The Single Resolution Board (SRB) has – limited until 1 March 2022, 11:59 p.m. – imposed a suspension of disposals and payments on Sberbank Europe AG (moratorium), which is to be implemented by the Austrian Financial Market Authority (FMA). An exception applies to depositors of eligible deposits who will have access to a daily allowance (maximum 100 euros per day) to cover essential needs.
In the European Union, retail depositors are protected up to 100,000 euros per depositor per bank. The statutory conditions for compensation of up to 100,000 euros per depositor would be deemed met if the FMA were to determine that compensation was payable.
The deposits of German depositors at the bank’s branch in Frankfurt am Main (“Sberbank Direct”) are protected by the Austrian deposit guarantee scheme. In a compensation event, the Austrian deposit guarantee scheme must without delay examine the depositors’ compensation claims and adopt appropriate compensation measures. In a compensation event, the Compensation Scheme of German Private Banks is responsible for making the compensation payments and must, as a rule, meet depositors’ claims within seven working days after a it has been ascertained that compensation is payable.
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) and the Deutsche Bundesbank are intensively monitoring the developments from a supervisory perspective and are in close contact and coordinating their activities with the national, European and international supervisory authorities.
Further information can be found under the following links:
- Austrian Financial Market Authority
- EinlagensicherungAUSTRIA Ges.m.b.H (Austrian deposit guarantee scheme)
- Compensation Scheme of German Private Banks
