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Exposure to Hungary no danger for Austrian Banks, says central banker

Analysis

Austrian banks are sufficiently capitalised and thus in no danger because of their exposure in Hungary, Austrian National Bank governor Ewal Nowotny said on Austrian public radio on Wednesday.

"It’s no secret that Austria and Austrian banks have a strong presence in Hungary," Mr Nowotny said.

He put Austrian banks’ exposure, including government securities, in Hungary at about EUR 30bn.

"Austrian banks have adequate capital coverage, which means they are not in any danger," he said. "Naturally, it still presents a challenge," he added.

Mr Nowotny again said he was confident Hungary would reach a solution regarding its financial problems.

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