In 1996, the US passed the Cuban Liberty and Democratic Solidarity Act (22 USC Sections 6021-6091), more commonly known as the Helms-Burton Act, which bans US companies from dealing with Cuba or Cuban nationals. The European Union ruled in 1996(Council Regulation 2271/96) that Helms-Burton was not enforceable within the EU. Austrian authorities have stated that it is not to be applied in Austria.

Thus we see the bank's dilemma; it was forced to advise its existing Cuban clients to take their business elsewhere under US law, but  this act has incurred the wrath of Austrian authorities. in fact, Austria's  Foreign Minister, Ursula Plassnik, clearly upset with the situation, and asserting that US laws are not applicable in Austria, reportedly remarked last week that " we are not the 51st state of the USA."

Inasmuch as this is a matter of great public interest within the EU,World-Check will be closely following all developments, and will report back to it readers with an update on the outcome.