Pfandbriefbank (Österreich) AG

BUSINESS ACTIVITIES

last update:
22/06/16

Incorporation, Duration and Company Seat

By January 15th 2015 Pfandbriefstelle der österreichischen Landes-Hypothekenbanken (“Pfandbriefstelle”) transferred its entire banking operation into the newly founded stock corperation Pfandbriefbank (Österreich) AG (“Pfandbriefbank”) by way of universal succession (pursuant to Art. 92 or the Austrian Banking Act).

Pfandbriefstelle was founded as a public law entity by ministrial decree on March 27, 1939 under the company name "Pfandbriefstelle Ostmärkischer Landes-Hypothekenanstalten". The decree was published in the Legal Gazette for the State of Austria on April 19, 1939. As per decision of the Supervisory Board of March 16, 1949 which was approved by the Austrian Federal Ministry of Finance on April 23, 1949, the name was changed to "Pfandbriefstelle der österreichischen Landes-Hypothekenanstalten" and its legal status was changed to a public law credit institution (öffentlich-rechtliches Kreditinstitut). On May 30, 1978 a further name change into "Pfandbriefstelle der österreichischen Landes-Hypothekenbanken" was inplemented. In June 2015 its name was changed again to its current company name „Anteilsverwaltung der Pfandbriefstelle der österreichischen Landes-Hypothekenbanken“ (still "Pfandbriefstelle").

On April 30, 2004 the legal basis of Pfandbriefstelle was adopted to the understanding between the EU-Commission and the republic of Austria concerning the abolishment of public guarantees for Pfandbriefstelle. Thus a new Pfandbriefstelle-Act (Pfandbriefstelle-Gesetz) was resolved by the Austrian parlament.

Pfandbriefbank has its headquarters at Brucknerstrasse 8, A-1040 Vienna, Austria. It is registered in the Companies´ Register kept at the Commercial Court Vienna under number FN 422885 s.

Business of Pfandbriefbank

Pfandbriefbank is a credit institution in the meaning of Art 1 in conjunction with Art 3 paragraph 6 of Banking Act that, on the basis of its articles of association, exclusively issues debt securities as trustee for the account of other credit institutions, with Pfandbriefbank bearing only the management risk. (Art 3 para 6 Banking Act / BGBl. I 184/2013).

Objects of business
See Art 1 para 1 no 9 of Banking Act (Securities underwriting business) except the issuance of covered bank bonds.

These are:
• The issuance of mortgage bonds,
• the issuance of municipal bonds and
• the investment of proceeds from such instruments in accordance with the applicable legal provisions

In accordance with the aforementioned provisions issues are only issued in the form of debt securities the proceeds of which are made available to the members of Pfandbriefstelle according to the contractual relationship between Pfandbriefbank and the members of Pfandbriefstelle.

Pfandbriefbank is also authorised to carry out all other activities which are directly related to the above mentioned banking activities or which constitutes ancillary services to such banking activities (Art 1 para 3 of Banking Act).

Shareholder

Pfandbriefbank (Österreich) AG is a bank under Austrian Law. 100 percent of its shares are held by Pfandbriefstelle.

Covernmental supervision and liability institutes of Pfandbriefstelle

The Financial Market Authority (FMA) is in charge of the banking supervision. In accordance with the Pfandbriefstelle-Act and Art 92 of the Austrian Banking Act the member institutes of Pfandbriefstelle and their respective liable public authorities (Gewährsträger) are jointly and severally liable for all obligations of Pfandbriefbank. In these cases in an event of default, a recourse against any or all of the member institutes and their respective liable public authorities is possible. In addition all member institutes - except Salzburger Landes-Hypothekenbank AG, Salzburg - are covered by deficiency guarantees (Ausfallsbürgschaft) of their respective federal provinces. These public guarantees also fade out until 1 April 2007 (liabilities accrued to and existing at 2nd of April, 2003 are covered irrespective of their maturity. After that date newly created liabilities accrued to 1st of April, 2007 shall be covered by the provinces provided that their maturity does not go beyond 30th of September, 2017).

Zum Anfang