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Occurrence of a deposit guarantee pay out event – Commerzialbank Mattersburg im Burgenland AG

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The FMA has completely prohibited Commerzialbank Mattersburg im Burgenland AG from continuing business operations with immediate effect by way of an emergency administrative decision dated 14.07.2020 pursuant to Article 70 para. 2 no. 4 BWG.

As a result of this decision an official payment stop was also imposed on covered deposits, meaning in particular that no further deposits, withdrawals or credit transfers are possible and that the deposit guarantee pay out event as defined in Article 9 Deposit Guarantee Schemes and Investor Compensation Act (ESAEG; Einlagensicherungs- und Anlegerentschädigungsgesetz) has therefore been triggered. Pursuant to Article 8 para. 1 ESAEG, Commerzialbank Mattersburg im Burgenland AG is a member institution of Einlagensicherung AUSTRIA Ges.m.b.H.

Pursuant to Article 13 ESAEG, within seven working days following the occurrence of the pay-out event at one of its member institutions, a deposit guarantee facility must repay every depositor of that member institution an amount that is equal to the depositor’s covered deposits.

Pursuant to Article 7 para. 1 no. 5 ESAEG covered deposits consist of eligible deposits (such as e.g. credit balances on current accounts, salary accounts, student accounts and pension accounts or deposits held in savings books and saving accounts) up to an amount of EUR 100 000 or the equivalent amount in a foreign currency per depositor at a member institution, as well as temporarily covered deposits pursuant to Article 12 ESAEG.

Einlagensicherung AUSTRIA Ges.m.b.H has already established contact with Commerzialbank Mattersburg im Burgenland AG and is currently preparing the handling of an orderly pay-out.

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Regulator Information

Regulator Name: Financial Market Authority
Abbreviation: FMA
Jurisdiction: Austria

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