The purpose of macroprudential supervision is to identify and analyse in advance any risks to the stability of Austria’s financial system, In Austria this role is performed by the Financial Market Stability Board (FMSB ), which was established in 2014. This page covers detailed information about macroprudential supervision as well as the duties that are performed by the FMSB .
What is macroprudential supervision?
The purpose of macroprudential supervision is to identify and analyse in advance any risks to the stability of Austria’s financial system. In addition to cyclical and structural risks, such may include fundamental issues relating to incentive problems in the financial system. Specific instruments are available to macroprudential supervision as a means of counteracting any potential threats to the stability of the financial system. It may for example require a bank from which a risk of serious disruption to the financial system emanates to maintain additional capital buffers. The creation of macroprudential supervision is a response to a timely and relevant lesson learned from the financial crisis.
Role of the Financial Market Stability Board
The FMSB has been established as a central decision-making body for the purpose of implementing macroprudential supervision in Austria. Based on the expertise provided by the member institutions, the FMSB reviews issues of relevance to financial market stability, and can make recommendations to the FMA or issue risk warnings.
Members of the Financial Market Stability Board
The FMSB Chairperson is Nadine Wiedermann-Ondrej, Head of Department, Legal Matters on Insurance, Legal Matters on Auditor Oversight and State Guarantees at the BMF . Alfred Katterl, head of the General Economic Policy Department, was appointed Vice-Chairperson. Sigrid Part and Karin Fischer serve as their deputy members. The Fiscal Advisory member Elisabeth Springler represents that institution in the FMSB . The deputies are Peter Riedler and Harald Waiglein. The FMA is represented by Executive Director Eduard Müller, with Executive Director Helmut Ettl serving as substitute member. OeNB Vice-Governor Gottfried Haber and Director Markus Schwaiger were appointed as members by that institution.