The Austrian Financial Market Authority (FMA) has today (22 November 2019) appointed with immediate effect by means of an administrative decision external auditor Mag. Friedrich Otto Hief as government commissioner to work alongside the management board of the licensed credit institution Anglo Austrian AAB Bank AG (previously Meinl Bank) with its registered office at Bauernmarkt 2, 1010 Vienna.
Pursuant to Article 70 para. 2 of the Austrian Banking Act (BWG; Bankwesengesetz), the FMA may “issue an administrative decision ordering temporary measures in order to avert danger, with such measures ceasing to be effective at the latest 18 months after entering into effect, where the fulfilment of the credit institution’s obligations to its creditors are endangered, in particular for the safeguarding of assets that have been entrusted to it.”
In particular, pursuant to Article 70 para. 2 no. 2 BWG the FMA may “appoint an expert supervisor (government commissioner), who is an attorney at law or an external auditor.” Pursuant to Article 70 para. 2 no. 2 lit. a BWG the supervisor shall “prohibit the credit institution from performing any transactions which might serve to exacerbate the aforementioned danger.”
The appointment of the government commissioner by the FMA serves the purpose of protecting 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)676 882 49 516