Helmut Ettl

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Helmut Ettl (born August 23, 1965 in Linz ) is an Austrian economist and European banking and finance specialist.

Life

Helmut Ettl grew up in Linz and his father was a commercial clerk for consumption . In his youth Ettl was very active in the Socialist Youth Austria and in the student movement and was school and state school spokesman. He was a co-founder of the Linz cultural center Kapu (a center for independent music and punk music). According to his own statements, he wanted to be a investigative journalist. Helmut Ettl graduated from the Johannes Kepler University in Linz with a degree in economics .

In 1995 he joined the Oesterreichische Nationalbank in the "Department for the Analysis of Economic Developments Abroad" with a focus on analyzing the economic development of Western Europe. In 2000 he was appointed assistant director and the following year he was appointed deputy head of the department for bank analysis and auditing. After stays at the International Monetary Fund in Washington and the EU Commission in Brussels, he graduated from the London School of Economics . In 2003 he was appointed head of the department for bank analysis and auditing. The biggest successful project he managed there was the special audit of BAWAG PSK . The circumstances of the lightning loan to Refco were shown , which ultimately uncovered the other Caribbean business and other inconsistencies in the former union bank.

Since 2008 or since the extensions in 2013 and 2017, Ettl has been the director of the Austrian Financial Market Authority (FMA), since 2011 a member of the “Board of Supervisors” of the European Banking Authority (EBA) and of the European Committee for Systemic Risks (ESRB) and since 2014 member of the Supervisory Board of the Banking Supervision (SSM) of the European Central Bank (ECB).

He describes the dimension of the money laundering revelations in Panama (" Panama Papers ") as a huge social scandal, because eight to ten percent of the world's money is clearly withdrawn from society in this way, while normal taxpayers pay their taxes . According to Ettl, there is “zero tolerance” on money laundering. With regard to the digital currency Bitcoin, Ettl sees similarities to the tulip bulb bubble in Holland in the 17th century. Basically, he refers to the increasingly fragile situation of the European financial market with regard to Brexit , a turn in monetary policy, EU countries that do not adhere to the rules, trade disputes but also global cyberattacks .

With regard to the Lehman Brothers bankruptcy, Ettl assesses the situation at the time: “The two most important refinancing banks, the Swiss UBS and Credit Suisse , almost blew up after the Lehman bankruptcy. This meant that the Swiss franc market for commercial banks had dried up overnight and there would have been no follow-up financing. ”The resulting very dramatic plight of the Austrian banks was only able to take place in one of the countless emergency conferences of the FMA, the Oesterreichische Nationalbank ( OeNB), the ECB and the Swiss National Bank .

Web links

Individual evidence

  1. ↑ a b c Renate Graber: FMA boss: The impossible does not exist In: Der Standard from April 5, 2015, accessed on February 15, 2019.
  2. ↑ Central banker moves into FMA boardroom In: Der Standard dated February 6, 2008, accessed on February 15, 2019.
  3. ↑ FMA board member Ettl wants to stay: “Exciting job” In: Die Presse from November 13, 2012, accessed on February 15, 2019.
    New FMA bosses: Ettl is extended, Kumpfmüller comes In: Der Standard from February 11, 2013, accessed on February 15, 2019.
  4. ↑ Ulrike Rubasch: This is a huge, social scandal In: OÖ Nachrichten of April 6, 2016, accessed on February 15, 2019.
  5. ↑ Kid Möchel: FMA board member Ettl: "There is zero tolerance when it comes to money laundering" In: Kurier from May 17, 2017, accessed on February 15, 2019.
  6. ↑ Financial Market Authority warns of Bitcoin In: Der Standard from September 19, 2017, accessed on February 15, 2019.
  7. ↑ Christine Klafl: Thick Bundle of Dangers to the Financial System In: Der Kurier from November 28, 2018, accessed on February 15, 2019.
  8. ↑ Bernhard Ecker: 10 years of Lehman bankruptcy: Life after the panic attack In: The trend from August 10, 2018, accessed on February 15, 2019.
    Erwin Wodicka: Austrians flee from franc credits In: Die Presse from August 29, 2012, accessed on February 15, 2019.
personal data
SURNAME Ettl, Helmut
BRIEF DESCRIPTION Austrian economist and European banking and finance specialist
DATE OF BIRTH August 23, 1965
PLACE OF BIRTH Linz