Aggregated News From Investment Management Regulators

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


Please complete the required fields.

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.

Source link

Regulator Information

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

Recent Articles

December 2021 Monthly Report

Overview of supervised entities’ activities in the financial services sector for December 2021 PENSION FUNDS SECOND PILLAR PENSION FUNDS At the end of December 2021, mandatory pension funds (MPFs)

FINMA to implement countercyclical capital buffer

The Federal Council decided on 26 January 2022 to reactivate the countercyclical capital buffer on residential properties.

Innovation : focus on the actions carried out by the AMF

The AMF’s commitments The AMF defined the main thrusts of its #Supervision2022 strategy with a major focus on supporting innovation and stakeholders for the period between 2018 and 2022.

Risk Warning Regarding Cloned Website

The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforceme

Get the latest from Regulatory.News in your inbox!