Aggregated News From Investment Management Regulators

FMA and OeNB have defined their joint priorities for banking supervision for 2021.

Report/Flag

Please complete the required fields.



Austria’s Financial Market Authority (FMA) and the Oesterreichische Nationalbank (OeNB) will prioritise their supervision of banks in 2021 in the areas of resilience and stability, governance, digitalisation, and green finance/sustainable finance:

Resilience and Stability: The resilience and stability of the Austrian banking market should be further strengthened – while also applying proportionality in a manner that is adequate to address risks – by means of suitable early warning measures and transparent communication. As a result of the severe economic slump, a significant increase in the number of corporate insolvencies in the coming year is expected, resulting in higher credit risk costs for the banking sector. The focus in the supervisory dialogue with banks will therefore be on addressing this issue both quickly and transparently.

Governance: institutions’ governance structure should be further enhanced by means of closer cooperation with the supervisory board and with key function holders.

Digitalisation: COVID-19 has further accelerated the pace of digitalisation. There is a particular focus for banking supervision on the impact of digitalisation on business models and ensuring that suitable precautions are taken by banks to handle cybersecurity risks.

Green Finance/Sustainable Finance: an important contribution is being made towards creating a methodological basis for analysing the impact of climate risks and initial steps taken towards integrating this issue into the supervisory process by being involved from an early stage in the development of a European green finance agenda for supervision. For this purpose, a plan should also be drawn up for a climate stress test.

The objectives that have been presented are to be considered in conjunction with the supervisory priorities for 2021 of the Single Supervisory Mechanism (SSM) in terms of their content. In 2021, the FMA and OeNB will also continue to monitoring the development and implementation of new regulatory issues. In addition there is also a focus on evaluating the “lessons learned” from the COVID-19 pandemic.

Experience that has been obtained during the pandemic will be integrated in to normal operations. This relates to decentralised or virtual working procedures as well as expanding digital communications platforms for facilitating the exchanging of information with supervised institutions. The joint priorities for banking supervision are defined and communicated annually for the following year.

Journalists may address further enquiries to:

Annemarie Bauer (FMA)
Tel.: +43/(0)1/24959-6007

Christian Gutlederer (OeNB)
Tel.: +43/(0)1/404 20-6900

This news item was originally published by the Financial Market Authority (FMA AT). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Market Authority
Abbreviation: FMA
Jurisdiction: Austria

Recent Articles

ESMA issues its first opinion on the draft European Sustainability Reporting Standards

See the content published by the European Securities and Markets Authority (ESMA) here: Read more

Adjudication Order in respect of Mr S.A. Amudan in the matter of Varun Global Limited and Varun Resources Limited

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Adjudication Order in respect of Balram Agarwal, Ashish Bansal and Naresh Kumar Bansal in the matter of A.F. Enterprises Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Final Order in the matter of Delta Leasing and Finance Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Corrigendum to the Order Dated January 30, 2023 in the matter of Ricoh India Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!

×