The Austrian Financial Market Authority (FMA) today issued an administrative decision which completely prohibits the licensed credit institution “AutoBank AG” with its registered office at Gertrude-Fröhlich-Sandner-Straße 3, 1100 Vienna, from continuing business operations with immediate effect and has appointed the external auditor, Dorotea-E. Rebmann as government commissioner.
Pursuant to Article 70 para. 2 of the Austrian Banking Act (BWG; Bankwesengesetz) the FMA may “in cases of the fulfilment of the credit institution’s obligations to its creditors being endangered, in particular for the safeguarding of assets that have been entrusted to it, issue an administrative decision ordering temporary measures in order to avert such danger, with such measures ceasing to be effective at the latest 18 months after they enter into effect.”
For this purpose, the FMA may “completely or partly prohibit the continuation of business operations” pursuant to Article 70 para. 2 no. 4 BWG and may pursuant to Article 70 para. 2 no. 2 BWG “appoint an expert supervisor (government commissioner) who is an attorney at law or external auditor.” Pursuant to Article 70 para. 2 no. 2 lit. b BWG, this expert supervisor shall “in cases where the credit institution is completely or partly prohibited from continuing business/transactions, allow individual transactions which do not exacerbate the danger mentioned above.”
The FMA measures are taken to protect the financial interests of the creditors as well as safeguarding the assets that have been entrusted to the supervised entity.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson):
+43 / (0)1 / 24959-6006
+43 / (0)676 / 88 249 516