The Financial Market Authority (FMA) Liechtenstein has appointed a temporary administrator for Mason Privatbank Liechtenstein AG, Austrasse 51, 9490 Vaduz, pursuant to the Recovery and Resolution Act (SAG). This administrator will work with the board of directors of Mason Privatbank Liechtenstein AG with immediate effect. Deloitte (Liechtenstein) AG has been appointed as the temporary administrator. The measure was taken to protect clients. The measure is not, however, related to the bank's current capital and liquidity situation.
To prevent and minimise any risks and to avoid any possible circumvention of requirements concerning the internal organisation of the bank (as set out in Articles 22 and 23 of the Banking Act), the FMA has assigned several tasks to the temporary administrator and provided it with the necessary powers to perform its control function. The temporary administrator is also in close contact with the FMA.
The appointment of the temporary administrator is limited to one year. The FMA's decision is not final under the law, but it has no suspensive effect, meaning that the temporary administrator will exercise all of its rights and duties at the bank with immediate effect.