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Leaders

Poland: VAT Likely to be Reduced

As announced by Polish Finance Minister Mateusz Szczurek, the government plans on cutting the VAT rate to 22 percent in 2017.

April 22, 2014

Serbia: EU Negotiations Important for Reforms

According to Tanja Miscevic, chief negotiator in Serbia’s EU accession talks, the opening of the Chapters 23 and 24 are crucial for the reform process in the Western Balkan country.

April 22, 2014

Austria: Branch Network of Raiffeisen Shrinking

Because of the high number of mergers, the number of branch shops of Raiffeisen Group is dropping. However, the Austrian lender still has a market share of 43 percent.

April 18, 2014

Serbia: PM Nominated Next Week

The Serbian President will nominate the new Prime Minister on Tuesday, April 22.

April 18, 2014

Hypo Group: Italian Branch Turns Out a Huge Problem

According to CEO Picker there were more “skeletons in the closet than expected” which led to huge losses for the ailing bank. The Italian network may have to be downsized.

April 17, 2014

Slovenia: “Worst Thing if Nobody Dare Do Anything”

Finance Minister Cufer stressed that financial institutes needed stable guidance and confidence to continue their restructuring paths.

April 17, 2014

Austria: RLB OÖ Still Threatening to Leave

According to managing director of Raiffeisenlandesbank Oberösterreich (RLB OÖ) Heinrich Schaller, the tax burden is too high in Austria. The bank is still threatening to leave for Germany if the bank levy will not be changed.

April 17, 2014

Poland: Excessive Deficit Procedure for Two More Years

The Polish government expects the EU Commission to cancel the Excessive Deficit Procedure in “less than two years” due to the measures applied so far the continuing of economic recovery.

April 16, 2014

Industrial Location Austria Losing Attractiveness

Among other things, labor costs and energy prices are too high, according to the Austrian Federation of Industries.

April 16, 2014

Austria: RLB OÖ Rows Bank on Threat to Leave

Last year regional lender RLB OÖ (Raiffeisen Landesbank Oberösterreich), part of Raiffeisen group, saw a decline of six percent in its balance sheet totals while the operating results increased by almost three percent.

April 16, 2014

Slovakia as a Role Model?

In an interview with Austrian daily “Wirtschaftsblatt”, Tomas Malatinsky, Economy Minister of Slovakia, talked about budget discipline, investments and tax policy.

April 16, 2014

Serbian New Government More Efficient and Modern

The presidency of the Serbian Progressive Party (SNS), which gained a landslide victory in the recent parliamentary elections, has decided to create a coalition with the Alliance of Vojvodina Hungarians (SVM).

April 15, 2014

Fricke: “Man Needs Relatively Little Bank”

Fricke, chief economist at the European Climate Foundation and author of “Wie viel Bank braucht der Mensch?" (How much bank does man need?)

April 15, 2014

Serbia: “Radical Measures” Needed to Tackle Grey Economy

Experts call for higher penalties to make tax evasion and gray economy less profitable and establish financial discipline.

April 14, 2014

“Bank Rescue is a Crime”

Martin Ehrenhauser, leading candidate of the Austrian electorial alliance “Europa Anders”, which is running for the EU elections, has voiced harsh criticism about the saving of financial institutes.

April 14, 2014

Poland: No Tax Hike Required

According to Poland’s Finance Minister, a tax increase is not required this year.

April 14, 2014

Slovenia: Head of NLB Throws in Towel

On Friday France Ahar, President of the supervisory board of the biggest lender of Slovenia, state-controlled NLB, handed in his resignation.

April 14, 2014

Raiffeisen Branch to Leave Austria?

One of the provincial units of Raiffeisen Group, regional lender Raiffeisen Landesbank Oberösterreich (RLB OÖ), is considering relocating its headquarters to Germany.

April 11, 2014

Serbia’s Goal to Join EU until 2020 “Realistic”

According to former German Chancellor Gerhard Schröder, Serbia’s aim to become a member of the European Union until 2020 is realistic.

April 11, 2014

Vucic: “Not Afraid of Social Riots”

The future Prime Minister of Serbia underlined the necessity of reforms.

April 10, 2014

Hypo Group: Disastrous Losses Revealed

Huge write-offs and value adjustments have sent losses of nationalized problem Hypo Group Alpe Adria soaring. Losses running into the billions are expected.

April 10, 2014

Poland: Key Rate Kept on Hold

The Monetary Policy Council of Poland has kept the key interest rate on hold since it ended easening in July last year.

April 10, 2014

Austria: Hypo Group’s Investigation Committee Ready for Action

The group of foreign experts at the investigation commission for Hypo Group Alpe Adria is supposed to guarantee the required objectivity. The first results are expected to be published at the end of the year.

April 10, 2014

Poland: NBP Posts No Profits

In 2013 the Polish National Bank (NBP) posted no profit.

April 10, 2014

Erste Group to be Relocated to the Czech Republic?

