BRATISLAVA (Reuters) – The European Central Bank cut interest rates for the first time in 10 months on Thursday, driven to act by an economy wallowing in recession and freed to do so by sharply falling inflation.
The ECB lowered its main interest rate by a quarter point to a new record low of 0.50 percent in response to a drop in inflation well below its target level, and rising unemployment.
VIENNA, April 29 (Reuters) – Green shoots of recovery in
central and eastern Europe trouble spots will help Erste Group
Bank chop risk provisions this year, the region’s
number-three lender said.
Erste, which battles Raiffeisen Bank International (RBI)
for second place behind regional market leader
UniCredit, has bet big on long-term growth in central
and east Europe (CEE) and its outlook is heavily dependent on
the area’s economic prospects.
VIENNA, April 27 (Reuters) – Austria aims to agree within
weeks to give other European Union countries access to
foreigners’ bank account details, Chancellor Werner Faymann said
on Saturday, allowing the bloc to begin talks over bank secrecy
with non-EU states such as Switzerland.
Faymann said he hoped for a deal before a May 22 EU summit
that will discuss ways to curb tax dodging that costs members
about 1 trillion euros ($1.30 trillion) a year in lost income.
EU leaders have pushed Austria for a deal before the meeting.
VIENNA, April 26 (Reuters) – Austria dropped its blockade of
European Union efforts to negotiate accords cracking down on
cross-border tax cheats, unveiling on Friday proposals that
would allow scrutiny of foreigners’ accounts while keeping bank
secrecy for Austrians.
After weeks of political wrangling, leaders of the two
coalition parties laid out joint priorities for talks with EU
partners starting next week that could pave the way for deals
with countries like Switzerland and the United States.
VIENNA (Reuters) – Domestic politics are bedevilling Austria’s efforts to forge a unified stance on easing banking secrecy just days before initial talks with European Union partners on how to crack down on cross-border tax cheats.
Austria is the only one of the EU’s 27 states yet to agree to routinely share data on bank accounts held by foreigners, after Luxembourg bowed to pressure this month to end decades of banking secrecy that helped make it a major financial center.
VIENNA, April 23 (Reuters) – State-owned Austrian “bad bank”
KA Finanz does not expect to need more state aid
beyond the 250 million euros ($325 million) budgeted this year
to help it meet new Basel III capital rules, and may not even
need that much, its CEO said.
“We plan no additional capital need that is not already
defined,” Chief Executive Alois Steinbichler said on Tuesday.
OBERWALTERSDORF, Austria (Reuters) – “The government is the management team of a country and unfortunately that management is made up of politicians.”
Like many others disillusioned with party politics in a recession-hit European Union, Austrian-Canadian car parts tycoon Frank Stronach promises to shake up the cozy political establishment in his native Austria. But unlike most disaffected groups, he promises more business-style government, not less – and he has the cash to make his voice heard.
VIENNA, April 16 (Reuters) – Austria’s biggest bank played
down a dispute over client secrecy, saying there was no sign of
customers pulling out their money as EU partners pile pressure
on Vienna to share information with them on accounts held by
Austria has insisted it will protect confidentiality for
law-abiding savers but may exchange some details on foreigners’
accounts with fellow European Union members keen to crack down
on any tax cheats who stash wealth in the Alpine republic.
VIENNA, April 16 (Reuters) – Austrian Finance Minister Maria
Fekter backed Germany’s call for changing European Union
treaties to allow banking union, saying new institutions being
set up needed proper legal underpinning.
Berlin said on Saturday the EU’s Lisbon treaty had to be
changed to allow common rules on shutting troubled banks – a
central element of the union that aims to stabilise the euro
zone and prevent taxpayers from footing bills for bank rescues.
VIENNA, April 14 (Reuters) – Austrian Foreign Minister Maria
Fekter has declared a victory in her lonely battle with the
other 26 European Union countries to maintain her country’s
banking secrecy and avoid reporting foreigners’ accounts to
their tax authorities.
Dismissing suggestions that her position had left Austria
under pressure and isolated, the woman who has vowed to “fight
like a lion” to defend the country’s banking rules insisted she
had emerged on top in weekend talks with EU partners.