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Monetary Policy
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
Rehn: Slovenia Has to Take Actions Immediatly
EU official presses Slovenia to restructure its banking industry to evade bailout.
April 19, 2013
Cyprus: Increase of Taxes Resolved
The Cyprian parliament has voted for an increase of taxes. Among other things, business taxes will increase from 10 % to 12.5 %.
April 19, 2013
Bank Austria: Focus on Major Clients in CESEE
In an interview with Austrian newspaper Standard, Head of CESEE division of Bank Austria, Gianni Papa, explains why the banking institute wants to focus on its core market.
April 18, 2013
Slovenia: State Aid to Rescue and Re-Structure Companies
At its regular session, the Government also approved the draft Act Governing the Rescue and Restructuring Aid for Companies in Difficulty.
April 18, 2013
S&P: More Funds For KA Finanz
Austrian major banks are performing weakly. Risks increase in CESEE countries. S&P also warns of real estate bubble in Vienna.
April 18, 2013
First EU Bail-Out Funds for Cyprus in Mid-May
The € 10bn worth bail-out package for Cyprus will become effective in the next few weeks, according to the Irish EU Presidency.
April 17, 2013
IMF Warns Eurozone of Ongoing Risks to Economic Stability
The International Monetary Fund has warned the Eurozone in a Global Financial Stability Report, urging for a reforming zeal and restructuring of weak banks.
April 17, 2013
Rothensteiner: „Strictly Against Discussion“
Head of RZB (Raiffeisen Zentralbank) Walter Rothensteiner is everything else but happy about the current discussion about the bank secret and deposit guarantee.
April 17, 2013
Vague Economic Outlook in Poland: Unadvisable to Cut Interest Rates
In an interview with Reuters, member of the Monetary Policy Council (MPC) Elzbieta Chojna-Duch explains why it is problematic for Poland to decide on further cuts in interest rates.
April 16, 2013
Romania: Surplus € 327m in Balance of Payments
Balance of payments and external debt, February 2013
April 16, 2013
Austria: Hypo Group to Come Under Fire
Pressure from Brussel grows for a fast selling of Hypo Group.
April 16, 2013
Cyprus Grants Damaged Foreign Investors Citizenship
Instead of the so-far € 10bn, investors now only have to endow € 3bn in order to obtain the Cyprian citizenship.
April 15, 2013
Cyprus to Receive More Capital
Cyprus requires more money than expected and will receive it. Head of Eurogroup, Jeroen Dijsselbloem, has promised an examination if money laundering exists.
April 12, 2013
Fekter: „Austria is a High-Tax Country“
Bank secrecy will be an official issue at the meeting of EU finance ministers in Dublin on Saturday. Fekter criticizes the UK sharply.
April 11, 2013
Croatia to Sell HPB and Croatia Osiguranje
Croatia’s seventh biggest bank and biggest insurance company will soon be privatized. The selling of the stakes is supposed to generate up to € 300m for the state budget.
April 11, 2013
Cyprus to Sell Gold Reserves
The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.
April 10, 2013
Eurozone: Refinancing Gap of € 1.2 Trillion
Austrian banks are at EU average and show a finance gap of € 30bn.
April 10, 2013
Austria About to Lose Fiscal Secret
The Austrian government declared to negotiate with the EU about the abanonment of the fiscal secret.
April 9, 2013
Commission Criticizes Austria on Keeping Bank Secret
EU Tax Commissioner Algirdas Semeta considers Austria’s position to hold on to the bank secret and unwilligness to reform as “impossible”.
April 9, 2013
Fekter: “I Will Fight to Preserve Banking Secrecy in Austria!”
“Data protection is a valuable institution. We will continue to protect innocent citizens, but will also continue to lead the way in pursuing tax evaders.”
April 8, 2013
Fitch Downgrades Slovenian Banks to Junk Status
Rating agency Fitch has downgraded the creditworthiness of five Slovenian Banks.
April 8, 2013
Russia to Contribute to Cyprus Aid-Package
President Vladimir Putin has announced that Russia will contribute to rescue-package for Cyprus.
April 8, 2013
Russia: Economic Growth Below Expectations
The Russian economy is flatlining. The government and the Central Bank of Russia (CBR) blame each other for the current state of affairs.
