Austrian Economic Policy News and Analysis
Read the latest headlines about policies and laws influencing the business and investment environment of Vienna and Austria
Hungary. Forex Loans Probed by Supreme Court
Due to the upcoming elections in 2014, Hungary´s government puts pressure on the Supreme Court.
November 25, 2013
Austria: “Budget on Target“
State Secretary for Finance Andreas Schieder points out that “the figures from the Finance Ministry for the budget performance until October show that the budget 2013 is on target.” Social Minister Hundstorfer calls for reforms.
November 25, 2013
ECB Does Not See Danger of Deflation
Benoit Coeure, member of ECB’s supervisory board, does not see the danger of deflation in Europe.
November 25, 2013
Germany: Austrian Real Estate Enterprises under Pressure
Austrian real estate companies have invested hundreds of millions Euros in apartments in Germany since yields are around 30 percent higher; however the German government plans on putting a hold to the upward trend.
November 25, 2013
Serbia: Inflation Rate at Lowest Level in a Decade
The Western Balkan country is expected to reach the lowest inflation rate in ten years.
November 25, 2013
Poland: IMF Corrects Growth Forecast Upward
Growth forecasts for next year were increased by 0.3 percent by IMF.
November 25, 2013
BayernLB Lodges Claim of Almost € 5bn
The value in dispute in the legal discussions between German BayernLB and fromer affiliate Hypo Group Alpe Adria runs up to almost € 5bn.
November 25, 2013
Faymann Calls for Sense of Proportion
Chancellor Faymann does not consider a drastic austerity package necessary.
November 25, 2013
Austria: Decent Economic Outlook
Despite an economic acceleration, the macro-economic frame conditions remain difficult in 2014. A major risk factor is the fiscal situation.
November 24, 2013
Slovenia: Stress Tests Result Published on December 13
Bostjan Jazbec, governor of the Slovenian National Bank (SNB), is optimistic that no Slovenian bank will have to be liquidated.
November 23, 2013
Czech Demand for Housing Loans Still Grows
While demand for consumer loans was down, demand for housing loans is still on the rise. In total, loan growth decelerates.
November 23, 2013
Czech Budget Deficit Shrinks
Despite the unfavorable macro-economic develoment, the Czech Republic´s budget deficit was down slightly. This is mainly due the the better tax collection, the Czech Statistical Office (CSU) reports.
November 23, 2013
Szczurek: EU Funds to Create Growth
Poland´s designated Minister of Finance Mateusz Szczurek explained that EU contributions will be used to support Polish GDP growth.
November 23, 2013
Slovakia Benefits Substantially from EU
In the next fiscal term from 2014 to 2020, Slovakia will receive net contributions of € 14bn. Without the EU contributions, Slovakia´s fiscal situation would be difficult.
November 23, 2013
Romania Faces Upgrade
Next year, Romanian sovereign bonds may be upgraded by Standard & Poor´s.
November 23, 2013
Czech Republic to Bottom Out?
The economic data for the third quarter indicate that the downward trend is stopped now, governor of the CNB said. Nevertheless, the GDP data are worse than expected.
November 23, 2013
Slovenia: Economic Growth Expected to Speed up Next Year
Economic growth is expected to accelerate next year.
November 22, 2013
Ukraine Leaves Path Towards EU
After the Association Agreement between the Ukraine and the European Union failed head of state Mykola Asarov stated economic reasons for the abrupt stop.
November 22, 2013
Austria:Kommunalkredit Managers Accused of Breach of Trust
Four former managers of nationalized Kommunalkredit (KA) are accused of breach of trust and violating the Stock Corporation Act by the Public Prosecutor's Office against Economy and Corruption (WKStA) at the Regional Court in Vienna.
November 22, 2013
Czech Republic: CNB Facing Investigations
Czech Senator Dryml ordered the head of counter-intelligence service (BIS) Jiri Lang to initiate investigations against the Czech National Bank (CNB).
November 22, 2013
Slovenia Looking for New Economy Minister
According to media reports, Prime Minister Bratusek is supposed to have shortlisted three potential candidates for the position.
November 22, 2013
Croatia: Amendmends to Cosumer Credit Law
Interest rates on housing loans pegged to Swiss Franc dropped by 30 percent.
November 22, 2013
Fresh Money for Hypo Group Alpe Adria
The nationalized Austrian bank receives € 1.05bn from the Austrian Ministry of Finance.
November 22, 2013
Hungary: Further Cuts to Come
György Matolcsy, governor of the Hungarian National Bank MNB, stresses that there is room for further base rate cuts.
November 21, 2013
VIG and Bulgaria Are Causing Headache Each Other
The Austrian insurance group VIG has sold the Bulgarian pension fund to an unknown investor. Bulgaria´s government wants to reverse the sale.
