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Vienna, 14.03.2016 HETA: Federal government no longer involved, FMA now active Schelling: “We have worked hard to achieve an out-of-court settlement - the resolution process is continuing as usual”

“Since the requisite majorities were not achieved for by the Carinthian Compensation Payment Fund, the Austrian federal government is now no longer involved. The Austrian Financial Market Authority (FMA) is now active,” declared Finance Minister Dr Hans Jörg Schelling at today’s press conference held at the Ministry of Finance. “We have negotiated hard and have exhausted all options for achieving an out-of-court solution. Through their non-acceptance, the creditors have squandered a huge opportunity for a responsible solution,” added Schelling, expressing his regret that, as a result of the lock-up stance adopted, the commercially attractive offer was thus also denied to those who had wanted an economically-sensible solution. 

Non-acceptance of the offer has no immediate consequences, continued Schelling: “HETA has now undergone resolution in the normal manner. This means that the ball is now in the court of the Austrian Financial Market Authority which, in its capacity as the resolution authority, will issue a ruling on Heta by 31 May 2016; the ball also ultimately lies with the courts. The cut in debt will in any event be dramatically less than the offer.” 

Financing of the provincial state of Carinthia remains assured: “The Austrian federal government will continue to provide Carinthia with liquidity via the financial settlement and via financing by the Federal Financing Agency (ÖBFA). In no manner are we anticipating Carinthia’s insolvency,” stressed Finance Minister Schelling in conclusion.