FMA provides Euram Bank board with a provisional administrator

The Austrian Financial Market Supervisory Authority (FMA) today issued a notice with immediate effect to the board of directors of the licensed credit institution “European American Investment Bank AG” (Euram Bank) with its registered office at Schottenring 18, 1010 Vienna, the lawyer and auditor MMag. Dr. Gerd Konezny, 1090 Vienna, Währingerstraße 16/20, as provisional administrator in accordance with Section 46 of the Federal Law on the Restructuring and Resolution of Banks (BaSAG).

The appointment of a provisional administrator is a so-called early intervention measure, which enables the FMA to counteract actual or threatened violations of regulatory provisions as early as possible. The task of the interim administrator is to exercise all powers delegated to him in order to advance solutions to secure compliance with supervisory law. For this purpose, the bank’s managers must work together with the provisional administrator and, in particular, operationally integrate him into all agendas and competencies in accordance with Euram Bank AG’s rules of procedure. In addition, in the case of important business transactions, the board must obtain the consent of the provisional administrator before making a decision. The administrator must also examine the bank’s statements and communications to the supervisory authority for their conclusiveness and continually assess the bank’s financial situation.

This early intervention measure is limited until the need for early intervention is resolved, but no longer than twelve months.