The Austrian Financial Market Authority (FMA) has today appointed the external auditor, Dorotea-E. Rebmann with immediate effect by means of an administrative decision to assist the Management Board of the licensed credit institution “Autobank AG”, with its registered office at Gertrude-Fröhlich-Sandner-Straße 3, 1100 Vienna, as a temporary administrator pursuant to Article 46 of the Bank Recovery and Resolution Act (BaSAG; Bundesgesetz über die Sanierung und Abwicklung von Banken).
The appointment of a temporary administrator constitutes an early intervention measure, and allows the FMA to counteract actual or potential breaches against provisions under supervisory law at the earliest possible stage. The duty of the temporary administrator is to exercise all powers that have been conferred to them, to advance solution for ensuring the observance of supervisory law. For this purpose, the directors of the Bank are instructed by means of an administrative decision to cooperate with the temporary administrator and to in particular actively involve her in an operative manner in all agendas and competences in accordance with Autobank AG’s Rules of Procedure. In addition, the management board is required for significant transactions to obtain the approval of the temporary administrator prior to taking a decision. The administrator furthermore checks opinions and communications by the Bank towards the supervisor with regard to their coherence and is required to assess the Bank’s financial situation on an ongoing basis.
This early intervention measure applies until the need for early intervention is lifted, but is limited to a maximum period of twelve months.