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Monetary Policy
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
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
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