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| Austrian banks repatriate 3.3 bln euros in H1 |
| Wienna, 09.10.2009 |
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| VIENNA, Oct 9 (Reuters) - Austrian banks, which own some of the biggest lenders in emerging Europe, repatriated 3.3 billion euros ($4.9 billion) of foreign-based funds in the first six months of the year, Austria's central bank said on Friday.
In the first half of last year, they channelled a net 27.5 billion euros abroad, an amount that included funding for subsidiaries of groups such as Erste Group Bank or Raiffeisen International.
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Yahoo! BuzzErste, Raiffeisen, and UniCredit's Bank Austria are the biggest lenders by assets in the ex-Communist bloc, the region that is among the worst hit by the world financial crisis as exports to the West have dwindled and capital dried up.
Austrian banks altogether have lent $213 billion euros to clients in emerging Europe from a foreign lending total of $477 billion, making them the biggest foreign lenders in the region, according to the Bank for International Settlements, mostly through their subsidiaries.
This total does not include Bank Austria's lending in the region, which is counted as Italy's.
In agreements with local authorities and the International Monetary Fund (IMF), the banks have committed to maintaining lending and not pull out of the region. But loan growth there has almost disappeared, partly because demand has dissipated.
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