The Oesterreichische Nationalbank (OeNB), the largest Austrian banks and insurance companies as well as the Austrian federal government have agreed on a support deal to ensure normal operations at BAWAG P.S.K. until the group’s planned sale. Prior to this decision, several key legal issues had been clarified by the Austrian Financial Market Authority and the Federal Ministry of Finance.
Under the deal agreed upon, the four credit institutions BA-CA, Erste Bank, ÖVAG and RZB and the four insurance corporations Allianz, Generali, Uniqa and Wiener Städtische founded two corporations on Wednesday to provide support for BAWAG P.S.K. While BA-CA, Erste Bank and RZB will each contribute EUR 100 million and ÖVAG EUR 50 million in capital to one corporation, each of the four insurance companies will contribute EUR 25 million to the second corporation. BAWAG P.S.K. will hold a controlling stake of 20% in both corporations.
This arrangement enables BAWAG P.S.K. to increase its eligible capital (tier 1 capital) by EUR 450 million. As a group, BAWAG P.S.K. thus again achieves an adequate capital ratio. To limit the risk exposure for the participating banks and insurance corporations as much as possible, the fundsprovided maybe invested exclusively in top-rated euro government bonds.
In a first move to bail out BAWAG P.S.K., the Austrian parliament approved a federal act in mid-May that provided the basis for a EUR 900 million government guarantee.
The conclusion of settlement negotiations in the U.S.A., the preparation of the balance sheet for 2005 backed by the federal government guarantee and the improved capital situation have prepared the ground for going ahead with the sale process in a professional manner and on schedule.
The steadfast support provided for BAWAG P.S.K. by the key players of the Austrian financial market firmly attests to the determination of Austria’s federal government, the Austrian Financial Market Authority and the OeNB to secure a common goal: maintaining the stability of the Austrian financial market.
Inquiries:
Oesterreichische Nationalbank
Abteilung für Öffentlichkeitsarbeit
Tel.: +43-1-40420-6666
Bank Austria Creditanstalt
Peter N. Thier, Pressesprecher / Spokesman
8425 Pressestelle Österreich / Lassallestrasse 1, 1020 Wien / Vienna / Österreich / Austria
Tel. +43(0)50505-52371, Fax +43(0)50505-52807
mailto: peter.thier@ba-ca.com; http://www.ba-ca.com
Erste Bank der oesterreichischen Sparkassen AG
Michael Mauritz, Pressesprecher/Spokesman
Leiter Konzernkommunikation/Head of Corporate Communications
Tel. +43 (0) 50100-19603, Mobil: +43 (0) 664-8180562
mailto: Michael.Mauritz@erstebank.at
Österreichische Volksbanken-AG
Mag. Uschi Eripek, Öffentlichkeitsarbeit
Peregringasse 3, 1090 Wien, Austria
Tel: +43 (0)50 4004- 3838
mailto: uschi.eripek@oevag.volksbank.at
Raiffeisen Zentralbank Österreich AG (RZB)
Andreas Ecker-Nakamura, Head of Public Relations and Spokesperson
Am Stadtpark 9, A-1030 Wien, Austria,
Tel. +43-1/717 07-1753, Fax +43-1/717 07-3802
mailto: andreas.ecker@rzb.at; http://www.rzb.at
Unternehmenskommunikation Allianz Elementar Versicherungs-Aktiengesellschaft
Allianz Elementar Lebensversicherungs-Aktiengesellschaft
Dr. Marita Roloff
Hietzinger Kai 101-105, 1130 Wien
Tel: +43-1/878 07 – 80726, Fax: +43-1/878 07 – 40261
mailto: marita.roloff@allianz.at; www.allianz.at
Generali Holding Vienna AG
Josef Hlinka, Konzern-Kommunikation
Landskrongasse 1-3, 1010 Wien, Österreich
Tel. +43-1-534 01-1375, Fax +43 -1-534 01-1593
mailto: josef.hlinka@generali.at
UNIQA Group Austria
Presseservice
Norbert Heller, Pressesprecher
Untere Donaustrasse 21, 1029 Wien
Tel.: +43-1-211 75-3414 ,Fax.: +43-1-211 75-3619, Mobil: +43-664 112 02 37
mailto: norbert.heller@uniqa.at
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
Mag. Barbara Hagen-Grötschnig, MBA, Leitung Unternehmenskommunikation
Schottenring 30, 1010 Wien
Tel.: +43 (0)50 350-21027, Fax: +43 (0)50 350 99-21027, Mobil: +43 (0)50 350 90-21027
mailto: b.hagen@staedtische.co.at