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Vienna International Banking Industry News
Read the latest headlines about developments in the international banking industry in Vienna and Austria
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
Cyprus: 37.5 % Tax on Assets
The compulsory levy on bank assets exeeding € 100,000 has now been fixed. Assets above the amount will be taxed with 37.5 %.
March 30, 2013
Hungary: Economic Growth Only in 2014
The MNB, the National Bank of Hungary estimates economic growth to further stagnate in 2013 but forcasts positive devolopments for the next year.
March 29, 2013
Lithuania: Increase in Non-Cash Payments
Significant increase in non-cash payments creates a premise for banks to review their fees
March 29, 2013
Austria: Sale of Kommunalkredit Still in Limbo
Denationalization of Kommunalkredit not yet completed.
March 29, 2013
Cyprus: No Bank Run
The feared bank-run after the almost two-weeks long closing of the banks in Cyprus has not occured.
March 29, 2013
Slovenia: Situation For Banks Still Shaky
According to the National Bank, the new government in Slovenia needs to avoid becoming the new setting of bail-out negotiations with the EU after the banking crisis in Cyprus.
March 28, 2013
VBAG: Business Operation Down by € 131m
In 2012 single entity result negative at EUR -131 million.Net interest income decreased to € 220m. Total assets dropped by € 13.5 billion to € 27.7bn. Further losses are expected for 2013.
March 28, 2013
Slovenia: NLB Gets Own Bad Bank
Slovenia biggest bank, Nova Ljubljanska Banka (NLB), is going to establish its own intern bad bank.
March 28, 2013
Cyprus: Trying to Avoid Chaos at Banks
Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.
March 28, 2013
Cyprus: Mandatory Levy on Assets Not Yet Fixed
Banks in Cyprus will open again tomorrow, yet the capital flow is still limited. Dijsselbloem is criticized by the ECB. Bank employees demand Demetriades’ stepping down.
March 27, 2013
Moody’s Warns EU
The rating agency warns the EU governments about over-estimating the ability to overcome the Euro-crisis.
March 27, 2013
Hungary: Tax Overhaul Finalized
Minister for National Economy: taxation system completed - time for fine-tuning.
March 27, 2013
Cyprus: Outflow of Billions of Euros Presumed
Investors in Cyprus could face haircuts up to 50 %. Parliamentary President, Omirou want to go into details about the alleged transfer of assets despite of the banks closing.
March 26, 2013
Hungary: MNB to Reduce Key Interest Rate
The Hungarian National Bank (MNB) lowered the key interest rate by 25 basis points down to 5.0 %. This is the eighth downgrade in a row.
March 26, 2013
Head of Bank of Cyprus Withdraws
Head of Cyprus’ biggest bank withdraws. Cyprus’ Labor Minister warns of recession and economic downturn due to the austerity measures imposed by the EU and Commission.
March 26, 2013
Slovakia: No Improvement in Economic Situation For 2013
Analysts forecast the GDP growth to be less than one percent.
March 26, 2013
Ukraine and Deutsche Bank Signed Agreement
In order to finance the reconstruction of gas transportation system of Ukraine last year a loan agreement between the Ukrainian "UkrTransGas" subsidiary company "Naftogaz of Ukraine" and Deutsche Bank was signed.
March 26, 2013
Medvedev Vexed Over EU
In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.
March 25, 2013
Austria: Highest Rate of Foreign-Currency Debts
No other country in Europe exhibits such a high amount of private foreign currency credit users. In 2014, when the next wave of repayments is due many debtors might be in for a shock.
March 25, 2013
Cyprus: Bail-Out Package Accepted
Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.
March 25, 2013
Lithuania: Problem with Ūkio Bankas Solved
The newest Lithuanian financial market data show that the market participants positively assessed the solution chosen by the Bank of Lithuania to deal with the problem of Ūkio bankas.
March 25, 2013
Croatia: Sluggish Economic Recovery
The improvement in the financing conditions in international financial markets in the second half of 2012 mitigated the risks to Croatias financial stability to an extent.
March 25, 2013
Czech Republic: Confidence in Domestic Economy Inreased Marginally
Overall confidence in domestic economy increased slightly in March. The composite confidence indicator (economic sentiment indicator) increased by 0.2 points compared to February.
March 25, 2013
Cyprus: Agreement on Bank Asset Tax
Today, the Cyprian government has come to a solution on the compulsory charges on bank accounts.
March 23, 2013
Cyprus: Votes on Mandatory Levy
In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.
March 23, 2013
Meinl Needs to Reimburse Starbet Investors
The Regional High Court (OLG) in Vienna has passed the judgement that Meinl Bank has to compensate sports betting company Starbet
March 23, 2013
VBAG to Sell Malta Affiliate
VBAG is going to sell its small Malta subsidiary in the course of the EU downsizing program which the banking institute has commited to.
