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The banking system in Austria plays a pivotal role in the country's economy, ensuring financial stability and providing essential services to both individuals and businesses. The Austrian banking system is characterized by a three-tier structure, consisting of joint-stock banks, savings banks (Sparkassen), and cooperative banks (Raiffeisenbanken and Volksbanken).
The central bank, Oesterreichische Nationalbank (OeNB), is responsible for the country's monetary policy and the supervision of the banking sector. The Financial Market Authority (FMA) is the primary regulatory body for the Austrian financial market, including banks, insurance companies, and other financial institutions.