Österreichische Volksbanken-AG, ÖVAG#
Oesterreichische Volksbanken-AG, OeVAG, central institute of the "Oesterreichische Zentralgenossenschaftskasse" founded in 1922 by resolution of the representatives of the industrial credit cooperatives. Renamed "Zentralkasse der Volksbanken Oesterreichs" in 1956, given a new legal form in 1974 and renamed Oesterreichische Volksbanken-AG. Top institute of the Volksbanken sector in Austria, about 605 employees in 1999, 27 branches in the area of Vienna, balance-sheet total ATS 108.4 billion. As part of the cooperative system the Oesterreichische Volksbanken-AG shares responsibility for promoting the interests of credit cooperatives, consumer cooperatives and service cooperatives committed to the Schulze-Delitzsch principle, as well as other medium and small-scale enterprises ( gewerbliche Genossenschaften). As the parent organisation for monetary transactions it offers its services to independent industrial credit cooperatives ( Volksbanken), which are its principal shareholders and primary customers. The second corner-stone of profit-oriented activity is business for own account. In addition to allround banking, it is the main task of the Oesterreichische Volksbanken-AG, as the leading institute, to invest the funds put at its disposal by the Volksbanken, to grant credits and temporary liquidity assistance, to carry out payment transactions and to place security issues. Auditing is carried out by the Oesterreichischer Genossenschaftsverband (Schulze-Delitzsch).