The Financial Market Supervisory Authority (FMA) filed a lawsuit yesterday with the Vienna Commercial Court to declare the assets of the private Austrian bank EURAM (European-American Investment Bank), which is currently undergoing liquidation, the electronic media reported, citing information from the APA news agency. The announcement recalls that the bank had previously notified the supervisory authority of its over-indebtedness caused by non-performing loans, with its debts estimated at around 300 million euros, BTA and Debate quoted.
For some time now, EURAM has been operating only on a limited scale: at the beginning of the year, the regulator banned the bank’s new activities due to violations of the law on anti-money laundering in financial markets related to the prevention of money laundering and terrorist financing. As a result, the FMA issued an order to “restore the legal status”. The FMA later appointed an administrator to the bank and gave it an ultimatum: increase its capital by 25 million euros or go into liquidation.
In mid-October, EURAM was banned from continuing its operations with immediate effect, leading to a freeze on payments on guaranteed deposits.
However, in October it became known that many customers would likely have to wait longer to receive their funds. Following the bank's closure, some of them are being investigated by the Federal Criminal Police Office's Money Laundering Reporting Center for suspected money laundering.
EURAM was a private bank founded in 1999 and operated in Europe, Russia, the Middle East and Central Asia. It specialized in private banking, real estate financing and asset management, APA reminds
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