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Implementation Process in Austria

15th International Banking Congress St. Petersburg, Russia Implementation of the New Capital Requirements Framework (Austria) June 7-10, 2006. Implementation Process in Austria. Consultation Process with Austrian Chamber of Commerce (industry) Internationally active banks

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Implementation Process in Austria

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  1. 15th International Banking CongressSt. Petersburg, RussiaImplementation of theNew Capital Requirements Framework (Austria)June 7-10, 2006

  2. Implementation Process in Austria • Consultation Process with • Austrian Chamber of Commerce (industry) • Internationally active banks • Cooperation Process • Banking Supervisors • Multilateral and bilateral Meeting (CEE) • National Implementation • Legal Implementation

  3. Consultation Process • Chamber of Commerce– regular information exchange • to inform the representatives of all credit institutions on the latest developments on Basel II (international and national) • to respond on Frequently Asked Questions (FAQ) - Website • International active IRB banks– pre-consultation process • Planning reliability for the credit institution • Feedback to the credit institution at a most early stage in order to enable the institution to make necessary modifications on time • Reduction of the workload for FMA and Central Bank; results of the pre-consultation may be used within the approval process

  4. Cooperation Process • Mutual trust (goals) • need to find an effective way of work-sharing within the approval process • to trust in the findings of each other • to exchange all relevant information needed by each other • Presentations include • main findings of pre-consultation of banks • presentations by each (host) supervisory authority • special topics (national discretions, model approval process, technical details) • Joint decision on IRB approval

  5. Austrian participation in the CEE Banking systemby total assets (per year-end 2005) 12,6% 31,3% 23,2% 45,9% 14,8% 42,6% 13,3% 25,4% 15,7% >30%

  6. National Implementation • Formal adoption of EU directives 2000/12/EC and 93/6/EEC is expected by mid June 2006 • Transposition into national law by December 31, 2006 at the latest • Amendment of Austrian Banking Act (BWG) & technical details in two FMA regulations (solvency, disclosure requirements) • Close co-operation between FMA, OeNB and MoF • First draft of legal texts was published on March 10, 2006 for public consultation (closes on April 28, 2006) • Parlamentary process starts after final publication of the directives (expected for July 2006)

  7. THANK YOU FOR YOUR ATTENTION www.fma.gv.at

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