Giustamente l’Austria Fa Pagare i Creditori per il Fallimento di Hypo Alpe Adira

Di FunnyKing , il 2 marzo 2015 4 Comment


Bene, il sistema Cipro per la prima volta viene applicato in altro stato europeo: l’Austria.
Come forse ricorderete in Austria ci fu una banca chiamata Hypo Alpe Adria che per varie vicissiutidini fallì. Lo Stato Austriaco per “salvarla” una volta tirò fuori circa 5,5 miliardi di euro e poi creò una Bad Bank (ricorda nulla?) per gestire i vari crediti incagliati e inesigibili della banca fallita. La Heta Bank.
Ebbene la Heta Bank, ooooops ha bisogno di altri 7,6 miliardi e a questo punto si pone il problema di vedere chi ce li mette.
Tanto per incominciare ce li mettono gli obbligazionisti di HETA, tra cui alcune banche Austriache che non vedranno rimborsati i loro bond in scadenza “almeno” fino al 31 Maggio 2016…. e poi mai più. Si tratta di circa 9.8 miliardi di obbligazioni, non uno zuccherino per una economia delle dimensioni di quella austriaca.
Come andrà a finire…. purtroppo i danni maggiori alla fine li pagheranno i contribuenti in un modo o nell’altro, Heta è stata messa in liquidazione e comunque almeno 1 miliardo di euro del debito HETA è messo sotto la garanzia dello Stato (provincia) della Carinzia (l’Austria di fatto è una federazione)
Però esiste un lato positivo, qualcuno comincia a fare pagare anche al “mercato” obbligazionario i fallimenti bancari in Europa, il passo successivo è fare pagare i correntisti che non hanno controllato bene dove hanno lasciato i loro soldi.
Giustamente per altro.
da Bloomberg
(Bloomberg) — Austria won’t give fresh capital to Heta Asset Resolution AG, making the “bad bank” of failed Hypo Alpe-Adria-Bank International AG the first case under new European Union rules imposing losses on bank bondholders.
Austria cut off support for Heta, which has already cost Austrian taxpayers about 5.5 billion euros ($6.2 billion) in aid, after Heta notified the government it may need as much as 7.6 billion euros on top of that, the Finance Ministry said in a statement on Sunday. The Finanzmarktaufsicht regulator put Heta into resolution and ordered an immediate debt moratorium.
“The decision was triggered by information from Heta’s management about the first results of an asset review,” the ministry said. “Because of that dramatic change of the asset evaluation, the ministry together with the entire government decided not to invest any more tax money into Heta.”
Heta’s predecessor Hypo Alpe was nationalized in 2009 after it was close to collapse because of bad loans in the western Balkans and shareholders led by Bayerische Landesbank walked away from the bank. Its rescue and wind-down has been complicated by a string of court cases and by the fact that a large part of its debt is guaranteed by the Carinthia province, a former owner of the bank.
No Repayment

The FMA is taking over the wind-down of Heta, which kept around 18 billion of Hypo’s assets when it was set up last year. While it works out a resolution plan it won’t repay Heta’s liabilities under an Austrian law that came into force Jan. 1 to implement the European Union’s Bank Recovery and Resolution Directive, the authority said in a statement.
The immediate debt moratorium means 950 million euros of bonds due March 6 and March 20 won’t be repaid. It affects 9.8 billion euros in outstanding bonds, supplementary capital and Schuldschein loans, 1.24 billion euros debt to Pfandbriefbank (Oesterreich) AG, a bank that handles bond issues for Austrian provinvial banks, as well as loans from BayernLB, according to the FMA’s decree published on its website.
Putting Heta into resolution means there is no insolvency procedure, the FMA said. An insolvency would have endangered the sale of Hypo Group Alpe Adria AG, the “good” part of the business that’s operating banks in the former Yugoslavia, which was signed last year but isn’t completed yet, it said. An insolvency would have made the sale of Heta’s remaining assets more difficult and led to higher losses for creditors, it said.
Government Guarantee

Avoiding Heta’s insolvency also means that the Carinthia province’s guarantees for Heta’s bonds aren’t triggered under Austrian law, the finance ministry said. The ministry reiterated that it will honor a federal government guarantee for a 1 billion-euro subordinated Heta bond, should it become due.
The FMA’s intervention caps a dramatic development over the weekend that is described in the authority’s decree.
Heta notified the FMA Friday night at 9:20 p.m. Vienna time that an asset review that started last year led to write-down needs of as much as 8.7 billion euros, resulting in negative equity of up to 7.6 billion euros. It wouldn’t have enough funds to repay liabilities from next year, Heta told the FMA, according to the document.
Shortly after that notification Friday night, Heta and the FMA notified the Austrian government and asked whether it would recapitalize Heta to make sure the liabilities are repaid. It answered at 12:24 p.m. today that it wasn’t going to, according to the document.

Giustamente l'Austria Fa Pagare i Creditori per il Fallimento di Hypo Alpe Adira - Rischio Calcolato