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Autobank receives watchdogs
According to a report in today's "Presse", the auto bank is no longer allowed to conduct its business unsupervised. This is a “precautionary measure,” they say.
Autobank receives watchdogs
With the crisis in the automotive trade, the car bank's business model is “no longer viable”. A change in strategy should remedy this. According to the daily newspaper's report, the Financial Market Authority (FMA) is putting a watchdog in the car bank. According to the FMA, this measure should “not be overrated”. “This is a precautionary measure to support the realignment of the bank,” the authority says. The so-called manager, Dorotea-E. Rebmann from the consulting firm PwC Austria was “provisionally” appointed by the FMA. She is responsible for controlling the auto bank boards. Although the administrator does not have general authority to issue instructions, she must be informed about what is going on in the bank, must agree to important decisions, and she can exercise her veto in order to prevent potential damage to the bank.