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Ex ECB’s Tumpel-Gugerell Barred From Volksbanken Board Role

April 24, 2012

Gertrude Tumpel-Gugerell, a former European Central Bank executive board member, can’t join the supervisory board of Austrian nationalized lender Oesterreichische Volksbanken AG (VBPS) because of ECB rules. Taking the post would clash with the ECB’s “cooling-off period,” she said by phone today.

The Alpine republic named Tumpel-Gugerell, a member of the ECB Executive Board from 2003 to 2011, as one of four candidates for Volksbanken’s new nine-member supervisory board, according to the candidate list released to shareholders on April 5. Tumpel-Gugerell, who was vice governor of the Austrian central bank before her ECB job, may become the bank’s chairwoman, the Wiener Zeitung newspaper reported April 3. The new members are scheduled to be elected at an April 26 shareholder meeting.

Tumpel-Gugerell also is due to be elected to the supervisory board of Commerzbank AG at the German bank’s May 23 shareholder meeting, according to the April 11 meeting invitation.

“Following Ms Tumpel-Gugerell’s request for authorization to be appointed as member of the supervisory board of Oesterreichische Volksbanken AG and Commerzbank AG (CBK) the ECB’s Governing Council advised Ms Tumpel-Gugerell to take up the positions as of 1 June 2012, i.e. after the ‘‘cooling off” period,’’ William Lelieveldt, a spokesman for the ECB, said by e-mail today.

Austria Press Agency reported the news earlier today, citing unidentified people familiar with the situation.

To contact the editor responsible for this story: Zoe Schneeweiss at

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