Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive”), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

At the request of the Single Resolution Board (SRB) SBERBANK Europe AG, domiciled in Vienna, was placed under a moratorium by the Austrian Regulator, FMA, on 27 February 2022. Despite measures SBERBANK took to stem the outflow of funds the SRB decision finds it is likely to be unable to meet its payment obligations at maturity. SRB also held that current and future sanctions – US sanctions limiting access to USD supply by correspondent banks only take effect on 26 March 2022 – make it unlikely that SBERBANK’s liquidity situation will quickly recover. The FMA implemented the SRB’s decision of 27 February 2022 (SRB EES-2022-16), as per the provisions of the Austrian Act on Restructuring and Liquidation of banks (BaSAG) and Art 29 SRM Regulation.

The Lexitor decision of the ECJ, dealing with the interpretation of the Directive on Consumer Credit Agreements (2008/48/EC), requires the Austrian legislator to amend the Consumer Credit Act (VKrG) and the Consumer Mortgage Act (HIKrG).

After Easter customers will be allowed to enter hardware and garden stores, stores of construction materials, iron and wood shops and shops where the customer area does not exceed 400 m². Regarding the Corona Relief Fund the government announced first broad lines. This once again prompted us, to update our…

After Easter customers will be allowed to enter hardware and garden stores, stores of construction materials, iron and wood shops and shops where the customer area does not exceed 400 m². Regarding the Corona Relief Fund the government announced first broad lines. This once again prompted us, to update our…