#1 NAPAD NA BANKE
Posted: 07/10/2008 13:54
Raiffeisen lose big on Lehman crisis
One of Austria's largest banks Raiffeisen has announced it is facing massive losses after the collapse of U.S. bank Lehman Brothers.
As the Austrian banking system begins to feel the shock waves of the crisis Raiffeisen, whose subsidiary Raiffeisen International is the third-largest bank in central and eastern Europe, declared it had been hit by a 252 million Euro loss.
"Given the interdependency of the international financial markets very few major financial institutions are unaffected by the consequences of Lehman’s insolvency," Raiffeisen yesterday said in a statement.
"Raiffeisen Zentralbank Österreich AG (RZB) holds Lehman debt (mainly bonds) and is therefore directly affected. RZB’s net risk position (entirely in senior debt) amounts to 252 million Euros," Raiffeisen continued.
Only yesterday, ÖVP Finance Minister Wilhelm Molterer assured the country that Austria's banking institutions and insurance companies would "hardly be affected, if at all" by the Lehman crisis after meeting representatives of the Austrian National Bank, the Finance Sector Control Body FMA and several banks and insurance companies.
Molterer added that Austrians can "faithfully invest in Austrian banks and insurances as before".
Molterer said that the Austrian finance branch is "solid and reliable" but growth of the economy could be affected.
Monday was declared "one of the most dramatic days in the history of Wall Street" by the New York Times as Lehman Brothers, one of the most prestigious players on Wall Street, filed for bankruptcy protection after a frenzied weekend of negotiations failed to find a way of saving the company.
Lehman Brothers, which was founded in 1850 and had risen to become the fourth largest investment bank in the US, was immersed in talks with potential buyers until late Sunday night, but the death knell sounded when British bank Barclays pulled out negotiations.
Alan Greenspan, the respected former chairman of the Fed, warned that other big institutions could yet be vulnerable; a shocking situation for Wall Street where the big investment banks had for so long enjoyed an air of invincibility.
Greenspan described the credit crisis as a "once-in-a-century" type of event. "There's no question that this is in the process of outstripping anything I've seen and it still is not resolved and it still has a way to go," he said.
Raiffeisen assured investors that it would be able to absorb the blow though, stressing that the RZB Group first-half profits of 879 million Euros this year.
http://www.austriantimes.at/index.php?id=8668
Čujem glasnine da ljudi u Sarajevu lagano izvlače pare iz pojedinih stranih banaka i stekaju ih po kucama. Izgleda se kriza lagno približava.
One of Austria's largest banks Raiffeisen has announced it is facing massive losses after the collapse of U.S. bank Lehman Brothers.
As the Austrian banking system begins to feel the shock waves of the crisis Raiffeisen, whose subsidiary Raiffeisen International is the third-largest bank in central and eastern Europe, declared it had been hit by a 252 million Euro loss.
"Given the interdependency of the international financial markets very few major financial institutions are unaffected by the consequences of Lehman’s insolvency," Raiffeisen yesterday said in a statement.
"Raiffeisen Zentralbank Österreich AG (RZB) holds Lehman debt (mainly bonds) and is therefore directly affected. RZB’s net risk position (entirely in senior debt) amounts to 252 million Euros," Raiffeisen continued.
Only yesterday, ÖVP Finance Minister Wilhelm Molterer assured the country that Austria's banking institutions and insurance companies would "hardly be affected, if at all" by the Lehman crisis after meeting representatives of the Austrian National Bank, the Finance Sector Control Body FMA and several banks and insurance companies.
Molterer added that Austrians can "faithfully invest in Austrian banks and insurances as before".
Molterer said that the Austrian finance branch is "solid and reliable" but growth of the economy could be affected.
Monday was declared "one of the most dramatic days in the history of Wall Street" by the New York Times as Lehman Brothers, one of the most prestigious players on Wall Street, filed for bankruptcy protection after a frenzied weekend of negotiations failed to find a way of saving the company.
Lehman Brothers, which was founded in 1850 and had risen to become the fourth largest investment bank in the US, was immersed in talks with potential buyers until late Sunday night, but the death knell sounded when British bank Barclays pulled out negotiations.
Alan Greenspan, the respected former chairman of the Fed, warned that other big institutions could yet be vulnerable; a shocking situation for Wall Street where the big investment banks had for so long enjoyed an air of invincibility.
Greenspan described the credit crisis as a "once-in-a-century" type of event. "There's no question that this is in the process of outstripping anything I've seen and it still is not resolved and it still has a way to go," he said.
Raiffeisen assured investors that it would be able to absorb the blow though, stressing that the RZB Group first-half profits of 879 million Euros this year.
http://www.austriantimes.at/index.php?id=8668
Čujem glasnine da ljudi u Sarajevu lagano izvlače pare iz pojedinih stranih banaka i stekaju ih po kucama. Izgleda se kriza lagno približava.
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Ovako nikad prije nije bilo.