ZURICH, April 8 (Reuters) – Austria's authorities is monitoring the worldwide banking turmoil though there are up to now no indicators of it spreading to the nation's monetary sector, Finance Minister Magnus Brunner stated in an interview revealed on Saturday.
“Our banks did their homework very nicely after the monetary disaster. They're very nicely ready,” Brunner advised 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 conflict in Ukraine.
The Austrian lender is now a very powerful Western financial institution in Russia, providing a lifeline to folks and companies there in search of to make worldwide funds, however it's below rising strain from Western officers and buyers to give up.
In February the financial institution stated it had acquired a request for info from the US' sanctions authority about its enterprise associated to Russia.
Final month RBI stated it was contemplating a sale or attainable spin off of the Russian enterprise.
“As for RBI, the financial institution complies with all worldwide sanctions,” Brunner advised NZZ. “Additionally it is 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 stated.
The minister additionally stated Austrian inflation, which fell to an estimated 9.2% in March, was nonetheless too excessive and known as on the European Central Financial institution to do extra to comprise value will increase.
“The European Central Financial institution (ECB) specifically can do one thing about this, as a member of the euro zone we're depending on the ECB,” Brunner stated.
Reporting by John Revill
Modifying by Tomasz Janowski
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