Skip to content

Austrian Banks Remain Stable Amid Global Banking Turmoil

Austria's Finance Minister, Magnus Brunner, reassured that the government is closely monitoring the global banking turmoil. Despite this, there are no indications that it affects the country's financial sector.

Magnus Brunner, Austria's Finance Minister
Magnus Brunner, Austria's Finance Minister

Preparedness of Austrian Banks

Brunner praised Austrian banks for their preparedness, stating they have learned from the past financial crisis and are well-equipped to handle potential issues.

Raiffeisen Bank International's Controversial Operations

Brunner defended Raiffeisen Bank International (RBI), which has faced criticism for continuing operations in Russia amidst the ongoing war in Ukraine. He emphasized the bank's compliance with international sanctions.

Other European Banks in Russia

The finance minister highlighted that other European banks also operate legally in Russia, stressing the importance of adhering to all sanctions.

Addressing Austrian Inflation

Brunner expressed concerns about Austrian inflation, which is still too high at 9.2%. He called on the European Central Bank (ECB) to curb price increases, as Austria's economy relies on the ECB's measures as a eurozone member.