The government intends to change Austria’s insolvency regulations to loosen protective factors banks have so far benefited from. Several bankers – including Andreas Treichl, the head of market leader Erste Bank Group AG (Erste Bank) – have spoken out in favour of a reform of the financial sector bankruptcy law. Austrian law fails to feature […]
The number of unemployed people is on the rise in Austria. Statistik Austria announced yesterday (Thurs) that 310,000 residents of the country had no job in February. This is an increase of 6.1 per cent compared to the same month of 2011. Styria experienced the strongest increase among Austria’s nine provinces at 9.4 per cent. […]
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. Andreas Treichl, the CEO of Erste Bank Group AG (Erste Bank), said yesterday (Weds) he was not surprised by the government’s decision to jack up the bank solidarity charge by 25 […]
A finance institute the state rescued from ruin in 2008 is in need of more money, according to the finance minister. People’s Party (ÖVP) Finance Minister Maria Fekter admitted yesterday (Tues) that Kommunalkredit – which was nationalised shortly after the collapse of US investment bank Lehman Brothers caused a global crisis – must be funded […]
The European Commission (EC) has appealed to Austria to abolish the various hindrances immigrants are facing on the country’s labour market. EC officials decided yesterday (Mon) to issue a warning to the Austrian government coalition of Social Democrats (SPÖ) and People’s Party (ÖVP) as well as to Austrian private economy decision-makers. EC experts said highly […]
Environmental campaigners are hailing a victory after local officials in Carinthia agreed to a complete stop on further building around the lakeside at the Wörthersee. After decades of uninterrupted expansion of buildings with jetties and concrete steps leading into the water there is now a situation where more than half of the lakeside has been […]
Political scientist Anton Pelinka has reacted critically to the government’s plan to reduce the parliament. Werner Faymann’s Social Democrats (SPÖ) and the conservative People’s Party (ÖVP) of Vice Chancellor and Foreign Affairs Minister Michael Spindelegger announced earlier this month that the number of federal parliament delegates would shrink by 18 to 165 after next year’s […]
The Viennese city coalition plans to crack down on early retirement. Social Democratic (SPÖ) Mayor Michael Häupl announced yesterday (Tues) that he wanted to increase the average pension age of the capital’s public servants from the current 56 to 60 years. Häupl did not disclose when the four-year increase should be achieved. His announcement came […]
The government is confronted with mounting criticism after presenting plans to lower the number of parliamentary delegates (MPs). The government coalition, formed by the Social Democrats (SPÖ) and the conservative People’s Party (ÖVP), said earlier this month the number of MPs should shrink by 13 to 165 after the coming election. Viennese SPÖ Mayor Michael […]
Bank Austria (BA) CEO Willibald Cernko has warned from letting Greece go bust. Cernko said at the weekend Europe “should consider very well whether it would be a good idea to dismiss a country from the Eurozone.” The banker claimed such a move “would put the European project into question.” The BA chief warned that […]