Vienna's Foreign and Bilateral Relations

Czech Republic: Inflation below Forecast

Inflation in February in the Czech Republic was below the Czech National Bank’s (CNB) forecast.

March 10, 2014

EUSD: Austria “Ready to Agree“

Despite earlier statements to the contrary, Austria could now agree to the extension of the European Saving’s Directive (EUSD) during tomorrow’s ECOFIN meeting in Brussels.

March 10, 2014

Poland: Share of Impaired Loans Increasing

The number of impaired loans in the non-financial sector keeps on increasing.

March 10, 2014

Austrian Bank Secret Remains Until 2017

Austrian Finance Minister Spindelegger will present proposals for amendments of the EUSD tomorrow.

March 10, 2014

Czech Republic: Government Refrains from Fiscal Discipline

In 2013, the budget deficit was down to 2.7% of GDP from 4.4% of GDP. In the next few years, the European Commission expects a trend reversal.

March 8, 2014

Romania: New Government Formed

Romanian President Traian Basescu approved the new minister of the new coalition government just in time.

March 6, 2014

Serbia: Share of NPL Increases Dramatically

The share of bad loans in Serbia has increased to 21.3 percent.

March 6, 2014

VBAG to be completely Nationalized?

According to experts, VBAG is the only Austrian bank which will not pass the stress test. In this case, there are only two alternatives: liquidation or full nationalization.

March 6, 2014

Czech Republic: Raiffeisen Withdraws from Pension Insurance Business

Pension insurance company Raiffeisen penzijni spolecnost will terminate business activities on the Czech market for private pension schemes, as announced by the company in a press release.

March 4, 2014

Austria Losing in Innovation Ranking

The EU member countries are catching up with the US and Japan in regard to innovation. However, Austria is not among the top players.

March 4, 2014

Poland: “Further Gradual Improvement”

The recent tendencies point to accelerated economic growth rates.

March 3, 2014

Poland: Lending Activity to Increase Significantly

Lending activity in the Polish finance sector is expected to increase significantly this year.

March 3, 2014

Atrium European Real Estate Limited / Notice of full year 2013 results

March 3, 2014

Fitch Keeps Slovak Rating Unchanged

Slovakia´s issuer default rating was kept unchanged at “A+”. The outlooks remain stable.

March 1, 2014

Hungarian Property Market Crisis Sharpens

In 2013, the building activity in the residential property sector fell dramatically. A soon recovery is more than unlikely.

March 1, 2014

Polish Currency Suffers from Instability in Ukraine

The Polish Zloty has become weaker because of the political instability in Ukraine.

February 28, 2014

EANS-Total Voting Rights: Atrium European Real Estate Limited / Release according to article 93 BörseG with the aim of a Europe-wide distribution

February 28, 2014

Poland: PKO BP Takes over Nordea’s Insurance Division

Polish financial market regulator KNF has finally approved the takeover of life insurance company Nordea TUnZ by PKO BP.

February 27, 2014

VIG Third Biggest Insurance Company in Poland

Vienna Insurance Group records strong performance in Poland.

February 27, 2014

“Sebastian Kurz is Hope for Austria“

According to Czech politician and former Foreign Minister Schwarzenberg, Kurz is intelligent, efficient and asks the right question.

February 27, 2014

Serbia to Start Talks with IMF

Officials of the International Monetary Fund (IMF) have started negotiations with Serbia on Wednesday.

February 26, 2014

Hungary: Customers Fleeced by Banks

For the first time in three years Hungarian commercial banks have returned to profitability. However, extra cost, caused by political circumstances, was passed on to clients.

February 26, 2014

Romanian Government Falls Apart

After the ongoing dispute about administrative posts Romania is left without a government. Moreover, the opposition calls for Prime Minister Viktor Ponta’s resignation.

February 26, 2014

ANDRITZ HYDRO to supply electromechanical equipment for Laucahydropower plant, Angola

International technology Group ANDRITZ is to supply the electromechanical equipment for the new Lauca hydropower plant, Angola, via Construtora Norberto Odebrecht to GAMEK (Gabinete de Aproveitamento do Medio Kwanza), a part of the Angolan power corporation ENE (Empresa Nacional de Electricidade). The order value for comparable deliveries lies in the lower three-digit million euro range; the order will enter into force in the course of 2014 upon fulfillment of all administrative requirements. Commissioning is scheduled for the end of 2017.

February 26, 2014

VIG Generates Profits in Poland

Vienna Insurance Group Polska (VIG) generated a gross profit of PLN 229m last year.

