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Monetary Policy

Moody's: ECB Rate Cut Does Little for Economic Growth

ECB rate cut to a record low 0.25% will likely do little to support economic growth, according to Moody's Analytics.

December 5, 2013

ECB: Debates about Further Measures in Monetary Policy

Today the 23 member of the European Central Bank’s Council have initiated debates about the the stance of monetary policy. The base rate, lowered to 0.25 percent last month, is expected to remain unchanged.

December 5, 2013

Poland: Benchmark Rate Remains Unchanged

The Polish National Bank (NBP) holds the reference rate at its record low of 2.5%.

December 4, 2013

UniCredit: Withdrawal from Hungary as Potential Option

UniCredit does not completely rule out a withdrawal from the Hungarian market in case further burdens will be imposed on banking institutes.

December 4, 2013

Austria: Bawag to Pay back Participation Capital

The Austrian Bawag announced its plans about paying back a further tranche of the state capital participation.

December 2, 2013

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

PwC: Turbulent Years for Banks

According to a study by PricewaterhouseCoopers (PwC) the core capital of European banks need to be increased significantly.

November 28, 2013

ECB Considers Restricting Credits

The ECB takes the option of restricting banking to industrial enterprises only into consideration.

November 27, 2013

Croatia: HNB Pushes Credits

According to reports by Reuters, the Croatian National Bank (HNB) intends to issue HRK 4bn (US-$ 707m) to support credits. Further details will be published by the Central Bank later this week.

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

Poland: IMF Corrects Growth Forecast Upward

Growth forecasts for next year were increased by 0.3 percent by IMF.

November 25, 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 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

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

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

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

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

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

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

ECB Still Has Further Tools

In spite of the most recent cut of the key rate by the European Central Bank (ECB) there is still some leeway downward. However, measures will affect the exchange rate of the common currency.

November 13, 2013

Czech Republic: CNB Concerned about Private Households

In regard to the most recent forex intervention, the Czech National Bank (CNB) has expressed concern about private households, which would be affected for a longer period since savings as well as income will drop.

November 13, 2013

IMF Puts Pressure on Croatia

Although Croatia´s economic situation will improve slightly next year, the country is seen as next bail-out candidate. The International Monetary Fund wants Croatia to accelerate economic reforms.

November 12, 2013

Czech President Sceptical about CNB’s Forex Intervention

Czech President Zeman expressed his reservations about the Central Bank’s latest forex interventions.

November 12, 2013

Austria: Nowotny Rejects Mood of Opposition against ECB

Ewald Nowotny, governor of OeNB, rejects the idea of having been part of a protest group against the European Central Bank’s (ECB) most recent monetary measures by cutting the key rate to an all-time low.

November 12, 2013

Nowotny Against ECB’s Key Rate Cut

The governor of the Austrian National Bank has, according to reports, voted against the ECB’s most recent interventions.

November 11, 2013

Romanian Inflation Forecast Adjusted by NBR

The National Bank of Romania (NBR) has adjusted the inflation forecast downward for 2013 and 2014.

November 11, 2013

Czech Republic: CNB to Intervene in Forex Market

After the Czech koruna (CZK) was devalued, the Czech National Bank (CNB) is keen on preventing a deflation. However, the key rate cannot be cut anymore as it is close to zero.

November 11, 2013

Czech National Bank Starts Currency Interventions

In order to stop the recession in the Czech Republic, CNB eases monetary policy further.

November 8, 2013

Interest Rate Cut: “Very Effective Property Tax“

Economists have judged the ECB’s cut in interest rate differently. According to Brezinschek, chief analyst at Raiffeisen International, savers that are not involved in speculative investments will not benefit from the latest key rate cut.

November 8, 2013

Serbia: Key Policy Rate Cut to 10 Percent

In its meeting on November 7, the NBS Executive Board voted to cut the key policy rate by half a percentage point, to 10 percent.

November 8, 2013

Czech Republic: Economic Outlook Improves

In its latest forecast, the Czech National Bank (CNB) has corrected the outlook on the Czech economy upward for the rest of 2013 while estimates for 2014 were slightly downgraded.

November 8, 2013

Eurozone: Key Rate At Record Low

Low inflation was reason for ECB to lower key rate again by 0.25 percent.

November 7, 2013

Austrian Banks Forced to Prepare in Case of Bankruptcy

From 2014 on, the Austrian Banks are required to start planning the emergency scenario in case of a liquidation in order to be able and react more quickly.

November 7, 2013

ECB to Keep Interest Rate Low

Despite a low inflation, the European Central Bank (ECB) will keep the interest rate low. The Council of ECB has held a meeting on Thursday morning

November 7, 2013

Poland´s National Bank Holds Interest Rate Flat

In order to boost economic growth, the Polish Monetary Policy Council has left the interest rate unchanged.

November 6, 2013

Romania: Key Rate Cut Again

The most recent cut was the fourth in a row since the beginning of July. Experts forecast the rate cutting cycle to stop in the first quarter next year when the country’s key rate is supposed to stand at 3.5 percent.

November 6, 2013

Slovenia: Banking Act Rejected by Parliament

The Slovenian parliament has disapproved of the banking act which planned to introduce bail-in rules throughout the European Union.

November 6, 2013

Bulgaria: Banks Have More Assets at Disposal

With more money available, banks in Bulgaria are now able to grant more loans.

November 6, 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

Serbia: FDI as Driver for Economy

Further decline in FDI could affect economic growth in the Western Balkan state. The Serbian government announced to push forward with amendmends to improve business environment and boost economic growth.

November 4, 2013

Austria: Liquidation No Option for Hypo Group

Nationalized-by force Hypo Group Alpe Adria, which is struggling under liabilities running in the billions, will not be closed. OeNB rejects rumors about establishing a bad bank

November 4, 2013

Industrial Sector: Growth Painfully Slow

According to a survey by research institute Markit, industrial production in the Eurozone increased in October for the fourth time in a row. However, the rate of growth is still low.

November 4, 2013

Bawag Investor Cerberus to Leave?

Rumors have it that US fund Cerberus will sell his share in Austrian bank Bawag. According to head of Bawag, Byron Haynes, a selling process has not yet begun.

October 31, 2013 · Updated: November 5, 2013; 17:30

Analysis - Vienna Stock Exchange on a “Sustainable Upward Trend”

After five downhill years, the Vienna Stock Exchange is finally seeing something like a silver lining.

October 30, 2013 · Updated: November 5, 2013; 18:00

Slovenia: Parliament Approves Amendmends to Banking Act

Measures were taken to reduce costs for winding up of two small Slovenian banks.

October 30, 2013

Erste Group Expects Operating Result to Decline Significantly in 2013

Erste Group posts net profit of EUR 430.3 million in the first nine months of 2013; risk costs decline.

October 30, 2013

Czech Republic: Monetary Easening Not an Option for CNB

Improper exit policy could cause currency swings or inflation, according to expert.

October 29, 2013

Serbia: Privredna Banka to Face Bankruptcy Proceedings

National Bank of Serbia annuls the operating license from Privredna banka. Bankruptcy proceedings are ahead.

October 29, 2013

Germany: Proceedings against Take-Over of Hypo Group to Start

On Thursday the Higher Regional Court in Munich has decided to admit the prosecution against the take-over of Hypo Group Alpe Adria, which had earlier been rejected by the Regional Court as implausible.

October 28, 2013

Poland: T-Bonds not to Affect Budget Deficit

According to GUS, next year’s budget deficit will not be impaired by the transfer of treasury bonds and other assets.

October 28, 2013
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