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 effectively after the monetary disaster. They’re very effectively 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 struggle in Ukraine.
The Austrian lender is now a very powerful Western financial institution in Russia, providing a lifeline to folks and companies there looking for 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 data from the US’ sanctions authority about its enterprise associated to Russia.
Final month RBI stated it was contemplating a sale or doable spin off of the Russian enterprise.
“As for RBI, the financial institution complies with all worldwide sanctions,” Brunner advised 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 each 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 include 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 stated.
Reporting by John Revill
Enhancing by Tomasz Janowski
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