15.04.2025 - Start of compensation
On 10 April 2025, ESA was granted access to the files by the Public Prosecutor's Office for Economic Affairs and Corruption (WKStA). Over the following days, ESA was able to assess for itself that no criminal investigations are currently being conducted against the majority of EURAM's depositors that would prevent compensation according to the ESAEG. ESA has therefore started to compensate these depositors in accordance with the necessary scrutiny under sanction law.
For some of the depositors, the collection of further necessary information and further clarification with the WKStA is underway.
24.01.2025 - Investigation by prosecution authorities
In the course of the analysis procedure, the A-FIU became aware of information that is relevant with regard to money laundering, related prior offences related to money laundering or terrorist financing. The results of the analysis were therefore forwarded by the A-FIU to the competent prosecution authorities. These authorities are now responsible for investigating any initial suspicion of a criminal offence.
The A-FIU therefore cannot and will not make a declaration to ESA pursuant to Section 14 (3) ESAEG that there are no grounds for further prosecution.
Until clarification by the prosecution authorities, ESA is still unable to pay any compensation for depositors.
13.12.2024 - Investigation by the Austrian Financial Intelligence Unit (A-FIU)
On 13 December 2024, ESA was informed by the A-FIU that until the entire analysis procedure has been completed, the A-FIU will not make a declaration to ESA that there are no grounds for further prosecution. ESA therefore must continue to suspend the reimbursement of covered deposits in accordance with Section 14 (3) ESAEG.
Information letter from the Austrian Financial Intelligence Unit (A-FIU)10.12.2024 - Opening of insolvency proceedings
At the request of the FMA, bankruptcy proceedings were opened on 10 December 2024 by the Commercial Court of Vienna against the assets of the European American Investment Bank in liquidation (EURAM) (file number 5 S 225/24h).
16.10.2024 - Triggering of the payout case
On 16 October 2024, the Financial Market Authority (FMA) issued a decision pursuant to Section 7 (2) (4) of the Austrian Banking Act (BWG) prohibiting the European American Investment Bank (EURAM) from continuing its business operations with immediate effect.
As a result, depositors no longer have access to the accounts held for them. In accordance with Section 9 of the Deposit Guarantee and Investor Compensation Act (ESAEG), this triggered a payout case.
As the competent deposit guarantee and investor compensation scheme, we protect the claims of EURAM customers in accordance with the statutory provisions.
Deposits of up to € 100,000 and investor compensation claims of up to € 20,000 are covered per customer.
In special cases (for example: the deposit originates from the sale of a privately used residential property), the compensation can total up to € 500,000 in accordance with Section 12 ESAEG. You can find out more about these ‘temporary high balances’ (THB) here.
The Austrian Financial Intelligence Unit (A-FIU) established at the Federal Criminal Police Office was informed by the FMA about the developments at EURAM Bank due to the serious non-compliance with the law in the area of prevention of money laundering and terrorist financing. ESA has therefore to suspend the reimbursement of the covered deposits pursuant to Section 14 (3) ESAEG until the A-FIU declares that there are no grounds for further prosecution.
Content:
Downloads:
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Next steps
All EURAM depositors were - irrespective of their place of residence - informed by post about the payout case and instructions on the procedure. After receiving the letter you will be able to online submit us your account details for the compensation.
We aim to pay out the compensation as quickly as possible.
ESA Hotline:
Toll-free in Austria: 0800 40 43 45
International: +43 (1) 358 90 34
[email protected]
General information
- Priority processing is not possible for procedural reasons.
- We cannot provide information on account balances or other customer-specific information with regard to data protection.
- Compensation will only be paid out by transfer to the customer's account at another bank.
- Questions about account movements prior or past 16 October 2024 must be directed exclusively to EURAM.
- Securities are not deposit protected. The securities held in the securities account are held by EURAM solely on behalf of you and must be transferred to you at any time. Please find the form for transfer in our download area.
Contact EURAM Bank:
+43 (1) 512 38 80-0
[email protected]
Compensation procedure
The basis for calculating the compensation amount is the customer and account data provided to us by EURAM, which we are currently evaluating. The compensation amount will be paid out by transfer to the customer's account at another bank. We ask for your understanding that we do not make cash payments for operational reasons.
In respect of the serious deficiencies identified by the FMA at EURAM in the field of anti-money laundering, we need to coordinate the compensation payments with the Austrian Financial Intelligence Unit (A-FIU). This may result in delays.
FAQ
- Which deposits are covered by the deposit guarantee?
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 EURAM. We will then transfer the compensation amount to you in euros to the account at another bank that you have provided us with.
- 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.
In 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 EURAM, the account details disclosed to us are confirmed. Please contact [email protected] 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.
- My deposits with EURAM amount to more than € 100,000. What happens to the part of the deposits that exceeds € 100,000?
We guarantee a maximum of € 100,000 per depositor (including the pro rata interest accrued up to 15 October 2024). Deposits with EURAM which we cannot compensate fully or - due to the legal maximum compensation limit - only proportionately can possibly be claimed in insolvency proceedings (HG Wien, 5S225/24h). Please contact the insolvency administrator Dr. Thomas ENGELHART directly.
- 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 17 October 2023 and 16 October 2024 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.
THB applications must be filed within 12 months after the opening of the payout case, which means until 17 October 2025 latest.
You can download an application form in our download area.
- How do I receive account balances?
To get your account balances, please contact the Bank directly.
ESA has no knowledge about any transactions and therefore is not able to provide you any information on this.
- Contact EURAM?
- Contact insolvency administrator?
Engelhart Richter & Partner Rechtsanwälte OG
Dr. Thomas ENGELHART
Esteplatz 4/13
1030 Vienna, Austria
[email protected] - Securities?
Securities are not deposit protected. The securities held in the securities account are held by EURAM solely on behalf of you and must be transferred to you at any time. Please find the form for transfer in our download area.
What is guaranteed?
Who is covered?
Deposits exceeding € 100.000?
Account balances? Contacts?
Are securities covered? Securities account?
Stefan Popadić
„Still haven't submitted your new account details for deposits at EURAM Bank?
Please send as a note to: [email protected]”