„Austrian Banks Are Robust“

People ♦ Published: October 11, 2011; 16:26 ♦ (Vindobona)

Ewald Nowotny, the head of the Austrian Central Bank (OeNB) as well as the Minister of Finance, Maria Fekter, appreciate the announcement of Erste Group.

„Austrian Banks Are Robust“ / Picture: © Agenda Austria 2020

Yesterday, the bank published to expect losses of € 800m for 2011. Only two weeks ago, the bank said to estimate profits of € 800m. In meantime, Erste Group decided to write off several substantial risks. Especially the subsidiaries in Hungary and Romania caused high risk provisions.

For Ewald Nowotny, the announcement of Erste Group´s CEO Andreas Treichl was correct.…