15th International Banking Congress St

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Presentation transcript:

15th International Banking Congress St 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 Cooperation Process Banking Supervisors Multilateral and bilateral Meeting (CEE) National Implementation Legal Implementation

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

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

Austrian participation in the CEE Banking system by 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%

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)

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