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 may not itself conduct deposit banking nor may it 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 wind-down unit is 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 are to be disposed of as quickly as possible.
The portfolio is required to be wound down on the basis of a wind-down plan which is to be prepared by company management and must be approved by the supervisory board.
The former Hypo Alpe-Adria-Bank International AG wind-down unit is operating under the name HETA ASSET RESOLUTION AG since 3 November 2014.
The entire text of the legislation may be found under: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2014_I_51/BGBLA_2014_I_51.html