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Monetary Policy

Austria: Special Commission to Trace Tax Evaders

Finance Minister Maria Fekter announced the establishing of a special commission which is supposed to use data distributed by the US tax authority.

May 23, 2013

Leitl: „EU Has To Deliver Clear Confession to Business Location Europe”

According to Leitl, the EU Summit has to deliver a “clear confession to business and industrial location” Europe.

May 22, 2013

Banking Secret until 2015 in European Union

The banking secret for tax foreigners in the European Union could finally be completely aborted by 2015. There is an ambiguity about Luxembourg’s position in advance to the EU mini-summit over the extended EU Savings Directive (EUSD).

May 22, 2013

Slovenia Taking Drastic Measures

NLB plans to cut workforce by 20 percent. The Slovenian government signed an agreement with unions to cut wage costs and is discussing to raise VAT. The country is hoping for € 1bn for the selling of state-owned enterprises.

May 22, 2013

Austria: Three Major Banks Have Made Their „Last Will“

Three Austrian banks have already made their „testament“. Erste Group, Raiffeisen and Bank Austria have presented plans for a possible restructuring. The plans are part of the future bank insolvency law.

May 22, 2013

Austria: Fekter’s Ambition to „Steer Hypo Group Into Safe Waters“

In the margin of the Council of Ministers, Finance Minister Maria Fekter announced that Austria will hand in the new restructuring plan for Hypo Alpe Adria Group to the EU Commission in the coming days.

May 21, 2013

Hypo to Require € 1bn This Year

The ailing banking institute Hypo Group in the province of Carinthia will need € 1bn. On Friday, the managing board of Hypo Group will present a restructuring plan to the Finance Minister.

May 17, 2013

Austria: New Bidder for Hypo Group

Apart from Indian Srei Group, a new interested party has entered the match for the ailing banking institute.

May 16, 2013

Austrian Government Desperate to Sell Hypo Group

Without an agreement for a new plan and without more time for the selling of the Eastern affiliates, the crisis-struck banking institute Hypo Alpe Adria Group will not be able to make up the balances anymore, according to Austrian newspaper Presse.

May 16, 2013

Austria: OeNB Positive About Hypo’s Future

Issuing Bank Director Ittner is confident that it will not come to a liquidation of the ailing banking institute.

May 14, 2013

Majority of Czechs Want to Keep the Koruna

A clear majority of Czech citizens reject the Euro and want to keep their national currency, the Czech Koruna.

May 14, 2013

Slovenia Pressed to Take “Swift and Decisive” Actions

On Monday Eurozone Finance Ministers warned Slovenia to take “swift and decisive” action to address its economic imbalances.

May 14, 2013

Austria to Give Up Bank Secret for Foreigners

After years of blocking, Austrian Finance Minister Maria Fekter gave green light to the abandoning of the bank secret for foreigners.

May 14, 2013

Indian Srei Group to Acquire Austrian Hypo?

Austria is looking for a buyer for the domestic Hypo affiliates. Indian Srei Group seems to have good chances.

May 13, 2013

EU Commission Expects Austria to Agree To EUSD

Head of Eurogroup Jeroen Dijsselbloem expects a constructive approach of Austria in the debate about the automatice exchange of data of tax foreigners in Europe.

May 13, 2013

Austria: Domestic Banks Reject Taking Over Hypo Group

The task force, appointed for Hypo Alpe Adria Group by the government, held a meeting again today. It is only two more weeks until the suggestions have to be presented to Brussels. Domestic banks reject participating in a bad bank.

May 13, 2013

Russian’s Policy on Belarus: Support As a Means of Subordination

Despite the conflicts and frictions in their bilateral relations, Russia has for years regularly invested in Belarus, according to the Centre of Eastern Studies.

May 13, 2013

CEE/CESEE: Banking Sector on Fastlane

The banking sector in CEE continues to outperform its Western European counterpart.

May 13, 2013

Austrian Bank Secret: Faymann Vs. Fekter

Austria‘s agreement to an automatic exchange of data has become a personal match between Chancellor Faymann and Finance Minister Fekter.

May 13, 2013

Austria: Hypo Group Dilemma Requires Highest Form of Diplomancy

Before the deadline of handing in the new restructuring paper, talks with the top of EU Commission are supposed to take place with Austrian politicians.

May 10, 2013

CEESE: Economic Growth Stagnant

Orban claims Hungary is the country with the highest growth rate in CEE/CESEE next year.

May 10, 2013

Slovenia: NLB to Fire Workstaff

Slovenia's biggest bank, NLB, is to make up to 700 of its workstaff redundant.

May 10, 2013

Croatia in No Hurry To Introduce Euro

Croatia would keep the national currency and is in no hurry to introduce the Euro.

May 10, 2013

Slovenia to Raise VAT and Sell 15 State Enterpises

Slovenia has announced to put 15 state companies up for sale and raise VAT in order to acquire revenues and avoid international bailout.

