Occurrence of the payout event
On 02.03.2020, the Commercial Court of Vienna opened insolvency proceedings on the assets of Anglo Austrian AAB AG (hereinafter "AAB"). As a result, depositors no longer have access to the accounts held for them.
Pursuant to Section 9 of the Austrian Deposit Guarantee and Investor Compensation Act (ESAEG), a payout event was triggered.
As the competent deposit guarantee and investor compensation scheme, we protect the claims of AAB's customers within the framework of the statutory provisions. Deposits of up to € 100,000 and investor compensation claims of up to € 20,000 per customer are covered.
Details on bankruptcy processing
Georg Freimueller ([email protected]) is appointed as insolvency administrator. Deposits with AAB which we cannot compensate fully or - due to the legal maximum compensation limit - only proportionately can possibly be claimed in insolvency proceedings (HG Wien, GZ 5S29/20d).
Securities are not deposit protected. The securities held in the securities account are held by AAB solely on behalf of you and must be transferred to you at any time. They are not part of the insolvency assets. Please contact the insolvency administrator RA Dr. Georg Freimueller directly for the transfer of the securities. You can find more information in our FAQ.
- A preferred processing is not possible because of procedural reasons.
- Information on account balances or other customer-specific information cannot be provided for reasons of data protection.
- We ask for your understanding that the payment of compensation can only be made by transfer to an account at another bank.
All customers notified to us by AAB have received a personal letter about the payout case, and nearly all of them already received their compensation.
you have covered deposits at AAB, please use the form in our download area to provide us with your personal data and send it to [email protected] or to Einlagensicherung AUSTRIA, Wipplingerstraße 34/4/DG 4, 1010 Vienna, Austria.
Frequently asked questions (FAQ)
- Which deposits are covered by the deposit guarantee scheme?
In general, all credit balances on interest-bearing or non-interest-bearing accounts or saving books, such as salary and pension accounts, current accounts, fixed-term deposits, capital savings books or savings books payable on demand are covered.
We calculate your covered deposits on the basis of the data provided by the AAB. We will then transfer the compensation amount to you in euros to the account at another bank that you have provided us with.
If your deposit with AAB was held in a different currency, it will be converted into euros at the mid-rate of 03.03.2020.
- I hold a bearer savings book of AAB, secured with a password. Is the deposit on this savings book also guaranteed?
In general, deposits on so-called bearer savings books are also guaranteed. Such a savings book is not denominated in name, is secured by a password, and the deposit on the savings book is a maximum of € 15,000.
As this type of savings book is not assigned to a specific customer in the AAB customer system, you must register your bearer savings book on our payout website. To do so, please enter the savings book number and the password in the fields provided and upload a photo of the savings book showing the savings book number and the last entry of AAB.
The deposit on a bearer savings book will be included in your compensation amount after registration.
- Are only deposits of Austrian citizens guaranteed?
No, the nationality of the depositor is irrelevant. Therefore, deposits of customers who are not Austrian citizens are also guaranteed.
- Are deposits of minors guaranteed?
Yes, of course, deposits of minors are also guaranteed.
addition to the disclosure of the new account details, we require a letter signed by a parent or legal guardian or representative, in which, referring to the account number at the AAB, the account details disclosed to us online are confirmed. Please use the form in our Download area for this purpose.
- What about joint accounts?
A joint account is not held by one person, but by several persons. The basic principle that up to € 100,000 per person is secured, regardless of the number of accounts or savingbooks, also applies here. Therefore, provided that all account holders are legitimated, the maximum payout amount of € 100,000 applies to each account holder (multiple payout). The deposit on the joint account is to be distributed equally among the account holders.
If, for example, there is a deposit of € 200,000 in a joint account with two account holders, each of the two account holders is entitled to € 100,000.
The same applies analogously to joint savings books denominated in names. In this case, it must also be taken into account that before the guaranteed amount is paid out, any agreed password must be provided.
- What are temporary high balances (THB)?
In certain cases, you can make an application for compensation for your deposit over and above the general maximum amount of € 100,000 up to a total of € 500,000.
To do so, you must prove to us that the deposit has been credited to your account
- between 02.03.2019 and 02.03.2020, and either
- originates from real estate transactions in connection with privately used residential property, or
- fulfils social purposes provided for by law and is linked to certain life events of yours, such as marriage, divorce, retirement, termination, dismissal, disability or death, or
- is based on the payment of insurance benefits or compensation for physical injury resulting from criminal offences or false criminal convictions.
The deadline for filing applications is 12 months after the opening of insolvency proceedings, i.e. on 03.03.2021
- My deposits with AAB amount to more than € 100,000, but are no THB?
Deposits with AAB which we cannot compensate fully or - due to the legal maximum compensation limit - only proportionately can possibly be claimed in insolvency proceedings (HG Wien, GZ 5S29/20d). Please contact the insolvency administrator RA Dr. Georg Freimueller directly.