CEO of Erste Group, Andreas Treichl, has informed Czech President Milos Zeman about the bank’s intention to move to Prague in the coming years.

April 9, 2014

Poland: Growth Forecast Raised Again

The International Monetary Fund has raised the forcast of GDP growth in Poland.

April 9, 2014

Serbia: Vucic Rejects Single-Party Government

Aleksandar Vucic, leader of the Serbian Progressive Party (SNS) and future Prime Minister, said on Tuesday that his party does not intend to govern on its own.

April 9, 2014

Fitch: Polish Rating Foundations Very Solid

As reported by news portal “Warsaw Voice”, rating agency Fitch considers the Polish credit rating foundations to be very solid.

April 8, 2014

Nikolic: “Russia Will Never Recognize Kosovo”

In an interview with Austrian daily “Presse”, Serbian President Tomislav Nikolic voiced his opinon on the political crisis on Crimea and the future about talks between Serbia and Kosovo.

April 8, 2014

Hungarian Electorial Law Supports Major Parties

Orban is the clear winner of the parliamentary elections in Hungary. He stressed that there are no more conflicts with the EU than any other member state had.

April 7, 2014

Serbia: Effective Measures for Economy

The Serbian Chamber of Commerce considers the measures for economic growth “a very big thing”.

April 7, 2014

RBI Awarded Best Bank in CEE Once Again

Global Finance Awards: RBI again “Best Bank in CEE”.

April 7, 2014

RBI to Shut Down Affiliates on Crimea

The Ukrainian affiliate of Raffeisen Bank International (RBI) is closing all its affiliate on Crimea until mid-April.

April 7, 2014

Poland: No Danger of Deflation

According to Marek Belka, governor of the National Bank of Poland (NBP), there is not threat of deflation.

April 7, 2014

Serbia: Vucic New Prime Minister

The chief of the Serbian Progressiv Party (SNS) Aleksandar Vucic will be nominated by the Serbian President Tomislav Nikolic as the new Prime Minister.

April 4, 2014

Austria: Carinthia Reluctant to Pay for Hypo Group

The Austrian province of Carinthia rejects contributing to the downsizing costs of nationalized Hypo Group. Finance Minister Spindelegger insists on € 500m and threatens with sanctions.

April 4, 2014

Bosnian Billionaire to Acquire Hypo Group?

The Finance Ministry confirmed the announcement and is now examining the offer.

April 4, 2014

Poland: PKO BP to Help Finance Ukrainian Enterprises?

The biggest financial institute in Poland could get involved in a project financing Ukrainian businesses.

April 4, 2014

Austria: Capital Increase for Hypo Group Decided

The Austrian problem bank Hypo Group Alpe Adria will receive € 750m in fresh capital.

April 4, 2014

VBAG: No State Aids in 2014

The restructuring of VBAG Group is supposed to be completed until 2017, as announced by the banking group. From currently 48 regional bank shops in Austria nine regional banks are supposed to remain.

April 3, 2014

Hungary: Fidesz Considered Winners of Elections

The governing party Fidesz under Prime Minister Viktor Orban is expected to become the clear winner of the parliamentary elections on Sunday.

April 3, 2014

Serbian Future Government Needs to Be “Compact”

According to the deputy leader of SNS, Aleksandar Vucic “shall introduce iron discipline in the Government.”

April 3, 2014

Hungary: OTP Approaches Acquisition of MKB

MKB, the Hungarian loss-making affiliate of German regional lender BayernLB, is approaching its acquisition by the biggest lender OTP.

April 3, 2014

Austria: Dispute about Bank Tax Culminates

The establishing of a new fund for the banking union will become a financial burden for banking institutes.

April 3, 2014

Serbia: New Government to Hold EU Accession Talks Regularly

The next government of Serbia will hold sessions with regard to the EU accesssion on a regular basis, as announced by Miscevic, chief EU negotiator of Serbia.

April 3, 2014

Austria: “Financial Crisis is Not Yet Over”

Deputy Chancellor and Finance Minister Michael Spindelegger considers the financial crisis not to be completely over.

April 2, 2014

Austria: Faymann Insists on Bank Levy

Chancellor Faymann intends to keep the bank levy in spite of the planned insolvency fund, which is going to be established EU-wide.

April 1, 2014

Austria: Chancellor Calls for Reform of Investigation Committee

Chancellor Werner Faymann has today expressed his wish for a fast reform of parliamentary investigation committees.

April 1, 2014

Austria: Spindelegger Expects Significant Increase of Deficit

According to the Finance Minister, the consequences of the Hypo-disaster are “dramatic”. However, he does not see a danger of deflation.

April 1, 2014

Hypo Group: Settlement Rejected by BayernLB

The majority stockholder of BayernLB, the former parent company of Hypo Group Alpe Adria, is not willing to negotiate about a settlement with the Austrian problem bank.

April 1, 2014