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Monetary Policy
Polish Central Bank Holds Interest Rate Flat
Poland´s economy begins to recover. NBP leaves the base rate at 2.5%.
September 5, 2013
Slovenian Finance Minister: “Enough Tax Burdens“
On Tuesday, the Slovenian Finance Minister Uros Cufer announced that enough additional tax burdens have been introduced.
September 4, 2013
Austria: Up to € 11.7bn for Downsizing Hypo Group
Years of discussion went by; now the EU Commission has approved the downsizing plan for nationalized Hypo Alpe Adria.
September 4, 2013
Hypo: New Risky Loan Agreements Even in 2012
According to the EU Commission, risky loans were granted by ailing Hypo Group even in 2012.
September 3, 2013
Keuschnigg: “We Already Have The Flat Tax in Austria”
The head of IHS demands tax relief instead of further tax burdens and the adjustment to the inflation rate.
September 3, 2013
Czech Republic: Monetary Policy to Loosen Further
According to the member of CNB (Czech National Bank) Lubomir Lizal, the country needs further monetary policy steps. CNB is considering starting currency interventions.
September 3, 2013
Cyprus: Waiting for the Next Bailout Tranche
Crisis-struck member of the Eurozone Cyprus will have to wait for the next payment out of the bailout-package. Before the next tranche will be transferred the small country has to implement key measures.
September 2, 2013
Hungary: Another Base Rate Cut
Hungary´s National Bank (MNB) has cut the base rate from 4.00% to 3.80%. This is a new record low. Nevertheless, MNB was expected to decide a lower cut.
August 31, 2013
Poland: Economy Begins to Accelerate
In the third quarter of 2013, Poland´s economy will grow by 1.0% year on year.
August 31, 2013
Uher: “Banking Union in Eurozone Great Danger“
Thomas Uher, member of the board of directors at Erste Bank, warns of a banking union that is only limited to the Eurozone.
August 30, 2013
Austria: Raiffeisen Group Takes Over VBAG Loans
Loans worth more then € 748m will be taken over by Raiffeisen Group
August 28, 2013
Austria: Hypo Group in “Crisis Mode“
According to Austrian daily “Standard“, there are daily reports about Hypo Group being forwarded to the Austrian National Bank (OeNB).
August 28, 2013
Strache: „No New Aids for Greece“
Heinz-Christian Strache, leader of the Austrian Freedom Party (FPÖ), demands that further bail-out funds for Greece should be stopped immediately.
August 27, 2013
Hypo: Half-Year Results Expected August 28
In order to be able and balance, nationalized Hypo Group required € 700m in capital by the Austrian state.
August 27, 2013
Austria: Bawag to Pay Back Further State Aid
Due to lower costs and provision profits of the Austrian bank Bawag increased. From the coming year on the bank intends to pay back further state aids and plans on further withdrawing from CESEE.
August 27, 2013
Austria: First Chancellor’s Duel
Chancellor Werner Faymann (SPÖ) and Deputy Chancellor Michael Spindelegger (ÖVP) had their first official chancellor’s duel on TV on Monday. However, people waiting for a major dispute had been disppointed.
August 27, 2013
Fitch Cuts Outlook for Poland
Due to the change in Poland´s fiscal policy, the U.S. rating agency lowers the rating outlook for Poland from „positive“ to „stable“.
August 25, 2013
Russian National Bank Underlines Stability of Ruble
Russian National Bank emphasizes that the Russian ruble will not devalue.
August 24, 2013
Turkey: Capital Outflow Endangers Economic Stability
The monetary and economic stability is under enormous pressure. Turkey´s National Bank does not have sufficient reserve to support the Turkish lira.
August 24, 2013
Faymann: Joint Combat against Unemployment
During a meeting with Slovenian Prime Minister Bratusek and Croatian Prime Minister Milanovic and Austria’s second biggest city Graz, Austrian Chancellor Faymann pointed out the governments’ key tasks.
August 23, 2013
Turkish National Bank to Increase Key Rate
In the fight against the downgrade of the Turkish Lira, the Central Bank of the Republic of Turkey (CBRT) has increased the key rate unexpectedly.
August 20, 2013
National Bank of Ukraine fully meets domestic demand for cash
The National Bank of Ukraine is committed to developing cashless payments. At the same, cash is needed for retail payments. The growing demand for cash is fully met.
August 20, 2013
Austrian Division of Hypo Alpe Adria Managed to Turn A Profit
In the past half year the Austrian division of nationalized bank Hypo Group made small profits.
August 20, 2013
Slovenia to Expand Bank Stress Test
Instead of formarly three, ten banks are now supposed to be subjected to a stress test. Results are expected until the end of the year.
August 19, 2013
Austria: Kranebitter to Leave Hypo Group
After three and a half years, Gottwald Kranebitter steps back as CEO of nationalized Hypo Alpe Adria. Tax payers are left with a burden running in the billions in the years to come.
