EANS-Adhoc: Investkredit Funding Ltd. EGM approves wind down of
Österreichische Volksbanken-Aktiengesellschaft
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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Strategic management decisions/Company Information
23.12.2014
An Extraordinary General Meeting of Österreichische
Volksbanken-Aktiengesellschaft (VBAG) today unanimously took the decision in
principle that VBAG's business model is to be changed. The aim is for VBAG to
become a "run down company" (Abwicklungsgesellschaft) in particular as per
Section 162 of the draft Federal Law on Bank Recovery and Resolution (Banken
Sanierungs- und Abwicklungsgesetz). When VBAG is put into run down status, it is
also planned for central institution functions and related assets and
liabilities to be taken over by Volksbank Wien-Baden AG.
The run down of VBAG is subject to approval from a number of bodies, notably the
European Commission for Competition, the European Central Bank and the national
authorities.
Investkredit Funding therefore assumes that VBAG will, subject to the necessary
approvals mentioned above, cease to be a going concern in the future.
Investkredit Funding's sole asset is supplementary capital issued by
Investkredit Bank AG, a company merged into VBAG in 2012, which is loss
absorbing according to the Austrian Banking Act and may only be repaid before
liquidation after deduction of allocated net losses. Up to now no net losses
have been allocated to this instrument. Depending on the success and timing of
the run down of VBAG, this might lead to further impairment of Investkredit
Funding's asset and thus have a negative impact on the value and ultimately the
potential repayment of the limited Recourse Notes issued by Investkredit
Funding.
Further inquiry note:
Investkredit Funding Ltd.
Karl Kinsky
Tel.: +43 0 50 4004 - 3338
mailto:karl.kinsky@volksbank.com
end of announcement euro adhoc
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issuer: Investkredit Funding Ltd.
13. Castle Street
UK-JE4 5UT St. Helier, Jersey Channel Islands
sector: Financial & Business Services
ISIN: DE0009576108
indexes:
stockmarkets: official market: Frankfurt, Wien
language: English
