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ARTICLE · 11 MARCH 2015

HETA ASSET RESOLUTION AG: Austrian Financial Market Authority Imposes Temporary Debt Moratorium

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By an ordinance (Mandatsbescheid) issued on March 1, 2015, the Austrian Financial Market Authority ("FMA") has initiated the resolution of HETA ASSET RESOLUTION AG ("HETA").

GermanyFinance and Banking
Simon Grieser
Simon Grieser
Andreas Lange
Andreas Lange
Dr. Jochen Seitz
Dr. Jochen Seitz
Dr. Jörg Wulfken
Dr. Jörg Wulfken
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By an ordinance (Mandatsbescheid) issued on March 1, 2015, the Austrian Financial Market Authority ("FMA") has initiated the resolution of HETA ASSET RESOLUTION AG ("HETA"). HETA is the "bad bank" that was established to assume and manage large parts of the Austrian Bank Hypo-Alpe-Adria, which was required to be resolved in accordance with EU regulations. HETA is 100 percent owned by the Republic of Austria, and it currently manages assets worth approximately EUR 18 billion. The FMA is acting in its capacity as resolution authority pursuant to the Austrian Banking Restructuring and Resolution Act ("BaSAG").

The resolution measures have been structured in accordance with the "Bank Recovery and Resolution Directive – BRRD," the new European resolution regime for banks. The FMA imposed a debt moratorium until May 31, 2016 in order to establish a resolution schedule that corresponds to the targets of the BRRD. The decision will change the maturities of all (subordinated

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