Since Monday, the bank has not been allowed to make any payments, transfers or other transactions, in accordance with a moratorium that the FMA put into effect overnight.
Financial experts assume that Sberbank Europe AG will soon slide into insolvency. A government commissioner appointed by the FMA as a supervisor for the institute is to determine whether and, if so, when an insolvency offense has been fulfilled. This is the Viennese auditor and lawyer Gerd Konezny.
The ban on business operations legally triggers the deposit protection case. As a result, Einlagensicherung Austria GesmbH (ESA) must pay out secured deposits up to an amount of EUR 100,000 each within ten bank working days. The secured deposits are said to be almost one billion euros. The majority of the “Austria” customers came from Germany, the market was worked on from Vienna.
During the night of Monday, the FMA justified its deposit and withdrawal moratorium – which took place in the course of the financial sanctions against Russia – by saying that the ECB had informed the SRB that the bank was in serious economic difficulties and that the bank was likely to fail .
Source: Nachrichten
