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Last Update: 30.07.2013

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General Information - Banks

Banks - or credit institutions as termed by the Austrian Banking Act - are institutions authorised to carry out banking transactions on the basis of Article 4 Austrian Banking Act. (search company data base)

Among others - Banking transactions include following activities if carried out for commercial purposes (Article 1 para. 1 Austrian Banking Act): 

  • The acceptance of funds from other parties for the purpose of administration or as deposits (deposit business);
  • The provision of non-cash payment transactions, clearing services and current-account services for other parties (current account business);
  • The conclusion of money-lending agreements and the extension of monetary loans (lending business);
  • The safekeeping and administration of securities for other parties (custody business);
  • The issuance and administration of payment instruments such as credit cards and traveller's cheques; The issuance and administration of payment instruments such as credit cards and traveller's cheques, the term of crediting in the case of credit cards not being limited.
  • Trading for one's own account or on behalf of others in Foreign means of payment, Money-market instruments, Financial futures contracts, Interest-rate futures contracts, Transferable securities, Derivative instruments and financial instruments pursuant to Article 1 para. 1 no. 6 lit. e to g and j Securities Supervision Act 2007 for the credit institution's own account or on behalf of others;
  • The assumption of suretyships, guarantees and other forms of liability for other parties where the obligation assumed is monetary in nature (guarantee business);
  • The management of investment funds in accordance with the Investment Fund Act 1993 (investment fund business);
  • The management of real estate investment funds in accordance with the Real Estate Investment Fund Act (real estate investment fund business);
  • The purchase of trade receivables, assumption of the risk of non-payment associated with such receivables – with the exception of credit insurance – and the related collection of trade receivables (factoring business);
  • The brokering of transactions as specified in No. 1, except for transactions conducted by contract insurance undertakings; No. 3, except for the brokering of mortgage loans and personal loans by real estate agents, personal loan and mortgage loan brokers, and investment advisors; No. 7 lit. a where this applies to foreign exchange transactions and No. 8;
  • The purchase of foreign means of payment (e.g. notes and coins, cheques, traveller's letters of credit and payment orders) over the counter and the sale of foreign notes and coins as well as traveller's cheques over the counter (exchange bureau business);
  • ...et cetera...

In order to conduct the transactions named in Article 1 para. 1, institutions must be granted a licence by the FMA.

Disclaimer

Please notice that the quoted Banking transactions do not represent a exhaustive enumeration. You will find a legal enumeration of all Banking transactions in Article 1 Austrian Banking Act.

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