April 8, 2013
Matolcsy’s Program Evokes Mixed Feelings.
During a press conference on Thursday, April 4, new Govenor of Hungarian National Bank (MNB), György Matolcsy presented some of the “creative financial market instruments”.
April 6, 2013
Decisions About Hypo Group’s Future Still Pending
Finance Minister Maria Fekter has presented herself rather reserved after the meeting with EU Commissioner for Competition Joaquin Almunia.
April 5, 2013
Fekter Defends Austrian Bank Secret
With the reference to the agreement with Switzerland and Lichtenstein, Finance Minister Fekter tries to convince the EU Commission to leave the Austrian bank secret at the current situation.
April 5, 2013
Austria: Fekter Craving for Indulgence in Brussels
Austrian Finance Minister Fekter will be in Brussels on Friday to negotiate about the privatization of the nationalized-by –force Hypo Group.
April 4, 2013
Keuschnigg Forecasts End of Bank Secret in Austria
Head of the Austrian Institute for Advanced Studies (IHS), Christian Keuschnigg expects the end of the bank secret in Austria.
April 3, 2013
Russia: Refinancing Rate Expected to Be Cut
The Central Bank of Russia (CBR) estimates inflation risks higher than a slow economic growth. However, the refinancing rate is expected to be lowered soon.
April 3, 2013
Cyprus: Prone to Recession
Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.
April 3, 2013
Macedonia: Fresh € 100m for Business Sector from EIB
The Macedonian government plans to provide fresh EUR 100 million loan, with 5.5% interest rate, as support to the business sector.
April 2, 2013
Referendum in Poland about Joining Eurozone
Last week, Prime Minister Donald Tusk offered a vote on a referendum about the adoption of the Euro in Poland. A simple majority needed for a decision could settle the issue.
April 2, 2013
Green’s Fear of Russian Black Money in Austria
Once more, the Austrian Greens insist on a reform of the bank secrecy.
April 2, 2013
Lithuania and Latvia Preparing for Euro
The Baltic finance ministers emphasize sustainable growth and euro importance.
April 2, 2013
Poland: Inflation Rate for Private Individuals At 1.6 %
March was the seventh consecutive month of decline in private individuals' inflation expectations. Respondents place average inflation rate as expected over the next 12 months at 1.6%.
March 30, 2013
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
Cyprus: 37.5 % Tax on Assets
The compulsory levy on bank assets exeeding € 100,000 has now been fixed. Assets above the amount will be taxed with 37.5 %.
March 30, 2013
Hungary: Economic Growth Only in 2014
The MNB, the National Bank of Hungary estimates economic growth to further stagnate in 2013 but forcasts positive devolopments for the next year.
March 29, 2013
Lithuania: Increase in Non-Cash Payments
Significant increase in non-cash payments creates a premise for banks to review their fees
March 29, 2013
Czech Republic: Disinflation Continues
Analysts expect Czech economy to grow by 1.7 % next year.
March 29, 2013
Slovenia: Situation For Banks Still Shaky
According to the National Bank, the new government in Slovenia needs to avoid becoming the new setting of bail-out negotiations with the EU after the banking crisis in Cyprus.
March 28, 2013
Slovenia: NLB Gets Own Bad Bank
Slovenia biggest bank, Nova Ljubljanska Banka (NLB), is going to establish its own intern bad bank.
March 28, 2013
Cyprus: Mandatory Levy on Assets Not Yet Fixed
Banks in Cyprus will open again tomorrow, yet the capital flow is still limited. Dijsselbloem is criticized by the ECB. Bank employees demand Demetriades’ stepping down.
March 27, 2013
Moody’s Warns EU
The rating agency warns the EU governments about over-estimating the ability to overcome the Euro-crisis.
March 27, 2013
Cyprus: Outflow of Billions of Euros Presumed
Investors in Cyprus could face haircuts up to 50 %. Parliamentary President, Omirou want to go into details about the alleged transfer of assets despite of the banks closing.
March 26, 2013
Hungary: MNB to Reduce Key Interest Rate
The Hungarian National Bank (MNB) lowered the key interest rate by 25 basis points down to 5.0 %. This is the eighth downgrade in a row.
March 26, 2013
Poles Reject The Euro
According to polls, two thirds of polish citizens do not want to change the zloty for the Euro.
March 26, 2013
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