Vienna banking scandal: Investigations against Euram Bank for infidelity!

Vienna banking scandal: Investigations against Euram Bank for infidelity!

The former Euram Bank in Vienna is the focus of an investigation by the Economic and Corruption Prosecutor's Office (WKStA). According to [OE24], untrust is being investigated against unknown perpetrators. The focus is on lending of the now insolvent and concessionless bank, which may not be economically justifiable. The bank is currently in the handling and has lost its license.

In the bankruptcy proceedings, creditor claims of 354 million euros were recognized, with Kanpp 345 million euros on customer deposits. In this case, deposit locks have proven to be particularly important. The [BAFIN] describes that legal compensation systems and institute -related security systems ensure that the deposits of customers are protected. In the case of Euram Bank, the deposit guarantee has registered a claim of around 41.9 million euros, which corresponds to the maximum secured deposit. Customer funds up to 100,000 euros are covered by the statutory deposit guarantee (ESA) and should therefore be satisfied.

payments and legal restrictions

However, current information shows that the withdrawals to customers are initially limited. At a first day of the court in the bankruptcy proceedings in March, a transfer to the money laundering suspected agency of the Federal Criminal Police Office, which requires this restriction. So far, only 140,000 euros have been paid to affected customers.

The investigators have expressed concerns about many customer data, which explains the ongoing investigations by the WKSTA. The question arises as to how the critical financial situation and the subsequent investigation could occur, while the deposit protection tries to protect the interests of customers.

deposit insurance and protection of customers

In Germany, according to the [BAFIN], banks that have permission to become a deposit and lending business are automatically members of an deposit guarantee system. The aim is to avoid the bankruptcy and liquidation of the institutes and to protect customers' deposits. Obitutions of up to 100,000 euros are legally secured. This system can also collect special contributions or take out loans to ensure protection in the event of damage.

As an additional measure, some banks offer voluntary deposit guarantee funds that go beyond statutory protection, but exist without legal entitlement. It is also interesting that values such as stocks and certificates are not protected by the deposit protection, while claims from securities transactions fall under the investor compensation.

The scenario around Euram Bank is a clear indication of the importance of the deposit guarantee systems and the need to systematically act against potential financial violations.