The Austrian Financial Market Authority (FMA) has issued a provisional ruling, effective as of 11 March 2014, appointing the auditor Bernhard Mechtler to serve as government commissioner for the management board of the licensed credit institution Adria Bank AG, domiciled in Gonzagagasse 16, 1010 Vienna.
According to Article 70 para. 2 of the Austrian Banking Act (BWG), “in cases of danger to the fulfilment of the credit institution’s obligations to its creditors, in particular to the security of assets entrusted to the credit institution, the FMA may issue an administrative ruling (Bescheid) ordering measures for a limited period of time in order to avert danger; such measures shall cease to be effective no later than 18 months after entering into effect”.
In particular, pursuant to Article 70 para. 2 no. 2, the FMA may issue administrative rulings to “appoint an expert supervisor (government commissioner) who is an attorney at law or external auditor”. According to Article 70 para. 2 no. 2 lit. a, that supervisor is required to “prohibit the credit institution from any transactions which might serve to exacerbate the danger mentioned above”.
The FMA appointed the government commissioner to protect the financial interests of the creditors as well as the assets entrusted to the supervised company.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676/882 49 516