2024-08-16 14:21:32
The Austrian Financial Market Supervisory Authority (FMA) today issued a notice with immediate effect to the Board of Directors of Euram Bank AG, a licensed credit institution with its registered office in Schottenring 18, 1010 Vienna, lawyers and auditors MMag. PhD. Gerd Konezny, 1090 Vienna, Währingerstraße 16/20, serves as interim administrator pursuant to Section 46 of the Federal Bank Reorganization and Resolution Act (BaSAG).
The appointment of an interim administrator is a so-called early intervention measure that enables the FMA to respond to actual or potential regulatory breaches at the earliest opportunity. The Interim Administrator is tasked with exercising all powers vested in him to advance solutions to ensure compliance with regulatory laws. To this end, the Bank Manager must cooperate with the interim administrator and, inter alia, operationally include him in all agendas and competences in accordance with the rules of procedure of Eurom Bank AG. Additionally, in the event of a significant business transaction, the board must obtain the consent of the interim administrator before making a decision. Administrators must also examine the bank’s statements and communications with regulators to determine its conclusions and continually assess the bank’s financial condition.
The duration of this early intervention measure is limited until the need for early intervention is resolved, but not exceeding a maximum of twelve months.
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