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
distribution. The issuer is solely responsible for the content of this
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
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.
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
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