Austrian central bank gives strong warning on draft regulation law
Changes would harm balance and efficiency and increase influence of special interests – OeNB
Austria’s central bank has warned that a draft law proposed by the country’s government would harm its own independence and the quality of financial supervision.
The draft law would take away the central bank’s responsibilities for domestic banking supervision and transfer them all to Austria’s Financial Markets Authority (FMA).
In a strongly-worded opinion written in German, the Austrian National Bank, or OeNB, warned that the draft law would seriously worsen the country’s supervisory
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