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Hungary in Austria | Hungarians in Vienna | Bilateral Relations

Hungary: Matolcsy Demands Resignation of EU Commissioner

György Matolcsy, Governor of the Hungarian National Bank (MNB), demands a better rating for Hungary and the resignation of EU Commissioner Olli Rehn.

December 2, 2013

Hungary: Economic Acceleration Takes Form

According to French BNP, the Hungarian economy starts to grow again. Nevertheless, the banking industry does not face better times yet.

November 29, 2013

Sevelda: „We Are Close to the Breaking Point“

In a guest comment published by the Austrian business magazine Format, CEO of Raiffeisen Bank International Karl Sevelda refers to the high burden for Austrian banks.

November 29, 2013

CESEE: Slight Growth Acceleration, but Uncertainties Persist

The Vienna Institute for International Economic Studies (wiiw) has published the economic forecast for the CESEE region today. The economic performance varies substantially from country to country.

November 28, 2013

Hungarian Parliament Resolves 2014 Budget

Hungary´s scheduled budget deficit in 2014 comes at 2.9% of the GDP. Economists are in doubt whether the deficit will be achieved.

November 27, 2013

RBI Faces Austerity Measures.

Raiffeisen Bank International (RBI) does not take into consideration capital increase.

November 27, 2013

Hungary: Monetary Policy Eases Further

Today, Hungary´s National Bank (MNB) has cut the two-week deposit rate to 3.2% from 3.4%. The government is optimistic that the monetary easing will help Hungary´s economy.

November 26, 2013

CESEE: Austrian Banks Face New Challenges

For Austrian banks, the assessment by the ECB may bring new difficulties. Non-performing loans in CESEE are said to be higher than officially known.

November 26, 2013

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

Wide Parts of CESEE Region Below Pre-Crisis Level

In terms of economic output, a large number of CESEE countries have not reached the level of 2008 yet. The growth outlook remains cautious.

November 25, 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

RBI: Fresh Money for Slovenian Subsidiary

Raiffeisen Bank International, the third biggest lender in CESEE, injects € 10m into the Slovenian subsidiary.

November 21, 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

Raiffeisen Bank International: Sale of Hungarian Affiliate No Taboo Anymore

As reported by Vindobona, Vienna-listed RBI is examining offers for the Hungarian subsidiary. For RBI, Hungary is the biggest loss-maker.

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

RBI Examines Sale Offers in Hungary

Apart from the withdrawal from Ukraine, Raiffeisen Bank International (RBI) considers an exit from Hungary.

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

Hungary: NPLs at Record High

The number of NPLs has reached a new record high, according to MNB.

November 18, 2013

Hungary: Level of Credit Defaults Declining Significantly

According to OTP Bank, the level of credit defaults from borrowers has started to drop to the lowest level since the beginning of the financial and economic crisis.

November 15, 2013

Half of Austrians Consider the Country Stuck in Recession

According to an online survey, the Austrians are confident and not concerned by the most recent recession in the Eurozone. With a total of 87 index points consumer’s confidence remained stable in the third quarter of 2013.

November 12, 2013

CESEE: Growth Remains Below Potential

Today, the EBRD (European Bank for Reconstruction and Development) has published its economic outlook for the CESEE region. The reform pressure is growing, Anthony Willams at EBRD wrote.

November 11, 2013

UniCredit: Net Income Driven By CESEE

Italian UniCredit Group´s quarterly net income was down by 40%. Losses in Italy could be more than offset by the results in Poland and Bank Austria´s contributions.

November 11, 2013

Frame Conditions for Banks Remain Difficult in Hungary

The Hungarian banking sector is highly dissatisfied with the regulation environment, the European Bank for Reconstruction and Development reported.

November 9, 2013

Unequal Retail Real Estate Investment Activity in CESEE

While investments in retail real estate in Bulgaria see an upturn, those in Romania have dropped immensely by more than 50 percent.

November 8, 2013

Banking Sector Reduces Lending

Instead of offering loans to the corporate sector, banks tend to invest in sovereign bonds. The CESEE region is particularly affected by this.

November 6, 2013

Hungary: Parliament Resolves Bank Act

The Hungarian banking sector, which is dominated by Austrian banks, faces new difficulties.

November 5, 2013

CESEE Region: Booming Exports Prevent Recession

The underlying reason for the improving economic sentiment in the CESEE region is the expanding industrial sector. However, the region remains vulnerable to foreign trade and foreign investments.

