Österreichische Volksbanken-Aktiengesellschaft
EANS-Adhoc: Österreichische Volksbanken-Aktiengesellschaft
Republic of Austria
and Volksbanks stabilise VBAG
-------------------------------------------------------------------------------- correction to an ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 27.02.2012 The english version is not indentical with the original german version. Please use the following correct englisch language translation of the original german version. Bullet point two now includes clarification on the Austrian Banking Act. The second sentence in bullet point six was deleted as was bullet point nine. Österreichische Volksbanken-AG (VBAG), Deutsche Zentral-Genossenschaft, Ergo Versicherung AG, Raiffeisen Zentralbank AG, Österreichische Volksbanken Holding eGen, the Volksbanks and the Republic of Austria have concluded a joint agreement on the long-term stabilisation of VBAG. The agreement contains the following key points: Investkredit is to be merged into VBAG retroactively as of 31 December 2011 the creation of a joint liability scheme (Haftungsverbund) in accordance with the new section 30a of the Austrian Banking Act, which still has to be passed into law by the Austrian Parliament. DZ Bank, Ergo, RZB, Österreichischer Genossenschaftsverband and Volksbanken Holding will approve a cut in capital effective 31 December 2011 and ensure that the holding accounted for by the participation capital of the Republic of Austria is reduced to not more than 70%. This capital decrease will also entail a capital increase of around EUR480 million. The capital increase will be performed by the Republic of Austria in the amount of EUR250 million and the Austrian Volksbanks in the amount of at least EUR230 million. The Volksbanks will remain the majority owner of VBAG. Asset guarantee from the Republic of Austria for VBAG in the amount of EUR100 million with a fee of 10% from the time of a legally binding resolution by the Volksbanks to form a cooperative bank in accordance with section 30a BWG expiring 31 December 2017 at the latest. The Volksbanks undertake to ensure and pay the fee for the asset guarantee issued by the Republic of Austria for VBAG. Furthermore, the Volksbanks will ensure the repayment of the participation capital of the Republic of Austria from the 2009 issue after the capital reduction as at 31 December 2011. Presentation of a restructuring and reorganisation concept by the Management Board of VBAG. In order to strengthen VBAG´s capital ratios, RZB will ensure best efforts in order to assist VBAG in its disposal of RZB shares and in any case guarantees to implement adequate measures that will improve capital ratios and liquidity at VBAG. DZ Bank and ERGO undertake to leave all liquidity held in VBAG Group unchanged until further notice. In particular, this relates to the refinancing of VB Romania and VB Leasing International by DZ Bank. In addition, DZ Bank will assume a portfolio of the Frankfurt branch of Investkredit in the amount of EUR400 million. RWA. Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft: ISIN: AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume: ISIN: XS0451759012 XS0417722393 XS0412533399 XS0271095357 AT000B053442 The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges: Second Regulated market of Wiener Börse AG Official trading of Wiener Börse AG EUWAX segment of Baden-Württembergische Wertpapierbörse Regulated market of Baden-Württembergische Wertpapierbörse Regulated market of the Prague Stock Exchange Regulated market of the Luxembourg Stock Exchange Open Market of Berlin Stock Exchange Open Market of Stuttgart Stock Exchange Open Market of Frankfurt Stock Exchange original announcement: -------------------------------------------------------------------------------- keywords Strategic management decisions/Company Information EANS-Adhoc: Österreichische Volksbanken-Aktiengesellschaft / Republic of Austria and Volksbanks stabilise VBAG 27.02.2012 Österreichische Volksbanken-AG (VBAG), Deutsche Zentral-Genossenschaft, Ergo Versicherung AG, Raiffeisen Zentralbank AG, Österreichische Volksbanken Holding eGen, the Volksbanks and the Republic of Austria have concluded a joint agreement on the long-term stabilisation of VBAG. The objective of this agreement is to transform VBAG into a sustainable cooperative bank in accordance with section 30a of the Austrian Banking Act (BWG). The agreement contains the following key points: Investkredit is to be merged with VBAG retroactively to 31 December 2011 the creation of a cooperative bank in accordance with section 30a of the Austrian Banking Act DZ Bank, Ergo, RZB, Österreichischer Genossenschaftsverband and Volksbanken Holding will approve a cut in capital effective 31 December 2011 and ensure that the holding accounted for by the participation capital of the Republic of Austria is reduced to not more than 70%. This capital decrease will also entail a capital increase of around EUR480 million. The capital increase will be performed by the Republic of Austria in the amount of EUR250 million and the Austrian Volksbanks in the amount of at least EUR230 million. The Volksbanks will remain the majority owner of VBAG. Asset guarantee from the Republic of Austria for VBAG in the amount of EUR100 million with a fee of 10% from the time of a legally binding resolution by the Volksbanks to form a cooperative bank in accordance with section 30a BWG expiring 31 December 2017 at the latest. The Volksbanks undertake to ensure and pay the fee for the asset guarantee issued by the Republic of Austria for VBAG. In addition, the cooperative is prohibited from making distributions as long as the Republic of Austria has not been fully served as a shareholder, guarantor or participant or liability fees are outstanding. Furthermore, the Volksbanks will ensure the repayment of the participation capital of the Republic of Austria from the 2009 issue after the capital reduction as at 31 December 2011. Presentation of a restructuring and reorganisation concept by the Management Board of VBAG. In order to strengthen VBAG´s capital ratios, RZB will ensure best efforts in order to assist VBAG in its disposal of RZB shares and in any case guarantees to implement adequate measures that will improve capital ratios and liquidity at VBAG. DZ Bank and ERGO undertake to leave all liquidity held in VBAG Group unchanged until further notice. In particular, this relates to the refinancing of VB Romania and VB Leasing International by DZ Bank. In addition, DZ Bank will assume a portfolio of the Frankfurt branch of Investkredit in the amount of EUR400 million. RWA. The sale of shares in VB Romania and VB Leasing International is still intended at the best possible time. Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft: ISIN: AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume: ISIN: XS0451759012 XS0417722393 XS0412533399 XS0271095357 AT000B053442 The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges: Second Regulated market of Wiener Börse AG Official trading of Wiener Börse AG EUWAX segment of Baden-Württembergische Wertpapierbörse Regulated market of Baden-Württembergische Wertpapierbörse Regulated market of the Prague Stock Exchange Regulated market of the Luxembourg Stock Exchange Open Market of Berlin Stock Exchange Open Market of Stuttgart Stock Exchange Open Market of Frankfurt Stock Exchange Further inquiry note: Walter Gröblinger Tel.: +43/ (0) 50 4004-0 E-Mail: walter.groeblinger@volksbank.com end of original announcement euro adhoc -------------------------------------------------------------------------------- sector publicity of original announcement: 2012-02-27 18:04:14 - Bloomberg- sent 2012-02-27 18:04:14 - Bloomberg- sent Further inquiry note: Walter Gröblinger Tel.: +43/ (0) 50 4004-0 E-Mail: walter.groeblinger@volksbank.com end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: Österreichische Volksbanken-Aktiengesellschaft Kolingasse 19 A-1090 Wien phone: +43 0 50 4004-0 WWW: www.volksbank.com sector: Banking ISIN: AT0000755665 indexes: Standard Market Auction stockmarkets: Regulated free trade: Wien, stock market: Prague Stock Exchange language: English