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Austria: Opposition Criticizes Nationalization

On Thursday Finance Minister Michael Spindelegger expects a binding statement by ailing bank Hypo Group Alpe Adria about how much state aid will be required. The opposition heavily criticizes the nationalization by the Austrian state in 2009.

March 20, 2014

Hypo Group Expected to Publish Figures This Week

On Thursday the Austrian taxpayers are supposed to officially get to know the financial requirements for nationalized problem bank Hypo Group Alpe Adria.

March 19, 2014

Serbia: Economic Activity Increases Speed

Since the beginning of 2014 economic activity has started to accelerate.

March 19, 2014

Slovenia: Confusion over Real Estate Tax

The deadline for real estate owners to prepare for the new real estate tax has been extended by a month.

March 19, 2014

Wifo Warns European Council of Economic-Policy Standstill

The Austrian Institute of Economic Research sharply criticizes the current economic policy of the European Union and calls for a change of course to reach the self-defined targets.

March 19, 2014

Austria: Freedom Party Admits Complicity

The Austrian Freedom Party (FPÖ) admits that it was also to blame for the disaster around Hypo Group Alpe Adria.

March 19, 2014

CA Immo: Considerable Drop in Net Income

Financial results 2013: CA Immo achieves record operating result. Balance sheet strengthened, Net Asset Value up 6%.

March 19, 2014

Poland: Key Rates to Remain Unchanged until 2015

In an interview with Bloomberg Businessweek magazine, Marek Belka, Governor of the National Bank of Poland (NBP), announced that interest rates will remain unchanced until the end of this year.

March 18, 2014

Hungary: Jurisdiction Affects FX Loans and Banks

Hungary’s constitutional court will exert influence on FX loans.

March 18, 2014

BayernLB: “We Were Brazenly Betrayed by Austria"

CEO of BayernLB Gerd Häusler claims the German bank and former parent company of nationalized Hypo Group Alpe Adria accuses Austria of having taken the law into its own hands.

March 18, 2014

Hypo Group: Government Explains Downsizing Solution

On Tuesday the Austrian government will explain the decided downsizing solution for the ailing bank Hypo Group Alpe Adria. Carinthia only wants to pay € 300m in downsizing costs.

March 18, 2014

Serbian President: Vucic is New PM

Serbian President Tomislav Nikolic named Aleksandar Vucic as new Prime Minister.

March 17, 2014

Austria: Carinthia Forced to Pay for Hypo Group

Finance Minister Michael Spindelegger announced wanting to include the federal province of Carinthia to participate in the downsizing costs for ailing bank Hypo Group Alpe Adria. Austerity measures are “inevitable”.

March 17, 2014

Belka: Poland Should Not Haste into Eurozone

Marek Belka, Governor of the National Bank of Poland (NBP), said that the country did not have to haste to become a member of the European single currency union.

March 17, 2014

Serbia: Landslide Victory for Vucic

After Deputy Prime Minister Aleksandar Vucic’s party saw an overwhelming victory in the early parliamentary elections the new government is facing a hard road ahead.

March 17, 2014

Austria: Spindelegger Puts Pressure on BayernLB

In the dispute with BayernLB, former parent company of problem bank Hypo Group Alpe Adria, Finance Minister Michael Spindelegger calls for a tougher approach.

March 17, 2014

Slovakia: Fico Gains Narrow Win in First Election Round

A runoff between Slovak Prime Minister Robert Fico and independent billionair Andrei Kiska has got to be held now. In the first round of elections Fico only had a head start of four percent.

March 17, 2014

Serbia: Vucic Stands Good Chances of Becoming PM

Vucic is regarded new Serbian Prime Minister in the parliamentary elections.

March 15, 2014

Slovakia: PM Fico Regarded Winner of Presidential Elections

As reported by Slovakian media, the presidential elections started off peacefully and without any disturbances. Prime Minister Fico is considered the clear winner of the elections.

March 15, 2014

Austria: Spindelegger Demands Valid Figures by Hypo Group

Finance Minister Michael Spindelegger demands valid figures from Hypo Group Alpe Adria before any further capital injections will be made by the Austrian state.

March 15, 2014

Austria: Delay in RBI Paying Back State Capital

Austrian Raiffeisen Bank International (RBI) will take longer than planned to pay back state capital.

March 15, 2014

Immofinanz: Buwog’s Spin-Off Approved

In an extraordinary shareholder meeting, the spin-off of residential real estate affiliate of Immofinanz was approved by the shareholders.

March 14, 2014

Austria: IV Welcomes Government‘s Decision on Hypo

According to Kapsch, president of IV, Hypo Group’s insolvency would have meant uncertainty and damages to the reputation of the business location Austria.

March 14, 2014

Poland: Lowest Budget Deficit Since 2008

The budget deficit as per the end of February, was the lowest since 2008.

