Membership to the Auditing Association of German Banks
The member institutions of the Auditing Association form a community combining a strong interest in avoiding any claim from the common voluntary Deposit Protection Fund of private banks as far as possible using preventative measures and reducing potential risks to deposit protection.
The prerequisite for membership to the Auditing Association is that the company concerned is a member of the Association of German Banks, participates in the Deposit Protection Fund (ESF) and has the required license from the supervisory bodies to carry out banking operations. The Advisory Board decides on membership approval.
Rights and Obligations of Member Institutions
Member banks are entitled to rights and authorisations of membership to the Association specified in the Articles and resulting from the mandatory legal regulations. Member banks have particularly the right to take part in General Meetings, exercise their voting rights, demand the call for an extraordinary General Meeting and submit requests for an agenda.
Member institutions are particularly obliged to allow deposit protection audits to be carried out by the Auditing Association to assist the Auditing Association in its audit activities, to promptly provide all required documents and evidence in a complete and accurate form, as well as to issue all information required in a complete and true form. Moreover, the member institutions are obliged, amongst other things, to inform the Auditing Association when a significant holding in a member bank is acquired or if its business model essentially changes.
Membership to the Auditing AssociationMembers of the Auditing Association are banks, which are members of the Association of German Banks and participate in the Deposit Protection Fund (ESF).The Advisory Board decides on an institution’s membership following an audit of the applicant institution.Member institutions undergo deposit protection audits conducted by the Auditing Association at regular intervals.
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