February 25, 2014

Austrian Bank Secrecy to be Abolished by 2016

EU Commissioner Algirdas Semeta recently stated that bank secrecy in Austria will expire since by then the automatic exchange of information will be implemented as a standard.

February 24, 2014

Austria: Inflation Drops Again

Inflation in Austria dropped to 1.5 percent in January due to the winter sales.

February 24, 2014

Warsaw Stock Exchange Registers Profits

The operator of Warsaw Stock Exchange (WSE) GPW saw an increase in profits in the business year 2013.

February 24, 2014

Austria: Wifo Projects Gloomy Economic Outlook

A restrained economic growth, high unemployment rate and measures for the consolidation of the state budget are the factors which affect the economic development on a medium-term.

February 21, 2014

Serbia: Structural Reforms to Boost FDI

Recent projections of the National Bank of Serbia (NBS) forecast foreign direct investments (FDI) to increase to € 1bn this year up from € 750m.

February 21, 2014

Romania: President Fires Financial Supervision Authority

President Basescu fires the entire staff of the Romanian Financial Supervision Authority (ASF).

February 20, 2014

Serbian Governor: Banking Sector Stable

According to Tabakovic, governor of NBS, the Serbian banking sector was solvent and well-capitalized.

February 20, 2014

Montenegro Gets Own Embassy in Romania

On Tuesday Montenegro opened its first embassy in Romania.

February 19, 2014

Poland Ranks High in FDI Attractivity

Polish cities are still very attractive for FDI, according to fDI Intelligence.

February 19, 2014

Czech Republic: New Government Passed Vote of Confidence

The new Czech government under Prime Minister Bohuslav Sobotka has passed the vote of confidence in parliament yesterday.

February 19, 2014

Poland: PKO BK Still Wants to Take Over Nordea

PKO BP had to extend the subscription period for the second time.

February 18, 2014

Poland: Strong Prospects for High Growth

Prime Minister Donald Tusk is positive Poland will achive a GDP growth of more than three percent this year.

February 18, 2014

Nowotny: Negative Interest Rate Conveys Feeling of Crisis

Ewald Nowotny, member of the Council of the ECB (European Central Bank) and governor of the Austrian National Bank (OeNB), expressed his rejection regarding a possible negative interest rate for banks.

February 18, 2014

Czech Republic: Government Asks for Vote of Confidence

The new Czech government was appointed at the End of January. On Tuesday Prime Minister Bohuslav Sobotka and his cabinet will ask for a vote of confidence in parliament.

February 18, 2014

Cooperation between Vienna and Warsaw Stock Exchanges to Kickstart 2014

As announced by Adam Maciejewski, CEO of GPW, the operator of the Warsaw Stock Exchange (WSE), the cooperation between WSE and VSE (Vienna Stock Exchange) could be completed this year.

February 17, 2014

Austria: Economic Upturn Still in Standby-Mode

According to the analysis of the economic indicator of Bank Austria, there is moderate growth and hope for the first quarter in 2014.

February 17, 2014

Vienna Insurance Group Expands Market Leadership in Slovakia

The Group expands its position as the number one in the core market Slovakia. Strong growth above market average. Increase in premiums in all lines of business.

February 17, 2014

Fitch Keeps Polish Sovereign Rating Unchanged

The U.S. rating agency has reassessed Poland´s sovereign debt rating.

February 15, 2014

Poland: PKO BP Planning to Establish Mortgage Bank

The Polish bank intends to found a mortage bank around the beginning of the year 2015.

February 14, 2014

Serbia: Key Rate Kept Untouched

The board of the National Bank of Serbia (NBS) underlined the importance of a cautious monetary policy in the light of the current economic developments.

February 14, 2014

Slovakia: Vote of No Confidence against PM Failed

The vote of no confidence against Prime Minister Robert Fico failed in parliament.

February 14, 2014

Serbia: FDI of Great Importance for Economy

According to Deputy Prime Minister Vucic, the country’s biggest problem was the rate debt rate and fiscal deficit.

February 14, 2014

Singer: “Forex Interventions Were Right Measures”

Miroslav Singer, Governor of the Czech National Bank (CNB), considers the forex intervention and the weakening of the Czech Crown as the right measures in the light of the most recent inflation figures.

February 13, 2014

Poland: Consumer Loans Expected to Rise Significantly

Last year consumer loans saw a 16 percent growth which leads to expecations that Poland will register a double-digit growth rate in 2014 as well.

February 12, 2014

Hypo Group: Bad Bank Active at Least 10 Years

Austria’s rating by Standard & Poor’s (“AA+”, stable outlook) is currently not compromised. Because of the establishing of the bad bank the debt rate will rise four to six percent.

February 12, 2014