- Following the European Central Bank’s assessment, the Single Resolution Board has today decided that Sberbank Europe AG in Austria and its subsidiaries in Croatia (Sberbank d.d.) and Slovenia (Sberbank banka d.d.) are failing or likely to fail.
- The decision follows a rapid and significant deterioration of the banking group’s liquidity situation.
- The SRB has applied a suspension of payments, enforcement and termination rights, known as a moratorium, to the three banks, Sberbank Europe AG (Austria), Sberbank d.d. (Croatia) and Sberbank banka d.d. (Slovenia). Depositors will be able to withdraw a daily allowance amount, determined by the respective national resolution authorities.
The SRB is the resolution authority for Sberbank Europe AG and its subsidiaries in the Banking Union (Croatia and Slovenia) and responsible for determining failing or likely to fail following the ECB’s assessment. The SRB is now considering the next steps for the banks with the aim of preserving financial stability in the Banking Union, in line with its mandate, i.e. whether resolution action in respect of any of the entities within the Banking Union would be in the public interest. In any case, eligible deposits up to €100,000 are protected by law.
The moratorium means that until 1 March at 23:59:59:
- all payment or delivery obligations pursuant to any contract to which Sberbank Europe AG, Sberbank d.d. (Croatia) or Sberbank banka d.d. (Slovenia) are parties, including eligible deposits, are suspended, with the exception of payment or delivery obligations to the following:
- systems and operators of systems designated in accordance with Directive 98/26/EC;
- CCPs authorised in the Union pursuant to Article 14 of Regulation (EU) No 648/2012 and third-country CCPs recognised by ESMA pursuant to Article 25 of that Regulation;
- central banks.
- all secured creditors of Sberbank Europe AG, Sberbank d.d. (Croatia) or Sberbank banka d.d. (Slovenia) are restricted from enforcing security interests in relation to any of the assets of those institutions; and
- all the termination rights of any party to a contract with Sberbank Europe AG, Sberbank d.d. (Croatia) or Sberbank banka d.d. (Slovenia) are suspended.
During the moratorium, depositors will be able to withdraw a daily allowance amount, determined by the respective national resolution authorities. Please see the notices published by the respective national authorities.
Eligible deposits up to €100,000 are protected in line with the national laws transposing Directive 2014/49/EU.
- SRB press release in Croatian, in Czech, in German, in Hungarian, in Slovenian
- ECB press release
- Austrian Financial Market Authority press release in German, in English
- Croatian National Bank press release
- Bank of Slovenia press release
- Czech National Bank press release
- Central Bank of Hungary national resolution authority press release
About Sberbank Europe AG
- Sberbank Europe AG is a universal bank operating in Banking Union Member States Austria, with a branch in Germany, Croatia and Slovenia, as well as in EU member States Czech Republic and Hungary and third countries Bosnia and Herzegovina and the Republic of Serbia.
- It operates 185 branches and has more than 3,933 employees.
- Sberbank Europe AG reported €13.64bn total assets at consolidated level and €6.82bn in the Banking Union (BU) entities in Austria, Croatia and SIovenia (aggregated).
- The bank operates in the following sectors:
- Corporate: loans and global market services to large corporates;
- SMEs: loans and account services to SME companies across Central and Eastern Europe;
- Retail: mortgage and consumer loans, deposits and account services to retail clients in all markets, including through its online branch in Germany.
For information on the situation in Bosnia and Herzegovina and the Republic of Serbia, please refer to their regulatory authorities, the Central Bank of Bosnia and Herzegovina and the National Bank of Serbia.
- Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010.
- Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council.
Media contact details for national resolution authorities:
- Austrian national resolution authority, Financial Market Authority: Klaus Grubelnik, email klaus.grubelnik [a] fma.gv.at, tel (+43-1) 249 59 6006
- Croatian national resolution authority, Croatian National Bank: email press [a] hnb.hr; tel (+385) 1 4565 006
- Slovenian national resolution authority, Bank of Slovenia: pr [a] bsi.si (pr@)pr [a] bsi.si (bsi.si); tel (+386) 1 47 19 400, (+386) 1 47 19 122
Czech National Bank Communications Division: Markéta Fišerová; Petra Vodstrčilová email: media [a] cnb.cz , tel: (+420) 224 412 013
Contact our communications team
Recent press releases
The SRB publishes today its 2023 Annual Work Programme, setting out its objectives and priorities for the year ahead. It is the final year of the...
Today, the Single Resolution Board (SRB) has published its minimum requirement for own funds and eligible liabilities (MREL) dashboard for Q2.2022...