Payout case triggered
On 10.12.2024, the Commercial Court of Vienna opened insolvency proceedings on the assets of European American Investment Bank (EURAM). The bankruptcy petition was filed by the Austrian Financial Market Authority (FMA) on 06.12.2024, after EURAM Bank had already been completely prohibited from continuing its business operations by the FMA on 16.10.2024 by order pursuant to Section 7 Paragraph 2 Line 4 of the Banking Act with immediate effect.
As a result, customers no longer have access to the accounts held for them. In accordance with § 9 of the Deposit Guarantee and Investor Compensation Act (ESAEG), a compensation case has been triggered on 16.10.2024.
As the competent deposit protection and investor compensation scheme, we protect the claims of EURAM customers within the framework of the statutory provisions. Deposits of up to € 100,000 and investor compensation claims of up to € 20,000 per customer are covered.
In special cases (for example: the credit balance originates from the sale of a private 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.
Austrian Financial Intelligence Unit (A-FIU)
Due to EURAM Bank’s severe legal breaches in the area of the prevention of money laundering and terrorist financing, the A-FIU was informed about potential suspicions. ESA suspended reimbursement pursuant to article 14 para. 3 ESAEG, until the A-FIU states that there is no longer any reason to pursue the case further.
Currently, it is not possible to give an estimate on when the A-FIU will conclude the analysis of the case. Until the entire analysis procedure has been completed, the A-FIU will not issue any statement that there are no grounds for further prosecution to ESA.
Information from the Austrian Financial Intelligence Unit (A-FIU)
Content:
Downloads:
External links:
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, MA
„Still haven't submitted your new account details for deposits at EURAM Bank?
Please send as a note to: [email protected]”