March 23, 2013
Fekter: “Austrians can rest easy knowing that their bank deposits are safe.”
Current situation in Cyprus is an exceptional case and not comparable in any way with Austria.
March 22, 2013
Cyprus: Negotiations About “Plan B“ Today
After days of negotiations in Moscow, Cyprian Finance Minister had to return empty-handed. Talks about “plan B” will continue today.
March 22, 2013
Hypo Group’s Silence Bewilders Bayern LB
Bayern LB is puzzled as to why former affiliate, Carithian Hypo Group, has not shown any efforts to state their position before court.
March 21, 2013
RBI to Acquire More Clients in Romania
RBI (Raiffeisen Bank International) is attaining a portfolio of private clients by Citibank via affiliate Raiffeisen Bank S. A.
March 21, 2013
National Bank of Slovenia Reports Slowing Growth
The banking system’s total assets were down by € 88.5m in January or 6.6% y/y. The banks repaid liabilities to foreign banks in the amount of € 171m and to the Eurosystem in the amount of € 78m.
March 21, 2013
Hungary: Gross Earnings Increased Marginally
In the national economy – at corporations employing at least 5 persons, budgetary and designated non-profit institutions – average gross earnings increased by 2.5%, while net earnings excluding family tax benefits grew by 3.9% compared to 2011.
March 21, 2013
Cyprus: No Hope in Sight Yet
It is still uncertain if an agreement with Russia about the sale of gas fields can be found. President of the EU commission has joined the talks in Moscow.
March 20, 2013
Hungary: Personnel Purge at MNB
New govenor of the Hungarian Central Bank (MNB) György Matolcsy continues his purge.
March 20, 2013
Good Year for Austrian Banks in 2012
The consolidated financial statements after tax and minority shares increased from € 711m to € 2.97bn.
March 20, 2013
Cyprus Appeals for Help to Russia
In a vote on Tuesday the government has decided not to use the private money of Cyprus‘ citizens to help bail out the banks. After the rejection, the EU aid package is now off. Cyprus hopes rest on Russia at this point.
March 20, 2013
Bank Austria To Boost Capital Base
CEO Cernko wants Eastern Europe to play an important role again in the future.
March 19, 2013
Hypo Shows Improved Results for CESEE and Austria
Hypo Group achieved a result close to break-even in 2012 with € 3.0m after tax. Total assets drop below € 34bn (2011: € 35.1bn). Net interest income drops y/y from € 753.3 m to EUR 678.4 m (almost 10 %).
March 19, 2013
Cyprus: Small Investors To Be Excluded From Tax
After protests among Cyprus‘ citizens arised and harsh criticism was expressed, the government now intends to exclude small savers from the compulsary tax and grant them a relief.
March 19, 2013
Czech Republic: Opposition Rejects Austerity Measures
Opposition leader Sobotka was re-elected last Friday as chairman of the Social Democrats. In an interview with Reuters he explains why the government needs to slow down on austerity measures.
March 18, 2013
Austria: Investigation Against VBAG Board Members
The Austrian Justice is currently investigating a case of the Austrian Volksbanken AG (VBAG) where three former board members are accused of having forged balance sheets. Board director CEO Michael Mendel is not among the suspects.
March 18, 2013
Cyprus: Parliament Votes Tomorrow For Rescue Package
The Cyprian parliament is unlikely to vote in favor for the rescue package which forces bank clients to contribute with their private money.
March 18, 2013
Bank Austria's Profits Under Pressure
In the fourth quarter, Bank Austria has recorded a net loss of € 676m. In the whole year, CEE division showed a profit before tax of € 1.712bn which is an increase of 6 % compared to 2011. One-off charges totalled € 879m.
March 18, 2013
Austria Pays Almost € 300m in Greek Aid
Eurosystem gives away profits from support operations of Greek government bonds. € 281m comes from Austria.
March 16, 2013
Bank Austria Takes Drastic Measures
Because of selling the Kazakhstan division and bad credits, quarter losses of € 553m for parent company UniCredit have to be faced.
March 16, 2013
Cyprus to Receive € 10bn in EU Aid Money
Russia being the biggest investor in Cyprus offered extension of credits. In return, austerity measures and reforms are demanded.
March 16, 2013
VBAG is Forced to Continue Radical Downsizing Measures
The partly nationalized and financially stricken Austrian banking group has to implement a painful restructuring concept. At the moment, VBAG sells its properties.
March 15, 2013
Bank Austria to Sell ATF
Bank Austria will sell its affiliation in Kazakhstan, ATF Bank, which was acquired in 2007. ATF made losses into the billions.
March 15, 2013
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