Signa: OeNB sees “no threat to financial market stability”
Published: Tuesday, Dec 5th 2023, 18:40
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The Deputy Governor of the Oesterreichische Nationalbank (OeNB), Gottfried Haber, expects "no significant threat to the stability of the financial market as a whole" following the insolvency of Signa Holding. However, he also pointed out in the National Council's Finance Committee "that the OeNB's knowledge in this regard (on the situation of Signa and Signa Holding, editor's note) ends at the interface with the banks for legal reasons and factual barriers".
According to parliamentary correspondence, Haber explained on Tuesday that the OeNB is not currently aware of any direct implications of this matter. Together with Governor Robert Holzmann, he was available to answer questions from MPs in the Finance Committee. There, for example, lending was discussed and the National Bank's (core) inflation expectations reported in October were explained.
According to Haber, Austrian banks will make record profits this year. However, this is now the peak for the time being and the earnings situation will normalize. The Austrian subsidiary banks in Central, Eastern and South Eastern Europe (CESEE) continue to make a high contribution to earnings. However, a quarter of the CESEE business relates to Russia and is therefore a special situation.
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