Finance, page 2

• Loss-making Erste Bank optimistic about EBA rules
  The head of Austria’s leading finance institute has shown understanding for the latest bank tax hike and confidence concerning more severe equity ratio regulations.
• ÖVAG rescue followed by Kommunalkredit cash concerns
  A finance institute the state rescued from ruin in 2008 is in need of more money, according to the finance minister.
• State saves another bank from bankruptcy
  The Austrian government has decided to partly nationalise one of the country’s biggest banks.
• Sberbank focuses on Vienna and Poland
  Volksbank International (VBI) will continue to have its headquarters in Vienna, the vice chairman of the finance institute’s new owner has promised.

• EU must avoid Greek bankruptcy, says BA boss
  Bank Austria (BA) CEO Willibald Cernko has warned from letting Greece go bust.
• Sberbank makes a good bargain in Austria
  Russia’s leading bank has managed to significantly lower the price it pays for the international operations group of Austria’s biggest banks.
• OeNB boss criticises credit rating agency
  The head of the Austrian National Bank (OeNB) has questioned Moody’s decision to lower the outlook on the Austrian economy’s further development.
• Next rating agency set to downgrade Austria
  A leading rating agency has sent shockwaves through Austria by threatening to downgrade its credit rating.

• VBI sale 'sealed soon'
  Volksbank AG (ÖVAG) bosses and Sberbank chiefs will sign contracts about the planned takeover of Volksbank International (VBI) later this week, according to Austrian business papers.
• Anger as BA expert makes aware of social expenditure
  An economist has rubbished claims that only the financial sector is to blame for the crisis.
• HGAA hopes for black 2011
  Hypo Group Alpe Adria (HGAA) managed a solid performance, according to its CEO.
• Erste Bank boss attacks political leaders
  The head of Austria’s biggest bank has once more harshly criticised the country’s political elite.

• Sberbank keeps lowering VBI purchase price
  The sum Volksbank AG (ÖVAG) could receive from Sberbank for Volksbank International (VBI) keeps decreasing.
• All-round acclaim for financial transaction tax
  A vast majority of Austrians want a tax on financial transactions.
• Greece 'will exit Eurozone'
  The head of one of Central Europe’s biggest banks has sent shockwaves across the continent by saying he expects Greece to leave the Eurozone.
• BA scraps expansion plans for two EE countries
  Bank Austria (BA) has put parts of its Eastern European (EE) expansion on hold.

• ÖVAG plans drastic workforce level reduction
  Volksbank AG (ÖVAG) plans to dismiss one in five employees in a desperate attempt to avoid going bust.
• EBA check causes Erste Bank trimming
  Austria’s biggest bank has revealed plans to reduce its workforce level in Hungary.
• BA boss wants clear signal from EU
  Bank Austria (BA) chief Willibald Cernko has called on European Union (EU) leaders to unite and send a "clear signal".
• Cash-strapped ÖVAG could exit real estate financing
  One of Austria’s leading banks may pull out of property deals in a desperate attempt to avoid bankruptcy.

• Banks asked to jack up equity
  Austria’s biggest banks must increase their capital resources to weather a possible worsening of the economic climate.
• UniCredit losses put BA under pressure
  Bank Austria (BA) chief Willibald Cernko has said he plans to reduce the financial institute’s workforce level to get through the crisis.
• ÖVAG 'to lay off 500'
  Volksbank AG (ÖVAG) will sack hundreds of employees in the coming two and a half years, according to a report.
• Buying bank shares is an option, minister admits
  People’s Party (ÖVP) Economy Minister Reinhold Mitterlehner has revealed that Austria would acquire banking stocks to save the finance institutes from ruin in the worsening economic crisis.

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