Higher Cost Pressure for Austrian Banking Industry

Business › n.a. ♦ Published: October 31, 2013; 07:07 ♦ (Vindobona)

Due to national and international regulations, Austrian banks have to bear higher costs than their foreign competitors.

Higher Cost Pressure for Austrian Banking Industry / Picture: © Vindobona.org

In total, additional costs for the Austrian banking sector comes at € 6.7bn, the Austrian Chamber of Economics (WKO) said. WKO refers to a study carried out by the business advisor Oliver Wyman. Besides European regulations, there are a number of further legal requirements on the national level, WKO explains. Thus, the higher costs are mainly due to national regulations, the bank tax…

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