The Austrian Legal Measures in course of the Financial Turmoil

Authors
Putzer, Alexander
Identifiers
Permanent link (URI): http://hdl.handle.net/10017/6452
Publisher
Universidad de Alcalá de Henares. Servicio de Publicaciones
Date
2009
Bibliographic citation
Anuario de la Facultad de Derecho (Universidad de Alcalá), 2009, no.2, p. 477-500. ISSN 1888-3214
Keywords
crisis del mercado financiero
liquidez
recapitalización
financial turmoil
liquidity
re-capitalisation
Description / Notes
I. INITIAL POSITION. II. A EUROPEAN FRAMEWORK IN THE FIELDS OF COMPETITION LAW. III. OVERVIEW OF THE LEGAL MEASURES AGAINST THE FINANCIAL TURMOIL. IV. LIQUIDITY CARE (IBSG): 1. Measures of liquidity care. 2. Austrian Clearingbank AG. 3. Guarantees for debentures. 4. Stipulation of a time of the IBSG. V. RE-CAPITALISATION (FINSTAG): 1. Measures of re-capitalisation. 2. Instrument of the FinStaG. 3. Conditions and requirements for the re-capitalisation and also for emission liability accoding to the IBSG. VI. COMMON ASPECTS OF THE IBSG AND THE FINSTAG. VII. DEPOSIT-GUARANTEE: 1. Recent changes. 2. Future of deposit-guarantee. VIII. OTHER ACCOMPANYING MEASURES: 1. Authorization of the Financial Market Authority to the order of a capital add-on. 2. Empowerment of the Financial Market Authority on the regulation of short sales. 3. Reporting obligations of the Financial Market Authority regarding the FinStaG. 4. Amendment of valuation rules in the Insurance Supervisory Act. 5. Future-oriented investor-compensation. IX. THE SPANISH REGULATIONS IN COMPARISON. 1. Overview. 2. Fund for Acquisition of Financial Assets from Financial Institutions. 3. Guarantee Scheme for Credit Institution. 4. Deposit-Guarantee and Investor-Compensation Scheme. 5. Conclusion. X. INTERNATIONAL REGULATORY OUTLOOK AFTER THE FINANCIAL TURMOIL: 1. Rating Agencies. 2. Deposit-Guarantee. 3. Tax Havens. XI. CONCLUDING REMARK.
Document type
info:eu-repo/semantics/article
Access rights
info:eu-repo/semantics/openAccess
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Abstract
En muchos países se ha puesto de manifiesto que para poder superar de forma rápida y eficiente la crisis del mercado financiero era necesaria la intervención estatal. Con el objetivo de evitar daños a la economía austriaca, se ha adoptado un paquete de medidas que permitan mantener la estabilidad del sector financiero nacional. Para intervenciones directas Austria ha creado un fondo de rescate de cien mil millones de euros. Además, también se contemplan una serie de regulaciones complementarias que no requieren de fondos específicos. En este trabajo se exponen conjuntamente todas las medidas y reformas legislativas que se han llevado a cabo hasta la fecha en Austria para hacer frente a la crisis del mercado financiero.
 
In the course of the turmoil of the financial market it became clear that for quickly and efficiently tackling it, governmental interventions were necessary in numerous countries. To save the Austrian economy from damage, a bundle of measures was brought up. Due to this the stability of the domestic financial sector could be preserved. Austria has intended a budget of EUR 100 billion for direct interventions. Additionally there are a couple of regulations which did not afford an own budgeting. All these measures taken up to now are referred to here in common as the Austrian legal measures against the financial turmoil.
 
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