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The European Central Bank is urging Raiffeisen and UniCredit to maintain capital buffers against risks from their Russian operations, amid ongoing tensions following Russia"s invasion of Ukraine. Both banks are under pressure to reduce their activities in Russia, with Raiffeisen facing additional demands related to risky real estate loans. The ECB"s actions may lead to legally binding capital requirements as it assesses the banks" exposure to unacceptable risks.
The European Central Bank is urging Raiffeisen and UniCredit to maintain capital reserves to mitigate risks associated with their operations in Russia, where they lack effective control. This move may lead to adjustments in the banks" capital requirements, reflecting their exposure to both Russian market risks and risky commercial real-estate loans. Raiffeisen has indicated that its capital requirements will increase starting next year, highlighting the ongoing financial implications of operating in Russia post-invasion of Ukraine.
The European Central Bank is urging Raiffeisen and UniCredit to maintain capital reserves to mitigate risks associated with their operations in Russia, where they lack effective control. This move may lead to adjustments in the banks" capital requirements, reflecting their exposure to both Russian market risks and risky commercial real-estate loans. Raiffeisen has acknowledged an increase in capital requirements starting next year, highlighting the ongoing financial implications of their presence in Russia nearly three years after the invasion of Ukraine.
Donald Trump's victory in the US presidential election highlighted the predictive power of betting markets, which consistently favored him over Kamala Harris despite polls indicating a close race. As the election unfolded, these prediction websites demonstrated their ability to forecast political outcomes accurately, raising questions about traditional polling methods.
Health spending in Italy is projected to rise from 6.2% of GDP in 2023 to 6.4% by 2026, reflecting pre-pandemic levels. However, the Parliamentary Budget Office warns that funding growth will lag behind NHS spending, risking regional deficits and highlighting a critical shortage of healthcare personnel.
Economic activity is struggling to regain momentum, with Bankitalia warning that achieving growth targets for 2024-25 is becoming more difficult. The healthcare sector faces a significant staffing shortage, requiring a 30% increase in doctors and 14% in nurses over the next decade, while complex tax reforms risk increasing disparities among taxpayers. Additionally, healthcare funding is projected to grow slower than spending, potentially leading to regional deficits.
Policymakers in the U.S. and China are adopting pro-growth strategies to bolster their economies. The Federal Reserve is taking a proactive stance to ensure a soft landing amid solid economic data, while China aims to stabilize its real estate and stock markets and support consumer spending.
Raiffeisen Bank International AG has reduced its Russian loan and deposit volumes by approximately 25% in Q3 2024, following a directive from the European Central Bank (ECB). Loans to Russian customers now stand at €4.5 billion, while deposits have decreased to €11 billion. This decision comes after unsuccessful attempts to sell the unit amid sanctions and regulatory hurdles, with a Russian court recently freezing the unit"s shares, complicating the exit strategy.
The Ariège departmental council has established an 8 million euro reserve to navigate anticipated financial challenges due to a government revenue reduction for local authorities. Key decisions include postponing 5 million euros in investments, allocating 2.1 million euros for secondary schools, and dedicating 2.6 million euros for the reconstruction of the Ehpad Jules Rousse.
Raiffeisen Bank International AG has reduced its Russian loans and deposits by approximately 25% following pressure from the European Central Bank. Loans to Russian customers decreased by about 23% to under €4.5 billion, while customer deposits fell by 25% to around €11 billion.
Central Bank Actions
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ECB urges Raiffeisen and UniCredit to bolster capital for Russia risks
United States Dollar
Euro
Russian Ruble
Raiffeisen Bank International AG
UniCredit S.p.A.
RUS
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Valentina Za
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15:46 08.11.2024
ECB urges Raiffeisen and UniCredit to bolster capital for Russia risks
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Raiffeisen Bank International AG
UniCredit S.p.A.
RUS
ITA
AUT
UKR
Alexandra Schwarz-Goerlich
John O'Donnell
Valentina Za
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15:45 08.11.2024
ECB urges Raiffeisen and UniCredit to bolster capital for Russia risks
Euro
Russian Ruble
Raiffeisen Bank International AG
UniCredit S.p.A.
RUS
Alexandra Schwarz-Goerlich
Valentina Za
John O’Donnell
Show more
15:37 08.11.2024
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healthcare funding risks regional deficits amid complex tax reforms
Bankitalia
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14:19 05.11.2024
economic challenges ahead as healthcare and tax reforms raise concerns
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Pro-growth policies in major economies impact global market dynamics
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Raiffeisen Bank reduces Russian exposure by 25 percent amid ECB pressure
08:00 30.10.2024
Ariège council establishes reserve to tackle future budgetary challenges
07:01 30.10.2024
Raiffeisen Bank reduces Russian loans and deposits amid ECB pressure
19:45 29.10.2024
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