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Monetary Policy

Turkish National Bank Raises Base Rate

Today, Turkey´s National Bank has increased the base rate from 6.5% to 7.25%. Turkey wants to prevent a devaluation of the lira.

July 23, 2013

Hungarian Central Bank Cuts Base Rate Again

At its meeting on 23 July 2013, the Monetary Council reviewed the latest economic and financial developments and voted to reduce the central bank base rate by 25 basis points from 4.25% to 4.00%, with effect from 24 July 2013.

July 23, 2013

Poland to Enter the Eurozone in the Medium Term

The biggest new EU member country will become a member of the Eurozone, political observers say unanimously. The only question is when.

July 23, 2013

Poland: Banking Sector Faces Downward Trend

According the Poland´s National Bank NBP, the profitability of the Polish banking sector is expected to decline further.

July 17, 2013

Turkey Suffers from Massive Capital Outflow

Due to the mass protests and the sharp political reactions, investors became suddenly much more cautious.

July 17, 2013

RBI Plans on Reconstructing Branch Banks

The new concept of Karl Sevelda, successor of former CEO Herbert Stepic, is becoming clearer. He has inherited the task to reconstruct the capital of Basel-III.

July 15, 2013

Slovenia’s Banking Sector Threatened by Delay of Bad Bank-Transfers

After the EU Commission denied approval for the first transfers of bad loans to the bank asset management by June 28, the reorganization of the banking system in Slovenia has been postponed.

July 9, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

OeNB Favors Examination of Bad Bank for Hypo

The Austrian National Bank (OeNB) has, according to Govenor Ewald Nowotny, requested to examine models for the establishing of a bad bank for Hypo Group. This was announced by Nowotny on Monday

July 8, 2013

Poland: Last Cut in Interest Rate In 2013

Base rate down to new all-time low.

July 4, 2013

Slovenia: Trying to Make a Difference

The crisis measures approved by Brussels are partially starting to make an impact. Since July 1, the higher tax rate of 22 percent is binding. However, the country does much more than just raise taxes.

July 3, 2013

Fekter: Kranebitter „Weary of Office“

Hypo CEO Kranebitter resigns and settles a score with the Finance Ministry in an open letter. He decided to step back after three and a half years because “major parts of the work were damaged”.

July 3, 2013

Abramovich Withdraws from Politics

Abramovich resigned from office as speaker of the parliament of the Koryakia Autonomous District.

July 2, 2013

Erste Group Successfully Completes EUR 660.6 Million Accelerated Bookbuild Offering

Issue size of the capital increase: 35,231,353 new shares at a final subscription and offer price of EUR 18.75 per share.

July 2, 2013

Hypo Group: CEO Kranebitter Steps Back

Kranebitter announced to stay until the half-year accounts are published. On Monday it became known that the ailing bank will in all likelihood require more state aid than planned.

July 2, 2013

Hypo Group: CESEE Units to be Sold Until Mid-2015

The threatened compulsory sale of nationalized Hypo Alpe Adria Group by the EU Commission until the end of this year, was, according to information by the Finance Ministry, fended off. An additional burden of € 2bn might await the Austrian taxpayers.

July 1, 2013

Hypo Group: Government Hopes For Expansion of Deadline

The restructuring plan for Hypo Group has been handed in to Brussels. It is still unclear whether the deadline will be expanded.

July 1, 2013

Latvia Joining The Eurozone As 18th Member

Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.

June 28, 2013

Hungary: New Tax for Banks

According to a legislative proposal by Economy Minister Varga, banks would have to face a further burden of around € 250m.

June 27, 2013

VBAG And RZB Group Reach An Agreement

VBAG and RZB Group conclude contract on the aquisition of assets.

June 27, 2013

RBI Will Take Its Time With the Repayment of Participation Capital

It is not yet clear when RBI will pay back state participation capital in the amount of € 1.75bn.

June 27, 2013

Hypo Group and BayernLB Keep on Fighting

Hypo Group responds to the BayernLB’s lawfile at the Regional Court in Munich. Both banks will not give up their very hard stance.

June 26, 2013

Hypo Group: Commisson Against Extension of Deadline

Austria will in all probability not be granted an extension of the deadline for the winding down of Hypo Alpe Adria. This was announced by EU Competition Commissioner Joaquin Almunia

June 26, 2013

Austria: Deputy Govenor Duchatczek Steps Back

After 37 years of service Duchatczek resigns from his position as Deputy Govenor of the Austrian National Bank (OeNB).

June 25, 2013

Erste Group to Pay Back € 1.8bn in State Aid

The Austrian banking institute plans on not only paying back its debts at the state but also to significantly increase equity capital.

