AUSTRIA: PARLIAMENT PASSES FINANCE CONTROL LAW

Article Abstract:

The Austrian parliament has passed a law on the reform of the supervision of the financial markets. From 1 April 2002 there will be just one supervisory organ for banking, insurance, pension funds and securities. The entity will be subject to the ministry of finance, since the government failed to win the two-thirds majority that would have been required for introducing a totally independent financial markets watchdog. The new law strengthens the powers of supervisory boards of banks and introduces stricter liability rules for auditors. In future banks will also have to change auditing company every six years.

Government regulation (cont), Banking Institutions, Depository Credit Intermediation, Insurance, Insurance Carriers and Related Activities, Government regulation, DEPOSITORY INSTITUTIONS, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, INSURANCE CARRIERS, Banking Regulation, Banks (Finance), Banking law

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AUSTRIA: VOLKSBANKS WANT LARGER MARKET SHARE

Article Abstract:

The Volksbank cooperative banks aims to raise their market share to 10-15% from 5.5-5.6% at present. Among small and medium-sized businesses, market share is to be raised from 20% to 30%. The Volksbank cooperative banks that aim to increase the number of clients by about 350,000 to 1mn by 2010 are to increase the number of branches by 50-100 in the next ten years. Currently the 68 Volksbank banks and their central bank OVAG have 588 branches. Volksbanks are working on an internet broker under the name Athos. The Volksbank in Vorarlberg is already running an on-line broker under www.vbankdirekt.at.

New capacity, new plant construction, All Other Nondepository Credit Intermediation, NONDEPOSITORY INSTITUTIONS, Cooperative Banks

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POLAND: ON-LINE TRADING WITH BANK AUSTRIA

Article Abstract:

Caibon, an internet share trade subsidiary of Bank Austria's CA IB Investmentbank, has started internet share trade in Poland. To start with, 86 stocks from the Warsaw Stock Exchange are available on-line. By 2005 Caibon aims to gain a 20% market share in Poland.

Poland, Oesterreichische Nationalbank

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