Austrian Federal Minister of Finance Schelling: "Heta offer is fair, clear and non negotiable"

(ots) - Hans-Jörg Schelling, Austrian Minister of Finance,
welcomes the unanimous decision earlier this week by all Austrian
provinces and their finance secretaries to support Carinthia?s offer
to buy EUR 10.8 billion of Heta Asset Resolution bonds at a discount
and expects this decision to translate into additional acceptances of
nearly 15%.

In yesterday?s Bloomberg interview, Austrian Federal Minister of
Finance Hans Jörg Schelling said that he hopes the creditors accept
the offer for Heta Asset Resolution bonds which expires by March 11,
2016 as there?s not a chance of a second offer. "Time is running out
and the offer at 75 % of face value is clearly above market price."
The Minister reiterated that the Bund?s offer to contribute to the
financing of such an exercise is non-negotiable, particularly in
light of the impending hair-cut decision by the FMA as the resolution
authority.

The Minister expects the wind-down of HETA to continue over the
next three to five years, market conditions permitting. Should the
offer fail, Dr. Schelling expects that Carinthia will pursue all
legal avenues to defend itself against creditor guarantee claims once
HETA?s wind-down is complete. Should Carinthia become insolvent the
Bund would exercise its rights as the province?s largest creditor
holding claims currently of around EUR 3.5 billion.

The ECB and the financial market authorities told all creditors
they have to make a haircut of 50 %, now they would get 75 %. The
Minister commented: "I wonder why creditors would not accept this
generous offer, instead they would have to go a long way through the
courts to clear up the liabilities of Carinthia. It will take at
least 10 years. I?m completely ruling out that the Austrian federal
government will pay Carinthia?s Heta debt as that?s not possible by
law."

Rückfragehinweis:

Austrian Federal Ministry of Finance
Press office
Tel. +43 1 514 33-501 030 or 501 031
bmf-presse(at)bmf.gv.at

Digitale Pressemappe: http://www.ots.at/pressemappe/53/aom

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Bereitgestellt von Benutzer: ots
Datum: 12.02.2016 - 10:08 Uhr
Sprache: Deutsch
News-ID 1320185
Anzahl Zeichen: 2426

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