ZURICH, April 8 (Reuters) – Austria’s authorities is monitoring the worldwide banking turmoil though there are to this point no indicators of it spreading to the nation’s monetary sector, Finance Minister Magnus Brunner mentioned in an interview revealed on Saturday.
“Our banks did their homework very effectively after the monetary disaster. They’re very effectively ready,” Brunner instructed Swiss newspaper Neue Zuercher Zeitung.
He additionally defended Raiffeisen Financial institution Worldwide (RBI) (RBIV.VI) which has come below fireplace for persevering with to function in Russia regardless of the struggle in Ukraine.
The Austrian lender is now a very powerful Western financial institution in Russia, providing a lifeline to folks and companies there searching for to make worldwide funds, however it’s below rising stress from Western officers and traders to stop.
In February the financial institution mentioned it had obtained a request for data from america’ sanctions authority about its enterprise associated to Russia.
Final month RBI mentioned it was contemplating a sale or potential spin off of the Russian enterprise.
“As for RBI, the financial institution complies with all worldwide sanctions,” Brunner instructed NZZ. “It is usually not topic to sanctions itself,” he added.
“By the way, there are different European banks that proceed to function legally in Russia. It’s essential for us that every one sanctions are noticed,” he mentioned.
The minister additionally mentioned Austrian inflation, which fell to an estimated 9.2% in March, was nonetheless too excessive and referred to as on the European Central Financial institution to do extra to comprise value will increase.
“The European Central Financial institution (ECB) particularly can do one thing about this, as a member of the euro zone we’re depending on the ECB,” Brunner mentioned.
Reporting by John Revill
Modifying by Tomasz Janowski
Our Requirements: The Thomson Reuters Belief Ideas.
