Legal Basis

Legal Basis

The European Commission approved a plan for the orderly wind-down of former Austrian Bank Hypo Alpe Adria (HAA) in September 2013. The basis for deregulation and creation of the wind-down entity for Hypo Alpe-Adria-Bank International AG was established in the form of the Hypo Act enacted by the Austrian National Council in July 2014. Consistent with the law of the European Union, the wind-down company was not allowed to conduct deposit banking itself nor was it allowed to hold equity interests in financial institutions.

The South-Eastern Europe banking network of banks, including a separate management holding company in Austria and the Italian business area likewise subject to being wound-down, were thus split off from the former Hypo Alpe-Adria-Bank International AG. The former Hypo Alpe-Adria-Bank International AG wind-down unit was operating under the name HETA ASSET RESOLUTION AG since November 3, 2014.

The wind-down unit was charged with the task of managing its assets so as to ensure the orderly and active disposition of its assets on the best terms possible. Within the framework of the objectives of the wind-down assets were to be disposed of as quickly as possible.

The portfolio was required to be wound down on the basis of a wind-down plan which was to be prepared by company management and had to be approved by the supervisory board.

The entire text of the legislation may be found under:

HETA's portfolio wind-down has now been completed in accordance with § 84 para 10 BaSAG. With the decision of the Austrian Financial Market Authority (FMA) of December 29, 2021, HETA ASSET RESOLUTION AG went into liquidation under stock corporation law and is now trading under the name "HETA ASSET RESOLUTION AG i.A.".