The Austrian Financial Market Authority (FMA) and the Oesterreichische Nationalbank (OeNB) have set the priorities for their supervision activities during the second half of 2019 – in accordance with the priorities for supervision and inspections that have already been published – on the issues of IT/digitalisation, sustainable lending, and the further intensifying of their cooperation with supervisory authorities from Central and Eastern Europe (CEE).
- IT/Digitalisation: IT risks are becoming ever more significant due to the rapid pace of technological change. Therefore the FMA and OeNB will be reviewing in the coming months how fit for the future the IT infrastructure as well as how the management of IT risks is designed in the supervised entities.
- Sustainable lending: It must be ensured, especially in times with a high growth in lending, that the stability of the banks remains intact at all times. FMA and OeNB are therefore evaluating the standards for the granting of loans in banks with regard to risk and sustainability as well as their processes for granting of credit. Another focus is on the reduction of non-performing loans.
- CEE Cooperation: Many Austrian financial undertakings are active in Central and Eastern Europe. A cross-border financial market requires strong cross-border supervision. FMA and OeNB therefore intend to intensify the cooperation with supervisory authorities from the countries of Central and Eastern Europe and to expand bilateral contacts to supervisory authorities in the CEE region.
During the first half of 2019, the FMA and OeNB, in addition to their ongoing supervisory activities were also involved in preparations for banking supervision reform in Austria, which was halted as a result of political developments.
Journalists may address further enquiries to:
Ms. Annemarie Bauer Dr. Christian Gutlederer (OeNB)
+43/(0)1/24959-6007 +43/(0)1/404 20-6900
+43/(0)676/882 49 519