The creditors of the Insolvent European American Investment Bank (Euram Bank) have so far registered claims of nearly 547 million euros. However, only a part (354 million euros) was recognized. The bankruptcy procedure was opened in December.
“The deposit guarantee (ESA) and creditors of deposits up to 100,000 euros can expect full coverage. Creditors of deposits that exceed the amount of 100,000 euros are at least partially satisfied. Meeting creditors must expect a total failure, “said bankruptcy expert Mazal. At Euram Bank, EUR 345 million is claimed on customer deposits.
The deposit guarantee comes first, said Jürgen Gebauer of KSV1870 (Credit Protection Association of 1870). “Subsequently, the savers are entitled to a quota payment with their non -deposit savings. Only then will the other creditors follow. From today’s perspective, it seems very likely that at least the claim of the deposit insurance policy can be fully operated, while the indiscriminate creditor of the second class can only get a proportional satisfaction. “
Employees reduced from 50 to 29
A bankruptcy procedure was opened in December 2024 via the assets of the Insolvente Bank. To save personnel costs, the number of employees was reduced from approximately 50 to 29. According to Mazal, further job reductions can be expected.
The Private Bank, founded in 1999, based in Vienna, worked in Europe, Russia, the Middle East and Central Asia. After the bank was already under the observation of the Financial Market Supervision (FMA) due to a lack of money laundering, it was forbidden to continue with business activities in mid -2024. At the beginning of December 2024, the bankruptcy application was followed by the Financial Market Supervision (FMA). This has started a withdrawal process.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