March 14, 2014

Hypo Group: Decision Has Finally Been Made

The government has finally made a decision. Ailing Hypo Group Alpe Adria will be downsized through a private bad bank.

March 14, 2014

Austria/SEE: Crucial Days for Hypo Group’s Future

Today the supervisory board of ailing Hypo Group is gathering to determine the financial gap of Hypo Group and the amount required to complete the balance sheets for 2013. Moreover, a decision about the SEE network will have to be made.

March 14, 2014

Poland: “Time for Belt-Tightening”

Poland is required to cut the deficit in the public finance sector.

March 13, 2014

Austria: DiTech to be Taken Over by Investor

Insolvent computer equipment trader DiTech is supposed to be taken over by a German investor with Polish roots.

March 13, 2014

Austria: Bawag to Pay Back State Capital

Bawag is expected to pay back the entire public participation captial tomorrow. The assets are urgently required for recapitalizing Austrian problem bank Hypo Group.

March 13, 2014

Serbia to Continue Path towards EU

Even after the elections the new government intends to continue the path towards an EU membership.

March 13, 2014

Austria: Who Will Pay for Hypo Group?

In the dispute around who is to pay for problem bank Hypo Group Alpe Adria Chancellor Werner Faymann intends to negotiate with the Austrian provinces about a contribution to the bank levy.

March 13, 2014

Serbia: “Reforms Are Social Responsibility”

According to economic advisor and former director of the International Monetary Fund (IMF) Dominique Strauss-Kahn, Serbia’s efforts to improve state finances and push through with reforms, was visible.

March 12, 2014

Hypo Group: Insolvency Still an Option?

The group of international advisors appointed by the Austrian government seems to have come to a different conclusion than the task force of Hypo Group Alpe Adria.

March 12, 2014

Poland: Changes in Monetary Policy to Come Gradually

Polish macroeconomic conditions support a stabilization of monetary policy, according to Anna Zielinska-Glebocka, member of the Monetary Policy Council.

March 12, 2014

Bank Austria to Focus on Growth Markets in the Future

Because of the high value of write-offs Bank Austria, CEE affiliate of Italian UniCredit, had to face record losses amounting to € 1.6bn. CEO Willibald Cernko, however, does not consider the bank having made any mistakes in the past.

March 12, 2014

Hypo Group: Losses Expected to Run into Billions

Hypo Group Alpe Adria is expected to reveal losses of around € 2bn in the balance sheet for the business year 2013. Up to now, losses in the amount of € 1.3bn were expected.

March 12, 2014

Task Force: Time Is Running out for Hypo Group

The final report by the task force of problem bank Hypo Group Alpe Adria calls upon the Austrian government to make a decision about the downsizing until mid-March.

March 11, 2014

Losses Running into the Billions for Bank Austria

Bank Austria’s results for the 2013 financial year.

March 11, 2014

Faymann: Provinces to Participate in Hypo’s Downsizing Costs

Chancellor Werner Faymann announced that the provinces will have to make a financial contribution to the downsizing costs of Hypo Group. He is in favor of using the provincial share of the bank levy.

March 11, 2014

Austria: Banking Secret for Foreigners to be Abolished Forever

From 2017 on, the banking secret for non-Austrian residents will be abolished completely.

March 11, 2014

Poland: PKO BP to Sell Parts of Consumer Loan Portfolio

This year, the largest lender in Poland intends to sell a part of its consumer loan portfolio in the amount of PLN 2.3bn to 2.5bn.

March 11, 2014

Austria: Hypo Group Disaster with Exorbitant Costs

The extent of the disaster of Austrian problem bank Hypo Group Alpe Adria only starts to unfold bit by bit. A further capital injection of € 750m is needed only for the ailing bank to complete its balance sheets.

March 11, 2014

Austria: Computer Trader DiTech Declares Insolvency

Viennese hardware computer trader DiTech has slipped into insolvency.

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

Hypo Group: Further State Aid Necessary This Year

Finance Minister Spindelegger fears that nationalized problem bank Hypo Group Alpe Adria will require further state aids for its downsizing still within this year.

March 10, 2014

Polish Currency Still Affected by Ukrainian Crisis

The Polish Zloty continues to be unstable in the light of the political crisis in Crimea.

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

Austria: Painful Austerity Measures Ahead

The Austrian public debt level grows massively. The disaster of the nationalized Balkan lender Hypo Group Alpe Adria is not the only reason for the unfavorable situation.

March 10, 2014

Austria: Spindelegger Still Does Not Exclude Hypo’s Bankruptcy

In an interview with daily “Österreich” Finance Minister Michael Spindelegger announced his intention of very carefull examining the task force’s final report about ailing bank Hypo Group.

March 8, 2014

Austria: State Aids for Banks Almost Exhausted

The financial framework for the banking aid for Hypo Group Alpe Adria is almost exhausted. So far the federal state of Austria has spent up to € 6.2bn.

March 8, 2014