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1. Recent resolution cases
After having determined that Sberbank Europe AG (Austria), Sberbank d.d. (Croatia) and Sberbank banka d.d.(Slovenia) were failing or likely to fail and having instructed the use of a moratorium on Monday 28 February, the SRB adopted on Tuesday 1 March the decisions to resolve the Slovenian and Croatian subsidiaries of Sberbank and that no resolution action was necessary for the Austrian parent.
The SRB found that resolving the two subsidiaries was necessary in order to protect financial stability and avoid disruption to the Croatian and Slovenian economies, whereas the SRB found that the Austrian parent was not considered to provide critical functions to the economy, and winding it up under normal insolvency proceedings would not have a negative impact on financial stability or the economy.
As such, the SRB used the sale of business tool and transferred all shares of the group’s Croatian and
Slovenian subsidiaries to, respectively, Croatian Postbank and Nova ljubljanska banka d.d. (NLB d.d.). The banks opened the morning after (2 March) as normal, with no disruption to depositors or clients, having become part of well-established, robust and stable banking groups. Insolvency procedures are being carried out for the Austrian parent according to national law, and eligible deposits (up to €100,000) have been protected by the Austrian deposit guarantee system.
The SRB’s decisions achieved the resolution objectives, in particular the objective of safeguarding financial stability, to protect public funds and depositors, and ensure the continuity of critical functions...
more at SRB