Ettl successor wanted – Netherlands Authority for the Financial Markets: Days of decision

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In the Austrian financial market authority, in short: FMA, important decisions have to be made these days. Since the contract of the SPÖ-affiliated co-director Helmut Ettl expires in February, the successor will be arranged in a hearing. Ettl, 57, who also has the right to return to the National Bank, is asking for an extension for the third time; Internationally recognized financial market expert Josef Meichenitsch, 42, who is on good terms with Vice Chancellor Werner Kogler (Greens) and who, when announcing his application, announced that the domestic financial center and the FMA would need a “new drive,” is seen as a signal to the future, especially: more cleanliness and transparency.

In fact, the FMA hasn’t exactly shrouded itself in glory in recent years. The bankruptcy of the castle in the air called Commerzialbank Mattersburg in the summer of 2020 is seen as the negative climax of a collective failing of supervision, with the damage for investors likely to amount to no less than 800 million euros.

opaque networks
Recently, the Austrian financial center was again the subject of international conversation, as well-known financial media such as the “Financial Times” or Bloomberg had taken a critical look at the Euram Bank, an institution with opaque ownership structures, a high level of real estate involvement and presumably good relations with the SPÖ.

Given the expected turbulence in the real estate market, strengthening supervision seems to be the order of the day. Commissioned by the then Minister of Finance Gernot Blümel, a group of experts had already worked out a proposal on this in 2021. The “Spiegel” recently reported that the German banking regulator Bafin had taken a critical look at the banks and insurance companies that financed René Benko’s real estate project. The European Central Bank (ECB) and the FMA should also participate in this transparency offensive.

Source: Krone

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