ÖBIB holds 100 %
of the shares of
FIMBAG Finanzmarktbeteiligung Aktiengesellschaft des Bundes was founded by ÖIAG on November 11, 2008 and is wholly-owned by ÖBIB. In accordance with the Financial Market Stability Act, FIMBAG is responsible for supporting the federal government’s measures to recapitalise credit institutes and domestic insurance companies. Prior to December 31, 2011, this was done by acquiring participation capital through a fiduciary, which had previously been underwritten by the federal government, and by managing and monitoring these equity interests. In its function as the federal government’s fiduciary, FIMBAG is responsible for monitoring compliance with the basic agreement between the federal government and the particular bank. Earnings from the federal government’s equity interests are transferred directly to the federal government. The fiduciary first acquired the federal government’s interests in banks in the form of common stock in February 2012.
By the end of 2015, FIMBAG had been transferred participation capital with a total face value of EUR 674 million. Participation capital from Erste Group Bank AG, BAWAG P.S.K. AG, and Raiffeisen Bank International AG has already been transferred back to the federal government.
Now that FIMBAG has fulfilled its essential responsibilities, the Council of Ministers decided in November 2015, at the request of Finance Minister Hans Jörg Schelling, to liquidate FIMBAG as of July 1, 2016. FIMBAG’s remaining duties will be allocated to a finance ministry department and Abbaubeteiligungsaktiengesellschaft des Bundes (ABBAG). ABBAG will be responsible for monitoring and winding up HETA Asset Resolution AG following the liquidation of FIMBAG.