The Austrian Financial Market Authority (FMA) has today appointed Michael Spitzer with immediate effect as a temporary administrator pursuant to Article 46 of the Bank Recovery and Resolution Act (BaSAG; Bundesgesetz über die Sanierung und Abwicklung von Banken) by means of an administrative decision for “Raiffeisenbank Althofen – Guttaring, registrierte Genossenschaft mit beschränkter Haftung” with its registered office at Kreuzstraße15, 9330 Althofen.
The appointment of a temporary administrator constitutes an early intervention measure, and allows the FMA to counteract actual or potential breaches against provisions under supervisory law at the earliest possible stage. The task of the temporary administrator is to exercise all of the powers conferred upon them, in order to by able to safeguard the bank’s banking operations as well as to initiate solutions for compliance with supervisory law. For this purpose, the managers and directors of the Bank are instructed by means of an administrative decision to cooperate with the temporary administrator and to in particular actively involve them operatively in all agendas and competences in accordance with the bank’s rules of procedure. In addition, the temporary administrator must be consulted prior to certain decisions being taken by the senior management and the management board, and their approval obtained. Furthermore, the temporary administrator is granted a power of representation to be able to replace the bank’s senior management in the event that the bank does not have a management body.
This early intervention measure applies until the need for early intervention is lifted, but is limited to a maximum period of twelve months.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 (0)676 88249516
+43 (0)1 249 59 – 6006