Austrian Banks Affected by European Crisis

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Austrian banks cannot hold back from the European crisis. In 2011, operating earnings declined by 14.6% to € 2.0bn. In total, a net income of minus € 340m was recorded. Erste Group´s net income was € -719m last year.

Willibald Cernko, President of the Austrian Banking Association, refers to the low margins, regulations and the bank taxes. The current year has begun…