On October 8, 2008, the Austrian Financial Market Authority FMA issued an administrative decision (Bescheid), pursuant to Article 57 par. 1 of the Allgemeines Verwaltungsverfahrensgesetz (AVG; Code of Administrative Procedure) in conjunction with Article 15 par. 3 of the Bankwesengesetz (BWG; Banking Act), which with immediate effect prohibits in part the responsible managers of the Austrian branch of “Kaupthing Bank hf” (Kaupthing Edge) of Iceland from conducting the business operation. On account of imminent danger, the branch is prohibited from accepting deposits and from transferring any deposits which have accumulated in an Austrian bank account since the account was opened. This measure will apply for the duration of the danger but for no longer than 18 months.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516