013 and had stressed the traditionally good relations between Bavaria and Austria.
“time to pay debt”
The commitment in Austria had struck with the Free State of Bavaria as principal owner of the deep wounds Landesbank. After billions in losses gave Bayern HGAA back in 2009 and since then arguing about money. The claim BayernLB against Austria is incurred, Söder said. “It would now time to pay the debt.”
This also saw BayernLB CEO Johannes-Jörg Riegler so: “Now we have Austria shoulder its responsibilities and to repay the debt.” The verdict was proof that the “shaky house of cards constructed of Heta collapses”.
Abwicklungsanstalt wishes to appeal
The Abwicklungsanstalt HGAA called Heta not want to accept the verdict, however, and to appeal before the Higher Regional Court of Munich. “As long as the Heta is not restored, there is a lock on the loan repayment BayernLB,” said the institute. Therefore, observers do not expect that this is already the end of the debate.
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Lawyers Get new attacks
the end of 2012 the former BayernLB subsidiary had ceased to repay the loans with reference to their own plight. Since she refused despite several requests to transfer the money. In its verdict, the judge listed on all credit agreements, which should fulfill the Abwicklungsanstalt Hypo now.
The Austrian institution defended itself in the process by all means against the billion-dollar repayment. The lawyers of the bank brought himself on Friday yet new attacks and questioned the competence of an expert, which the court had ordered.
ruling could signal effect have
Meanwhile, concerns of Austria’s handling of the remains of HGAA also a number of other banks in Germany, as the country laid the HGAA Abwicklungsanstalt Heta on ice two months ago has. The Munich judgment could be because of some fundamental rights issues have also a signal to those banks that have three-digit million sums in Heta in the fire partially.
This affects, among others, Commerzbank, Hypo Real Estate, HypoVereinsbank and insurers Munich Re and Allianz. On the advice of the financial institutions concerned had to be halved in the past few weeks the value of their bonds and loans in Heta. The BayernLB wrote the value of their receivables from already half and closed the year 2014 from a billion loss.
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