Investkredit Funding Ltd.

EANS-Adhoc: Investkredit Funding Ltd.
EGM approves wind down of Österreichische Volksbanken-Aktiengesellschaft

  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
Strategic management decisions/Company Information

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

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

Further inquiry note:
Investkredit Funding Ltd.
Karl Kinsky
Tel.: +43 0 50 4004 - 3338

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
stockmarkets: official market: Frankfurt, Wien 
language:   English

Original-Content von: Investkredit Funding Ltd., übermittelt durch news aktuell

Weitere Meldungen: Investkredit Funding Ltd.

Das könnte Sie auch interessieren: