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Austrian Economic Policy News and Analysis
Read the latest headlines about policies and laws influencing the business and investment environment of Vienna and Austria
Slovenia: EU Commission Approves Bank Aid
On Wednesday the European Commission has approved state aid for five Slovenian banks.
December 19, 2013
Austria: S&P Keeps Rating Unchanged
The U.S. rating agency confirms the “AA+” rating for Austrian sovereign bonds. An upgrade is unlikely in the next years.
December 19, 2013
Banking Union Completed
The Finance Ministers of the Eurozone have reached a compromise on the last pillar of the banking union. The deposit protection mechanism will come into power in 2015.
December 19, 2013
Hypo Group´s Bankruptcy: Major Threat for Raiffeisen Sector
In case of Hypo Group Alpe Adria´s bankruptcy, the Austrian banking sector would have to absorb enormous write-offs. Above all, mortgage institutions in the Raiffeisen sector would be endangered.
December 19, 2013
Wifo: Sluggish Growth Because of Weak Consumption
According to Wifo’s (Austrian Institute of Economic Research) prognosis for the coming years, economic upturn in Austria will remain flat because of weak consumption.
December 19, 2013
Hungary: Slower Monetary Cuts
After another base rate cut, the next monetary steps will take more time.
December 18, 2013
Macedonian Banks Should Support Private Sector
Deputy Prime Minister and Finance Minister Stavreski calls upon Macedonian banks to support the private sector.
December 18, 2013
Serbia: National Bank Cuts Key Policy Rate
The NBS decided to cut key interest rate by half a percentage point as inflation remains on the lower target tolerance band.
December 18, 2013
Slovak Prime Minister Confirms Presidental Candidacy
Slovak Prime Minister Robert Fico, who also serves as head of ruling left-winged Smer Party, announced his candidacy for the presidential office next year.
December 18, 2013
Slovenia: Three Arrestments at NLB
According to Slovenian authorities, three persons in the bank’s environment were arrested because of alleged malpractice.
December 18, 2013
Serbia: EU Accession Talks in January Fixed
Prime Minister Dacic considers results as “historic event” for Serbia.
December 18, 2013
RBI CEO under Suspicion of Prosecution against Corruption
Karl Sevelda, CEO of Raiffeisen Bank International (RBI), is suspected of having sold company’s shares of a commodity trader below their value. The prosecution in Vienna is now searching Sevelda’s office.
December 18, 2013
Hypo Group: Take-Over Almost Completed
British-Indian Anadi Financial Holding had to wait for months until the take-over of Austrian Hypo Group Alpe Adria was approved.
December 18, 2013
Czech Republic: Rusnok to become CNB Board Member
Outgoing Prime Minister Jiri Rusnok will be appointed new board member of the Czech National Bank (CNB) by President Milos Zeman.
December 18, 2013
Hypo Group Insolvency: Total Damage of € 26bn
Ewald Nowotny, governor of the Austrian National Bank (OeNB), warns of follow-up costs in case of a bankruptcy of the Austrian nationalized lender.
December 17, 2013
Austrian Banks: “Less than No Interest” in Bad Bank Participation
According to Felderer, Austrian major banks have “less than no interest” in a participation of a Hypo Group’s bad bank.
December 17, 2013
Austria: Major Banks Exhibit Significant Shortages in Core Capital Quota
Both Erste Group’s and RBI’s core capital quota is below the European average.
December 17, 2013
Banking Union: Bank Resolution as Hot Topic
The Finance Ministers of the Eurogroup countries are discussing the future of the banking union in Brussels today.
December 17, 2013
CESEE: More Robust than in 2008
The U.S. Federal Reserve wants to reduce its easing policy gradually. For emerging markets, the end of the loose monetary policy may prove challenging.
December 17, 2013
Poland: PZU Places Binding Offer for Croatia Osiguranje
Polish insurance company PZU places a binding offer for Croatia Osiguranje (CO).
December 17, 2013
Czech Republic: Lowest Increase in Public Debts in 17 Years
According to the government’s Funding and Debt Management Strategy, public debt should exceed CZK 2,000bn by the end of 2016.
December 17, 2013
Bulgaria: Majority of Citizens Call for Early Elections
According to a poll, 80 percent of Bulgarians demand early elections.
December 17, 2013
Austria: Fate of Hypo Group Still Unclear
Only next year the fate of ailing bank Hypo Group Alpe Adria will be determined.
December 16, 2013
Hungary: Good News for Banks in Forex Proceedings
Banks operating in Hungary can feel relieved by the Supreme Court’s judgement.
December 16, 2013
Slovenia: Bad Bank to Operate Longer than Expected
According to executive director Mannson, the collecting and selling of non-performing loans would take at least ten to fifteen years.
