The Executive Directors of the Austrian Financial Market Authority (FMA), Helmut Ettl and Kurt Pribil, welcomed the strategic decision on banking supervision in Europe that was taken at yesterday’s euro summit in Brussels. “Key steps were taken here to strengthen banking supervision in Europa,” they stated. The decisive point, they said, was that a centralised European supervisory institution would be created with appropriate powers. Specifically, in addition to continued regulation and supervision, the centralised banking supervisory authority would be vested with powers for restructuring and reorganising banks. The new arrangement would be backed up through giving banks access to the European Stability Mechanism (ESM), they noted. “This will place banking regulation and supervision on a strong foundation, particularly with regard to large banking groups active across borders,” Ettl and Pribil observed. “And that is the right approach, because an integrated European financial market needs strong, centralised banking supervision.”
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676/882 49 516