AUSTRIA: Top five banks pledge to stay invested in Greece

Record ID: 560007

  • Title: AUSTRIA: Top five banks pledge to stay invested in Greece
  • Date: 4th May 2010
  • Summary: VIENNA, AUSTRIA (MAY 3, 2010) (REUTERS) AUSTRIA'S FINANCE MINISTER JOSEF PROELL INSIDE MEETING ROOM BANKERS AND PROELL SITTING AROUND TABLE PRESIDENT OF AUSTRIA'S BANKING ASSOCIATION AND CHIEF EXECUTIVE OF COOPERATIVE REIFFEISEN (RZB) BANK WALTER ROTHENSTEINER MEDIA LEAVING ROOM AS MEETING STARTS PROELL' S LEG IN CAST/ NEWS CONFERENCE (SOUNDBITE) (German) AUSTRIA'S FINANCE MINSTER JOSEF PROELL SAYING: "The alternative to not helping out could lead to a catastrophe. This is why one cannot try out Lehman II. Then (when Lehman collapsed) the financial sector was affected and today the whole state is affected. "We are sending a clear signal that Europe is able to act, a clear signal to the financial markets that we will not leave anyone on their own and that we have to avoid (the crisis to spread) bush fire." MEDIA (SOUNDBITE) (German) PRESIDENT OF AUSTRIA'S BANKING ASSOCIATION AND CHIEF EXECUTIVE OF COOPERATIVE REIFFEISEN (RZB) BANK WALTER ROTHENSTEINER SAYING: "We as the banks, and representatives of the five biggest banks in the country were present today, commit to hold on to our existing investments, of course within the boundaries of the existing exposures, which mostly exceed 3 years. And we will surely tell our member banks today that we are asking all of them not to speculate against Greece and that no one should get out of their engagements earlier and should keep their exposure. "This is the case for the five of us who were here today and who represent the biggest part of the Austrian banking industry, and I hope that we will contribute to a positive impact of the package." CAMERA/ NEWS CONFERENCE AUSTRIA'S FINANCE MINSTER PROELL WALKING AWAY
  • Embargoed: 19th May 2010 13:00
  • Keywords:
  • Location: Austria
  • Country: Austria
  • Topics: International Relations,Finance
  • Reuters ID: LVAD1MOXK5HECFSHVVDTABEKJQQH
  • Story Text: Austria's top five banks have pledged to stay invested in Greece and not try and gain from speculating against the debt-stricken country.
    The head of the country's banking association, Walter Rothensteiner, also chief executive of cooperative bank RZB, met Finance Minister Josef Proell on Monday (May 3).
    Representatives of the five biggest banks in Austria were present.
    Rothensteiner said they had agreed to hold on to existing investments in Greece.
    The message to all banks, he said, would be not to speculate against Greece.
    Finance Minister Proell said that the alternative to the 110 billion euro ($146.5 billion) bailout from the International Monetary Fund and the European Union would have been a catastrophe for the euro zone.
    "This is why one cannot try out Lehman II," he said.
    When Lehman Brothers collapsed the world's financial markets were hit.
    "We are sending a clear signal that Europe is able to act, a clear signal to the financial markets that we will not leave anyone on their own and that we have to avoid (the crisis to spread) bush fire", Proell said.
    Austria's top five banks also include UniCredit's Bank Austria, Erste Group Bank,Oesterreichische Volksbanken,and Cerberus Capital's BAWAG P.S.K.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register