Austrian central bank increases regulatory role

The National Bank of Austria has strengthened its hold on the regulation of the banking industry following the introduction of a new financial market supervision framework.

The reform limits the role of the Finanzmarktaufsichtsbehorde (FMA), the banking regulator, which shares responsibility with the central bank for supervision. From now on all on-site bank searches will be conducted only by the central bank, which will get extra funds and staff, and it will also take charge of the qualitati

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