Vienna 2.0 has strong Austrian support, says Stepic

After its shock move at the end of 2011 to restrict Austrian bank lending in central and eastern Europe, the Austrian Central Bank is taking a "very active role" in a pan-European initiative to avoid chaotic bank deleveraging in the region, the former chief executive of Raiffeisen Bank International has told EuroWeek.

  • By Michael Turner
  • 27 Sep 2013
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"The aim of the initiative is that all central banks co-ordinate their activities," said Herbert Stepic, who left his role as chief executive at RBI earlier this year to become a senior adviser to the bank's board. "This is highly wanted. We want to have strong regulation and we want to have unified regulation." 

Claus Raidl, president of the Austrian Central Bank, agreed with Stepic. "We have had a lot of co-operation with banks," he said. 

The Vienna 2.0 initiative was formed in November 2011 as a working group to discuss potential solutions to bank deleveraging in emerging Europe. The European Commission, European Banking Authority, European Systemic Risk Board, IMF, EBRD, European Investment Bank and the World Bank were the first participants.

However, Austria's Central Bank caught the market off guard at the end of November 2011 when, alongside the Austrian Financial Market Authority, it told lenders to limit their central and eastern Europe subsidiaries' lending growth to what could be financed locally. 

This move surprised the representatives of Vienna 2.0 and acted as a catalyst in changing the focus of the initiative to increasing communication between central banks and regulatory bodies. 

"The measure the central bank took in 2011 to restrict Austrian loans did not have any negative effects on our lending," said Stepic, speaking on Tuesday at a CEE panel discussion hosted by 21st Austria. "Austrian, French and Italian banks have been taking over lending roles that, in other emerging markets, the IMF would be doing." 

However, representatives of Vienna 2.0 said in August that, although foreign parent banks did not withdraw from the region as sharply as first predicted, cross-border funding restrictions persist and a funding crisis is still possible.


  • By Michael Turner
  • 27 Sep 2013

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,659.07 70 5.33%
2 UniCredit 12,296.44 84 5.18%
3 Natixis 10,968.65 61 4.62%
4 LBBW 10,943.55 71 4.61%
5 UBS 10,837.07 59 4.56%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 79,113.16 343 6.05%
2 Citi 77,255.84 403 5.91%
3 Bank of America Merrill Lynch 76,833.52 308 5.87%
4 Goldman Sachs 70,741.60 609 5.41%
5 Morgan Stanley 67,928.10 386 5.19%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 64,710.03 242 10.43%
2 Bank of America Merrill Lynch 64,638.73 260 10.42%
3 Citi 60,425.61 304 9.74%
4 Goldman Sachs 54,060.91 544 8.71%
5 Morgan Stanley 52,824.12 302 8.52%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,053.17 31 7.07%
2 UniCredit 6,381.22 26 5.60%
3 LBBW 6,252.10 27 5.49%
4 Deutsche Bank 6,252.08 21 5.49%
5 Credit Agricole CIB 6,198.22 24 5.44%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,584.11 21 12.36%
2 BNP Paribas 5,156.76 22 8.40%
3 Barclays 4,776.16 18 7.78%
4 Credit Suisse 4,518.72 16 7.36%
5 UBS 3,877.49 18 6.32%