August 19, 2013
Turkey Wants to Stop Capital Outflow
The Turkish government plans to attract more investors. By lower taxes, foreign capital of Turkish nationals should come back to Turkey.
August 17, 2013
Russia: Stable Outlook, Lower Growth Rates
The rating agency Fitch reiterates the “BBB” rating for Russia. The outlook remains stable. However, Russia´s GDP forecast had to be lowered.
August 17, 2013
Poland´s Economic Growth Accelerates
In the second quarter of 2013, the annual growth rate came at 0.8%. Due to combined monetary and fiscal measures, the outlook is positive.
August 17, 2013
Cyprus: Bailout Should Have Come Sooner
Cyprus should have applied for an EU rescue package in 2011 to avoid the restrictive terms forced on investors to ensure support, its central bank governor said yesterday.
August 14, 2013
Bulgaria: Ministry Reopens Issue of Government Bonds
Bulgaria's Ministry reopens 5-year government bonds issue for maturing on 23 January 2018
August 14, 2013
ECB: New Issuance of Debt Securities Totaled EUR 672 Billion In June 2013.
The annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.1% in June 2013, compared with 0.1% in May.
August 14, 2013
Hungary to Pay Back IMF Credit
A year earlier than necessary € 2.15bn go back to the International Monetary Fund (IMF).
August 14, 2013
Austria: State-Owned Bank to Receive Further € 200m
The state subsidy for bad bank of Kommunalkredit has increased to more than € 2bn.
August 13, 2013
Fitch: European Investors See Withdrawal of Bank Stimulus
More European investors now see the withdrawal of central bank stimulus as a bigger risk to European credit markets than eurozone sovereign debt problems.
August 9, 2013
Romania: Good Prospects for Economic Upturn
In Romania, the inflation forecast for 2013 and for 2014 has been lowered to 3.1 percent which is 0.1 percent less compared to previous figures.
August 9, 2013
Hypo Group: Reason for “Budget Lie”
The situation of ailing bank Hypo Alpe Adria may be worse than assumed. The supervisory board of the bank and the taskforce are discussing about the half-yearly report.
August 7, 2013
Turkey: Banking Sector Improves Profitability
In the first six months of 2013, net income of Turkey´s banking sector was up by 20%.
August 6, 2013
Czech Republic: Interest Rates Remain Flat
The Czech National Bank (CNB) holds the base rate at its historical low. In the course of 2014, the Czech economy is expected to recover.
August 2, 2013
Poland: Slow, but Steady Progress
Poland´s National Bank anticipates a longer term of interest rate stabilization. The economic trend reversal will come in the third quarter, rate setter Andrzej Bratkowski stated.
August 2, 2013
Romania’s Economic Recovery Expected to Strengthen.
Staff teams from the International Monetary Fund (IMF), the European Commission (EC), and the World Bank visited Bucharest Romania during July 17–31.
August 1, 2013
Cyprus Is Showing Progress
According to estimates by its international creditors, Cyprus is showing progress at the reorganization of its state budget.
July 31, 2013
Czech Republic: Unwilling to Join Eurozone?
In 2012, the country missed two out of four criteria for the introduction of the single currency. According to the statistical office it was the worst result in five years. It is not yet clear when the Czech Republic is ready to join the Eurozone.
July 31, 2013
Bulgaria: Danger of Policy Drifting
Bulgaria's fundamentals are strong but politics suggest policy drift.
July 31, 2013
Ukraine’s Banking System to Approximate EU Standards
Introduction of Basel-II regulation earlier in 2013 helped banks create more reserves.
July 31, 2013
47.5 Percent Compulsory Levy in Cyprus
Major investors are losing almost half of their assets.
July 30, 2013
RBI Trying to Avoid Becoming “Cash Cow“ in Hungary
In an interview with “Wirtschaftsblatt“, CEO of RBI Karl Sevelda talks about further burdens in Hungary and the bank’s reaction to them, capital increase and how participation capital can be replaced.
July 29, 2013
Two Interested Parties for Hypo Alpe Adria Italia
Two investors have shown their interest for the take-over of Italian affiliate of nationalized Hypo Alpe Adria. Banca Popolare di Vicenza and a British-Indian Group are claimed of being interested.
July 29, 2013
Russia: Stronger Regulations for Market for Consumer Loans
Business with consumer credits have started comparatively late in Russia. Now, the market is supposed to be regulated further.
July 29, 2013
ECB: No Risk of Deflation in Europe
The European Central Bank (ECB), in contrast to the International Monetary Fund (IMF), does not see the danger of a general downward trend in prices with all its negative effects for the economy.
July 29, 2013
Slovenia: Economy to Shrink Despite of Austerity Measures
Slovenian economy expected to contract 2.2 percent in 2013. Prior forecast: -1.9 percent.
July 26, 2013
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