Austria: Banking Supervision Reveals Deficiencies

People ♦ Published: March 7, 2014; 10:42 ♦ (Vindobona)

An intern test report of the Austrian National Bank (OeNB) and the Financial Market Authority (FMA) reveals insufficiencies in the documentation of the banking supervision.

OeNB rejects not having realiably performed its functions as part of the banking supervision. / Picture: © OeNB

According to Austrian magazine “Format“, the draft report of the “joint task force OeNB/FMA” reveals inadequacies in the documentation of the banking supervision and concludes that the “documentation of the deficiency handling process was not transparent and difficult to understand”. Moreover, there is a risk that not all insufficiencies have been pursued.