December 16, 2013
Austria: Opening Balance Reveals Massive Mountain of Debt
Public debts exceed the federal assets by more than double the amount, as revealed by the opening balance published by outgoing Finance Minister Maria Fekter last weekend.
December 16, 2013
Poland: Budget Bill Approved by Lower House
On Friday, the Polish lower house Sejm approved next year’s budget bill which schedules the budget deficit of PLN 47.6bn not to be exceeded.
December 16, 2013
Romania: Significant Decline in FDI
On an annual basis, FDI decreased by more than eight percent.
December 16, 2013
NBS: Moderate Rise in Inflation
Moderate rise of inflation expected by the National Bank of Serbia (NBS).
December 16, 2013
Romania´s GDP Growth to Slow Down
In 2014, Romania is expected to grow moderately. Compared to 2013, growth will decelerate. The recovery mainly depends on exports.
December 16, 2013
Bulgaria: S&P Downgrade Criticized Sharply
Bulgarian Minister of Economy Dragomir Stynev does not agree with S&P´s view on Bulgaria´s creditworthiness.
December 16, 2013
Slovenia: Haircut for Junior Bondholders
Subordinated bond holders of the state-owned Slovenian banks will lose their investments completely. This is part of the recapitalization scheme.
December 14, 2013
MNB Replaces Hungarian Banking Industry
In order to push economic growth rates, Hungary´s National Bank continues to support the subsidized loan program. The support should help to boost the construction of real estate.
December 14, 2013
Emerging Markets Face Decrease in Risk Appetite
Foreign investors become more and more cautious about investing in emerging markets. Regions like Central, Eastern and Southeastern Europe are highly dependent on foreign sentiments.
December 14, 2013
Austrian Banking Industry Has to Fear Bank Tax Increase
At the end of this week, the Austrian social democrats and the conservatives agreed on continuing their coalition. Although the fiscal strategy is not fully known yet, a bank tax increase is likely.
December 14, 2013
Austrian Business Location in Danger?
The Federation of Austrian Industries (IV) has carried out a survey on the Austrian business location. Most interviewees are pessimistic.
December 14, 2013
BayernLB to Keep Hungarian MKB Unit
BayernLB’s plans to seperate from loss-making Hungarian affiliate MKB were not put on hold. Instead, the German bank wants to continue to push forward with austerity measures and cut jobs.
December 14, 2013
Poland: Budget Deficit Expected to Fall
In view of the accelerating economy, Poland´s fiscal shortfall will be smaller than initially projected, the rating agency Fitch states.
December 13, 2013
Positive Respond to Slovenian Bank Recapitalization Plans
The European Bank for Reconstruction and Development responds positively to the results of the asset quality review of Slovenian banks and the corresponding plans of the government.
December 13, 2013
Austria: Spindelegger Replaces Fekter
The designated cabinet members were presented to the public today. Maria Fekter will not be a cabinet member anymore.
December 13, 2013
Leitl: No Alternative to Budget Consolidation
Christoph Leitl, President of the Austrian Chamber of Commerce (WKO), regards the coalition agreement between the Social Democrats (SPÖ) and the People’s Party (ÖVP) acceptable.
December 13, 2013
Capital Injection for Hypo Group Approved
In the general assembley of Hypo Group the path was cleared for a further capital injection in the amount of € 800m.
December 13, 2013
Croatia: Major Investments to Boost Economic Growth
The Croatian government on Thursday adopted an investment plan for 2014 which includes large-scale investments, amounting to as much as HRK 73.1 billion.
December 13, 2013
Slovenia Pushes Forward with Privatizations
In spite of the capital shortfall of € 4.78bn of the banks in Slovenia, the bank stress test was passed by the financial institutes.
December 13, 2013
Croatia: Erste Offer Rejected
Austrian Erste Group intended to aquire Croatian HPB. However, the offer was rejected by the Finance Ministry as the purchase price was considered too low.
December 13, 2013
Austria´s Government: Old Turns into New
The leaders of the old government, Chancellor Werner Faymann and Deputy Chancellor Michael Spindelegger, announced to form a new government.
December 12, 2013
Poland: Growth May be Higher than Projected
Poland´s new Finance Minister Mateusz Szczurek thinks that the growth estimations for 2014 may be too cautious.
December 12, 2013
Hungary: Stable Outlook Yet Still Junk Status
In spite of Matolcsy, governor of the Hungarian National Bank (MNB), demanding a better rating for the country’s credibility, the major rating agencies have not raised them.
December 12, 2013
Serbia: NBS FX Reserves Amounted to More than € 10,362m at End-November
FX Reserves and IFEM movements in November.
December 12, 2013
Austria: Hypo Group Insolvency Best Solution for Taxpayers
According to consulting agency Oliver Wyman, an insolvency of ailing bank Hypo Group would be the most favorable option for taxpayers as instead of domestic banks foreign banking institutes will be burdened.
December 12, 2013
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