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Terms found Action for the restoration of ownership Amended dismissal Annuity Appeal against a decision Asset Assignment of Claims (Cession) Austrian Public Employment Service (AMS) Banking secrecy Bankruptcy proceedings BaSAG Book value / carrying amount Branch Brokerage Agreement Building Law Business Business entity Call for Tenders Capitalisation Casual Employment Certification Change in Operations Collective Bargaining Agreement Company Agreement Company Pension Comparison of business assets Compensation Compliance Compulsory enforcement Consumer Protection Act Corporate Reorganisation Act (URG) Corporation Covenants Debt restructuring Debtor Declaration of consent Decree Deferral Discount Dividend Double taxation Double-entry bookkeeping Easement Employee Stock Ownership Equity Equity loan Factoring Fees Act Financial plan Foreclosure sale Foreign-currency loan General partnership General Protection Against Dismissal Global assignment GmbH Group taxation Guarantee Guarantee credit Hidden reserves Hire Purchase Insolvency Insolvency Act Insolvency administrator Insolvency estate Insolvency register Inspection of the Land Register Inventory Land Register Letter of comfort Lien Limited partnership Liquidation Loan Loss Carryforward Maternity leave Merger Natural person Nominal value Option Outsourcing Part-time work Partnership Personal insolvency Pledge principle Preliminary decision on an appeal Progression Prohibition of alienation and encumbrance Prohibition on the repayment of deposits Property income tax Provision Proxy Public Limited Company Reallast Repayment Restriction on Transfer Restructuring proceedings Retention of title Revision Right of first refusal Right of retention Rights in rem Self-consumption Severance Pay Severance Pay new Severance Pay old Shareholder loans Short-time work Silent partnership Skimming procedure Social Plan Sole Proprietorship Standard value Stock Subscription right Superstruction Supervisory Board Tenancy agreement Works Council

BaSAG

What is the BaSAG?

The “Federal Act on the Recoveryand Resolution of Banks” (BaSAG) came into force on 1 January 2015, thereby transposing the Directive on the restructuring and resolution of credit institutions and investment firms into Austrian law. The main aim was to relieve the burden on public finances – and thus on taxpayers – arising from the costs of bank resolution. The BaSAG stipulates, on the one hand, that banks must draw up recovery plans and, on the other hand, that the resolution authority (FMA) must draw up resolution plans. The BaSAG also provides the supervisory authority with the opportunity to intervene at an early stage and grants it additional powers of intervention as early intervention measures. For the resolution phase, the national resolution authority established for this purpose has been granted far-reaching powers and resolution tools.

 

Learn more about our insolvency and restructuring division. Please feel free to contact us for further information.