November 21, 2013
Czech Republic: Sobotka Commissioned to Form Government
Czech President Milos Zeman engages the head of the social democrats (CSSD) Bohuslav Sobotka to form a new cabinet.
November 21, 2013
Eurozone: Nouy New Manager of ECB’s Banking Suvervision
Daniele Nouy will become the new head of the ECB’s banking supervision.
November 21, 2013
Szczurek Stresses Importance of Balanced Fiscal Policy
Poland´s new Minister of Finance Mateusz Szczurek underlines the importance of a fiscal stability.
November 21, 2013
EBRD: Eastern Europe “Stuck in Transition“
The European Bank for Restructuring and Development (EBRD) warned that Eastern Europe and the countries of the former Sovjet Union could remain “stuck in transition”, which is the titel of the current report.
November 21, 2013
Austria: Cernko Favors Participation in Bad Bank
CEO of Bank Austria Willibald Cernko is in favor of Austrian banks participating in a bad bank for Hypo Group Alpe Adria.
November 21, 2013
Slovenia: Share of NPLs Increasing Dangerously
The share of non-performing loans (NPL) in the Slovenian banking sector has increased to 17.4 percent. Losses of the country’s financial institutes are significantly worse on a year-on-year comparison.
November 21, 2013
Czech National Bank Not Intending Further Forex Interventions
According to Miroslav Singer, governor of the Czech National Bank, the authority is not planning on taking further measures at the forex market to weaken the Czech Crown (CZK).
November 21, 2013
Poland: Reshufflement at Government
A major reshufflement is currently under way at the Polish government.
November 20, 2013
Austria: Budget Contradiction Causes Irritation
Opposition demands immediate resignation of Finance Minister Fekter.
November 20, 2013
Hungary: Banks Penalized for Lobbying
The Hungarian competition authority GVH has imposed a penalty running in the millions on domestic and foreign banks.
November 20, 2013
Austria: Wifo’s Estimates More Optimistic
Wifo forecasts Austria to keep its growth advantage if “smart” consolidation measures are carried out by the government.
November 20, 2013
Albania: Governor Calls For Measures for Balanced Financial System
Financial institutes in Albania are struggling with a weak demand in credits as the country has been affected by the economic and financial crisis.
November 20, 2013
Hypo Group: Investors Claim Refunds
A group of aggrieved investors in Hypo Group Alpe Adria files claims for damages. These so-called small investors provided amounts from € 30,000 to € 300,000 and feel disadvantaged compared to bigger investors.
November 20, 2013
Austria: High Tax Country
According to the new tax report of PrinceWaterhouseCoopers (PwC), the tax burden in Austria is ten percent higher than the average tax rate in the European Union and even beats Sweden.
November 19, 2013
Romania: Banks Keep Risk Margins Unchanged
In spite of the recent cut in the key rate to an all-time low of four percent the financial institutes will not loosen risk policies.
November 19, 2013
RBI Examines Sale Offers in Hungary
Apart from the withdrawal from Ukraine, Raiffeisen Bank International (RBI) considers an exit from Hungary.
November 19, 2013
OECD: Restructuring of Banks Required
The Organization for Economic Cooperation and Development (OECD) calls for a fast progress in the establishing of a banking union in the Eurozone and restructuring of the banking sector to boost economic growth.
November 19, 2013
Fekter: Austrian Budget Gap Based on Unfavorable Economic Forecast
Yesterday afternoon current Finance Minister Maria Fekter and State Secretary of Finances Andreas Schieder met with the parliamentary budget committee. The opposition parties demanded answers and clarification in regard to the budget gap.
November 19, 2013
Nowotny: Must Avoid Bubble in CESEE
In order to avoid another asset bubble like in 2008, loan growth has to be monitored, governor of Austrian National Bank Ewald Nowotny says.
November 19, 2013
„Not Enough Bank Insolvencies“
Andrea Enria, head of the European Banking Authority (EBA), claims that the banking landscape did not change sufficiently.
November 18, 2013
Hungary: NPLs at Record High
The number of NPLs has reached a new record high, according to MNB.
November 18, 2013
RBI Approves Participation in Bad Bank for Hypo
CEO of RBI Sevelda expects Austrian government to set a time limit for bank levies until the end of 2016.
November 18, 2013
Nowotny: Economic Recovery not as Strong as Expected
According to Ewald Nowotny, governor of the Austrian National Bank (OeNB), indicators point toward a slow recovery in the next quarters.
November 18, 2013
Slovenia Issues New Eurobonds
The issuance of a new bond in the amount of € 1.5bn on Friday came as surprise as Prime Minister Alenka Bratusek has annouced earlier no such measures will be made until the beginning of the new year.
November 18, 2013
Banking Union: No Progress
The EU countries could not agree on a common bank resolution mechanism yet. Once more, the pressure on Berlin is growing.
November 16, 2013
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