Austrian Bank Regulator Welcome EU Summit Agreement on Bank Regulation
06/29/2012| 09:44am US/Eastern
By Nicole Lundeen
VIENNA--Austria's bank regulator welcomed measures agreed upon at Thursday's European Union Summit meeting regarding a common bank supervision, the Financial Market Authority said Friday.
"Important steps were taken to strengthen Europe's bank regulation," joint Chief Executive Officers Helmut Ettl and Kurt Pribil said in statement.
It is also important that there will be a central authority, with the necessary competency, they said.
They welcomed the ability of the European Stability Mechanism to directly fund banks, saying it provided a strong foundation for overseeing large, cross-border banks.
The Financial Market Authority shares the responsibility of regulating Austria's financial markets with the Austrian Central Bank. Austria's three largest banks are Erste Group Bank AG (EBS.VI), Raiffeisen Bank International AG (RBI.VI) and UniCredit Bank Austria AG, a subsidiary of the Italy UniCredit S.p.A. (>> UniCredit SpA).
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