According to the Finance Ministry, Heta has already cost Austrian taxpayers about €5.5bn ($6.2bn) and may require an additional €7.6bn.
In 2009, Hypo Alpe, the predecessor of Heta was nationalized after it was close to collapse due to bad loans.
When Heta was set up last year, it is said to have kept around €18bn worth of Hypo’s assets since then.
The immediate debt moratorium means that €950m of bonds which are due 6 March and 20 March will not be repaid.
Heta is working on a liquidity- and wind-down-plan that has to meet the requirements of the Bundesgesetz zur Schaffung einer Abbaueinheit (Federal law for creation of a wind-down unit;GSA) to wind-down the assets in quickest-possible manner.
Such liquidity and wind-down-plan will also affect Heta’s financial statements for fiscal 2014.
The Austrian Minister of Finance notified the Austrian Financial Market Authority and Heta that no further measures in accordance with the Bundesgesetz über Maßnahmen zur Sicherung der Stabilität des Finanzmarktes (Federal Act on Financial Market Stability; FinStaG) will be taken.