June 24, 2013

Austria: Investigations on Loan to Alpine

Apparently ailing bank Hypo Group plays a role in the bankruptcy of Austrian construction company Alpine. The bank is supposed to have granted a bridge loan.

June 21, 2013

Green Light for Latvia’s Euro Accession

The Eurogroup gave green light for the admission of Lativa to the common European currency.

June 21, 2013

Hypo: Deal with Russian Oligarch with “Proper Mortgage”

The investigations into money laundering at the Federal Criminal Office concerning the business with Russian oligarch Vladimir Antonov were brought to an end without any results. There were no arms among the securities.

June 20, 2013

Cyprus Demands Further Capital Aid

In a letter to the European Union, President of Cyprus Nikos Anastasiades demands further capital support for the Bank of Cyprus, the “Wallstreet Journal” reports. According to him, Cyprus’ economy depended on it.

June 19, 2013

EU Abandons Quarterly Reports

Listed enterprises in the European Union do not have to present quarterly reports from 2015 on.

June 12, 2013

Fekter: „Bad Bank for Hypo Not The Most Creative Solution“

The Austrian Greens affirm their demand for the establishing of a bad bank for the ailing Hypo Group and a respective bill.

June 12, 2013

Moody’s: Rate Cuts Credit-Negative for Polish Banks

The recently passed cut in interest rates by Poland’s Monetary Policy Council has a negative effect on credits for Polish banks, rating agency Moody’s announced.

June 11, 2013

Poland: Sale of Foreign Currencies to Stabilize Zloty

After lowest rate in one year, the Polish government had to take actions.

June 10, 2013

Hypo Group: Fekter Under Pressure

Finance Minister Fekter is put under pressure by Austrian Green Party to establish a bad bank for Hypo Group.

June 10, 2013

Moody's: Overall Fiscal Situation In CEE Is Improving

Because of austerity measures in most of the countries, the economic situation is slowly but steadily improving.However, the latest competitiveness report pains a bleak picture of the future.

June 7, 2013

RBI Supervisory Board to Elect Stepic’s Successor

On Friday, the supervisory board will vote on former CEO Herbert Stepic’s successor for listed Raiffeisen Bank International (RBI).

June 7, 2013

Poland: Base Rate Down to Record Low

Poland’s Monetary Council has cut the base rate to 2.75 percent.

June 6, 2013

Austria: Liebscher as Chairman of Hypo Group’s Supervisory Board

Liebscher is to take over Ditz’ position after the meeting of bodies on June 21.

June 5, 2013

Austria: Leitl Welcomes Latvia to Join Eurozone

Head of the Austrian Chamber of Commerce Leitl considers the Euro adoption as an important political signal for the cooperation and the strengthening of the European currency union.

June 5, 2013

Hypo Group: Possible Deductions from Selling Price

The new British-Indian Owner of Hypo Group is to pay only € 32m for the time being.

June 5, 2013

Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.

June 4, 2013

Lopatka: "Visa Cooperation Reinforces Mutual Ties Between Austria and the Czech Republic"

Austrian State-Secretary on the signing of a new agreement and working meetings in Prague.

June 4, 2013

Czech Repubic to Restrict Budget Cuts

To boost domestic economy, the Finance Ministry announced to temporarily restrict budget cuts.

May 31, 2013

Czech Republic Not to Introduce Euro Before 2019

According to reports by the Czech media, the new government intends to apply for the Euro only in 2016.

May 31, 2013

Commission Welcomes Slovenia’s Commitment

The EU Commission approved of Slovenia’s adoption of a balanced budget rule on Friday last week.

May 27, 2013

Meinl Bank to Enter Bulgarian Market

Meinl Bank still awaits the green light from the Bulgarian National Bank before it can be opened.

May 24, 2013

Zeman Demands Stock Exchange for CEE

Czech President Milos Zeman has declared himself in favor of the merger of the stock exchanges in Prague and Warsaw.

May 24, 2013

Austria: Faymann Positive About Extension for Hypo Group

Chancellor Werner Faymann presented himself restrained yet confident about the extension granted by the Commission regarding the deadline for the winding-down of Hypo Alpe Adria Group.

May 24, 2013

Nowotny: Decision About Bad Bank for Hypo Not Essential Right Now

The Governor of Austrian’s National Bank confirms that the result for the ailing Hypo Group will not be “good” due to the losses that have amounted over the past years.

May 23, 2013

Austrian Top Banker to Appear in „Offshore-Leaks“

For the first time, a European top banker appears in the “Offshore-Leaks” database. CEO of Raiffeisen Bank International (RBI) Herbert Stepic is coming under massive pressure.

May 23, 2013
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