May 10, 2013

Maria Fekter: Hot-Tempered Lady At the Fireplace

Raiffeisen Centralbank (RZB) organized a „fireplace chat“ with Finance Minister Maria Fekter which took place on May 7 in Vienna.

May 8, 2013

Austria: Task Force for Hypo Group

The Austrian government is going to establish a task force for the nationalized by force problem bank Hypo Alpe Adria Group.

May 8, 2013

Semeta Confident Austria and Luxembourg Stop Blocking

EU Tax Commissioner Algirdas Semeta does not expect any blocking by Austria for the loosening of the bank secret for foreigners and the transition to the automatic exchange of information.

May 6, 2013

EU: Hungary and Slovenia Have to Act Quickly

The European Union issued warnings to Slovenia and Hungary to move quickly.

May 6, 2013

Austria: Restructuring Plan for Hypo Group Threatened By Rejection

The restructuring plan of Austrian crisis-struck banking institute Hypo Group is threatened to be rejected by the EU Commission.

May 6, 2013

Success for Slovenian Bonds at US Market

Slovenia was able to gain some of the required funds for the restructuring of its banking sector through the US bond market.

May 3, 2013

Austria: Commission Wants Roadmap to Hypo’s Future

The EU Commission wants the Austrian government to announce the next steps for Hypo Group until the end of this month.

May 2, 2013

Leitl: „Cut of Base Rate by ECB Important and Necessary Signal“

President of the Austrian Chamber of Commerce Christoph Leitl welcomed the cut of the main refinancing rate to 0.5 percent.

May 2, 2013

Hypo Group to Get a Bad Bank?

Chancellor Faymann confirmed negotiations about the establishing of a bad bank for non-performing loans.

April 30, 2013

Austria: Government Shows Unanimity About Banking Secret

Fekter criticized Social Democrats.

April 30, 2013

Cyprus: Parliament to Vote on Bail-Out Package Today

Narrow majority of MPs expected to vote in favor.

April 30, 2013

Asmussen: “New Eurozone Members Will Reap Benefits of Initial Phase”

CEEs and The Crisis: Current Challenges and Benefits

April 30, 2013

„Slovenia Can Manage On Its Own“

In an interview with Austrian newspaper Kurier, President of the Slovenian Bankers Association France Arhar stresses that Slovenia is not the new Cyprus.

April 29, 2013

Austria: Solution for Bank Secret Issue Until May 22

After the recent turbulances within the Austrian government coalition, Chancellor Werner Faymann hopes to find an agreement with the EU concerning the bank secret until May 22.

April 29, 2013

Van Rompuy Encourages Romania to Become Eurozone Member

During his one-day visit to the Romanian capital, President of the European Council Van Rompuy noted Romania’s progress and stressed the importance of a banking union within the Eurozone.

April 26, 2013

Austria: Faymann Betrays Ignorance

Chancellor Faymann claims not to have known about the controversial letter which has reached the media yesterday. He fears that Austria would now become a “laughingstock”.

April 26, 2013

Austria: Four Conditions For Commission In Return for Bank Secret

In a letter to Tax Commissioner Semeta Austrian Finance Minister Fekter and Chancellor Faymann set the conditions for the agreement of a negotiation mandate with third countries about the exchange of information.

April 25, 2013

Austria: Green’s Motion of Censure Denied

The Green Party’s motion of censure against Finance Minister Fekter was denied by almost all parties in the National Assembly.

April 25, 2013

Austrian Greens Put Forward Motion of Censure Against Fekter

The Austrian Greens intend to file a motion of censure against Finance Minister Maria Fekter. Party Leader Eva Glawischnig announced a “match of Greens against Fekter”.

April 24, 2013

Romania: Criticism from EU for Budget Projection

The EU Commission criticizes Romania’s budget projections for the use of EU funds in the time frame between 2014 and 2020.

April 24, 2013

Slovenia: Government to Vote On Regulations

Changes to the acts on Slovenian state-owned enterprises are supposed to help restructure and remove the lid from the amount of state aid money granted.

April 24, 2013

Hungary: MNB Cuts Interest Rate by 0.25 %

The Central Bank of Hungary (MNB) has cut interest rates by a quarter percentage point for the ninth month running.

April 23, 2013

Austria: KA Finanz Not Planning On Needing More State Funds

After last week’s S&P report said KA Finanz was prone to needing further state funding, the rating agency apologized to the banking institute.

April 23, 2013

Nowotny Concerned About Reputation of Austrian Banks

Ewald Nowotny, Govenor of the Austrian National Bank (OeNB), is critical towards the continuing debate about keeping the bank secrecy. He fears that doubts in the integrity of the domestic banking sector could emerge.

April 22, 2013

Austria: National Assembly to Vote on Bail-Out Package for Cyprus

In order for Cyprus‘ bail-out package to become effective, many national parliaments have to vote in favor of it. Austrian’s opposition is against it.

April 22, 2013

Hungary: Financial Regulator to Be Merged With MNB

Hungary plans to fuse the financial regulator with the central bank.

April 19, 2013