Andreas Ittner News
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Austria’s central bank said Hypo Alpe-Adria-Bank International AG will likely avoid a 16 billion- euro ($21 billion) insolvency as policy makers negotiate with the European Commission over the nationalized lender.
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Austria’s six biggest banks have less capital and rely more on wholesale funding than their peers in eastern Europe, and they need to build up their risk buffers, the central bank’s chief bank supervisor said.
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Austria’s nationalization of three lenders rescued from the brink of collapse is helping repair the country’s overcrowded banking structure, the central bank’s chief bank supervisor said.
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The European Systemic Risk Board, Europe’s new 65-member risk watchdog, will discuss ways to reduce the risks of foreign currency loans, said Andreas Ittner, the Austrian central bank’s director responsible for bank supervision.
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Twenty-five of the best-paid chief executive officers in the U.S. earned more in salary and other compensation in 2010 than their companies’ federal income tax expenses as disclosed in public filings, according to a report by the Institute for Policy Studies.
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The Austrian central bank lowered its estimates on how much additional core Tier 1 capital the country’s lenders need to comply with global rules and pay back state aid by 30 percent to 7 billion euros ($10 billion).
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Austrian banks’ capital shortfall probably worsened over the third quarter as losses announced at Erste Group Bank AG and Oesterreichische Volksbanken AG put the institutions further from a 9 percent target.
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Austria’s central bank told the nation’s biggest lenders they should raise more capital to repay state aid, satisfy new banking rules and catch up with their better-capitalized rivals in eastern Europe.
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Austrian banks’ solvency is still below average and new requirements including Basel III rules mean the country’s banks will need to raise additional capital in the medium term, the central bank said.
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Austria’s Central Bank said it expects the nation’s lenders to meet capital rules set by the Basel Committee on Banking Supervision after Erste Group Bank AG and Raiffeisen Zentralbank Oesterreich AG beat targets set by the European Banking Authority.
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