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Banking Supervision
The area of Banking Supervision involves performing the official tasks and exercising the powers which are assigned to the FMA and defined by the provisions of the Bankwesengesetz (BWG; Austrian Banking Act), Federal Law Gazette no. 532/1993 Art. I, the Sparkassengesetz (SpG, Savings Banks Act), Federal Law Gazette no. 64/1979, the Bausparkassengesetz (BSpG; Building Society Law), Federal Law Gazette no. 532/1993 Art. III, the Einführungsverordnung zum Hypothekenbank- und zum Pfandbriefgesetz (Introductory Regulation on the Mortgage Banks and Mortgage Bonds Act), Deutsches Reichsgesetzblatt (DRGBl, Reich Law Gazette) I p. 1574/1938, the Hypothekenbankgesetz (Mortgage Banks Act), Reich Law Gazette p. 375/1899, the Pfandbriefgesetz (Mortgage Bonds Act), Reich Law Gazette p. 492/1927, the Gesetz betreffend die Wahrung der Rechte der Besitzer von Pfandbriefen (Act on Safeguarding the Rights of Mortgage Bond Owners), Imperial Gazette no. 48/1874, the Bankschuldverschreibungsgesetz (Act on Bank Bonds), Imperial Gazette no. 213/1905, the Depotgesetz (Securities Deposit Act), Federal Law Gazette no. 424/1969 as well as the E-Geldgesetz (Act on Electronic Money), Federal Law Gazette I no. 45/2002 as amended and the accompanying regulations as amended.
The tasks of the Banking Supervision Department include in particular the performance of licensing, authorisation and notification procedures, the performance of supervisory procedures, the official supervision of intra-bank models, commissioning the OeNB to carry out on-site inspections, officially monitoring action taken by the credit institution to remedy shortcomings, the interpretation of the law with regard to banking supervision, collecting and analysing qualitative information, evaluating analysis results with respect to official measures and the involvement in legislation related to banking supervision, sending departmental representatives to international bodies, supervising branches and representative offices of foreign credit institutions as well as cross-border supervision within the scope of the Consolidating Supervision concept.
This Department consists of the divisions "Consolidating Supervision and Standards", "Supervision of Large Banks", "Supervision of Joint Stock Banks and Special Credit Institutions" and "Supervision of Decentralised Credit Institutions".
The "Consolidating Supervision and Standards" division is in particular responsible for controlling and advancing the Consolidating Supervision concept, the development and interpretation of the law with regard to banking supervision, for meeting the official requirements of Pillar 3 (disclosure and market transparency), issuing minimum standards and guidelines, for drawing up annual audit programmes pursuant to Article 70 para 1b of the Bankwesengesetz (BWG; Austrian Banking Act) and for commissioning on-site inspections as well as for supporting co-ordination bodies with the OeNB.
The "Supervision of Large Banks" division is in particular responsible for the licensing, authorisation and notification procedures, for supervisory procedures and for the official monitoring of models pursuant to the BWG, the SpG, the Mortgage Banks Act, the BSpG, the Mortgage Bonds Act, the Act on Safeguarding the Rights of Mortgage Bond Owners, the Act on Bank Bonds, the Securities Deposit Act, and the Act on Electronic Money, as well as for collecting and analysing qualitative information pursuant to Article 79 para 4a BWG, evaluating analysis results with respect to official measures and officially monitoring action taken by system-relevant credit institutions and groups of credit institutions to remedy shortcomings after on-site inspections. In order to fulfil its duties the division cooperates closely with foreign banking supervisors.
The "Supervision of Joint Stock Banks and Special Credit Institutions" division is in particular responsible for the licensing, authorisation and notification procedures, for supervisory procedures and for the official monitoring of models pursuant to the BWG, the Act on Bank Bonds, the Securities Deposit Act and the Act on Electronic Money, as well as for collecting and analysing qualitative information pursuant to Article 79 para 4a BWG, evaluating analysis results with respect to official measures and officially monitoring action taken by the joint stock banks and special credit institutions (especially also investment fund management companies) to remedy shortcomings after on-site inspections. In order to fulfil its duties the division will cooperate closely with foreign banking supervisors, if necessary.
The "Supervision of Decentralised Credit Institutions" division is in particular responsible for the licensing, authorisation and notification procedures, for supervisory procedures and for the official monitoring of models pursuant to the BWG, the Act on Bank Bonds, the Securities Deposit Act and the Act on Electronic Money, as well as for collecting and analysing qualitative information pursuant to Article 79 para 4a BWG, evaluating analysis results with respect to official measures and officially monitoring action taken by decentralised credit institutions to remedy shortcomings after on-site inspections. In order to fulfil its duties the division will cooperate closely with foreign banking supervisors, if necessary.
