![]() In the meantime a German bank, Bayerische Landesbank (Bayern LB), had initiated legal proceedings in Germany against Heta whereby one of the legal issues before the Munich local court was whether the Directive contemplates the application of its tools and powers to wind-down vehicles such as Heta. Liabilities affected by the moratorium include also bonds and all repayment claims arising out of Austria against the state of Carinthia and Kärtner Landesholding in relation to security granted for Heta liabilities. The FMA has received far-reaching powers conveyed upon its activities as the resolution authority, in order to be able to execute an orderly resolution in the event of the failure or threat of failure of an institution, and to ensure that financial market stability is maintained in Austria. The FMA may take measures for ensuring the continuity of services and avoiding adverse effects on financial stability by separating performing assets from impaired or under-performing assets.Īccordingly, the FMA issued an administrative ruling deferring the maturities of all debt securities issued by Heta and all other liabilities – including interest due dates – until (the moratorium). ![]() The Austrian Financial Market Authority (FMA) assumed the function of the national resolution authority on 1 January 2015. Heta is not a bank as defined by the EU’s Capital Requirements Regulation, but the application of the Directive to Heta has been achieved as a result of a discretionary additional article included during the transposition of the Directive into Austrian law. It transposed the EU Directive on the Recovery and Resolution of Credit Institutions and Investment Firms (the Directive) in Austria. ![]() The Austrian “Act on the Recovery and Resolution of Banks” (the Act), was passed in January 2015. When Hypo Alpe-Adria Bank International AG (Hypo), the Austrian bank, failed in 2014, the Austrian Government paved the way for the establishment of Heta Asset Resolution AG (Heta) as a wind-down vehicle to assume and manage large parts of its assets. The epubs are heavily illustrated with photos, drawings, renderings, videos, PDFs, and interactive 3D models.By Andreas Fillmann on OctoPosted in Cross Border, EU ![]() The east towers’ system of intersecting planes, like fissures out of the curved roofscape, is an early example of translating multifaceted constructions from digital to real space.Īs part of a multiyear project that includes three exhibitions on twenty-five seminal projects, the CCA and Greg Lynn are publishing a series of digital publications recording conversations with key architects. Hypo Alpe-Adria Center is composed of a series of folds which create contrasts of interior and exterior, dark and light, tight and open. This complex relationship between the rural and the urban, between earth and steel, was explored using digital tools such as FormZ. Situated at the eastern edge of Klagenfurt, the project’s scale and density needed to address its context. Not only did the brief call for supporting the functions of the new conglomerate, it also stipulated civic and commercial space for the local community. In the 1990s, Austrian based Hypo Alpe-Adria Bank group was expanding into a major international corporation and commissioned Morphosis to build its new headquarters based on the office’s winning entry to an invited competition. This publication presents Morphosis’s Hypo Alpe-Adria Center, a project located in Klagenfurt, Austria, that creates a new landform in order to mediate the edge-city condition.
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