!!!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).


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