November 5, 2013

Hungary: Another Bad Surprise for Banks

The Hungarian government plans to shift even more burdens to the banking sector. Costs for the banking sector will reach more than € 3.5bn.

November 4, 2013

Hungary: Unemployment Continues Downward Trend

In September, Hungary´s unemployment rate was down by 0.6 percentage points. The number of jobseekers is 8.1% less than in 2012.

November 1, 2013

Hungary: Moderate Increase in Foreign Trade

From January to August 2013, Hungary´s export volume was up by 1.4%. Imports increased by 0.4% year-on-year.

November 1, 2013

Visegrad Countries Encourage Western Balkans to Join EU

Representatives from Poland, the Czech Republic, Slovakia and Hungary support the EU accession of Western Balkan countries.

October 31, 2013

Hungary: Conflict with Banks Sharpens

Hungary´s Minister of Finance Mihaly Varga rejects the proposal submitted by the banking association.

October 29, 2013

CESEE: „The Growth Model Was not Sustainable“

Franz Seiringer, economist at EBRD, underlines that the CESEE countries are on the right track. The region is working on a new growth model, he told “Wirtschaftsblatt”.

October 29, 2013

Hungary: Junk Rating Remains

S&P has reiterated Hungary´s sovereign debt rating. Further cuts are not unlikely.

October 28, 2013

Czech Republic: Social Democrats to Win

Tomorrow, the Czech Republic will hold early elections. All polls are indicating a clear change in power. Bohuslav Sobotka is expected to become the next head of government.

October 25, 2013

Hungary: Orban Underlines National Sovereignty

On the occasion of Hungary´s national holiday, Prime Minister Viktor Orban stressed the importance of values. The high public debt limits Hungary´s effective sovereignty, however.

October 24, 2013

Public Debt: CESEE Countries Below EU Average

At the end of the first half of 2013, the EU public debt quota reached 86.8% of GDP. Western Europe´s public debt level is significantly higher than in Eastern Europe.

October 23, 2013

“Problems in the CESEE Region Are Mainly Fundamental”

In an interview with Gazeta Wyborcza, Reza Moghadam, director of the IMF´s European Department, says that the weakness of the CESEE region is not only cyclical.

October 18, 2013

IMF Warns of Financial Instability in CESEE

Due to the high non-performing loan quota and the deleveraging of Western banks, the countries of Central, Eastern and Southeastern Europe are still far from financial stability.

October 18, 2013

„Czech Republic Does Not Fully Use Its Potential“

Czech Prime Minister Jiri Rusnok thinks that the performance of the Czech economy is not dramatically bad. However, the Czech Republic must use its opportunities more effectively.

October 17, 2013

Austria: RBI Expects Stabilization

Business in CEE seems to be in an up again. RBI is preparing for an IPO at the Warsaw stock exchange.

October 17, 2013

Hungary’s Industrial Output Growth Exceeds EU average

In August this year, industrial performance – according to workday-adjusted data – increased by 0.9 percent in comparison to the corresponding period of 2012.

October 17, 2013

Poland: 70 Percent against Introduction of Euro

According to a recent survey carried out by Public Opinion Research Center (CBOS) as many as 70 percent reject the idea of introducing the Euro to Poland.

October 15, 2013

Solution to Croatian/Hungarian Mol Issue Expected Soon

The Croatian justice has issued an international arrest warrant for the head of Hungarian oil company Mol.

October 15, 2013

Austria: Purchasing Power Grows Slightly

According to a study published by RegioData Research, Austria could improve its level of purchasing power in the years from 2008 to 2012.

October 15, 2013

IMF: Hungary´s Fiscal Situation Deteriorates

According to the IMF, Hungary´s public debt quota will increase. This stands in opposition to the optimistic forecasts of the government.

October 15, 2013

Moody’s: Poland Threatened by Outflow of Foreign Funds

Rating agency Moody’s evaluates the country being moderately exposed to the risk of foreign outflows.

October 14, 2013

FX Loans: ECB Warns Hungary

ECB´s governor Mario Draghi warns Hungary. The conversion of foreign currency loans may sharpen the credit crunch.

October 14, 2013

Hungary: Borrowing Costs Decline

Yields on Hungarian sovereign bonds reached an all-time low. However, a rebound in 2014 is rather probable.

October 12, 2013

Southeastern Europe: Property Market Clashes

Since mid-2012, the property market in Southeastern Europe shrinks drastically. In Croatia, house prices fell by 20%.

October 10, 2013