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Monetary Policy

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

Medvedev Vexed Over EU

In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.

March 25, 2013

Cyprus: Bail-Out Package Accepted

Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.

March 25, 2013

Cyprus: Agreement on Bank Asset Tax

Today, the Cyprian government has come to a solution on the compulsory charges on bank accounts.

March 23, 2013
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