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Otmar Issing - 1 Daniel Gros - 1 Gros - 1 Sweden's - 1 Heimstaden - 1 it's - 1 Alexander Smith - 1
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☆ ECB haunted by bond buys in Swedish property crisis
  + stars: | 2023-11-30 | by ( John O'Donnell Francesco Canepa | John O'Donnell | Francesco Canepa | ) www.reuters.com   time to read: +6 min
"It is hard to understand how the ECB ended up buying the bonds of property companies, while at the same time warning of the risks of property price inflation," former ECB chief economist Otmar Issing told Reuters. But data this week shows the central bank still owned the two bonds issued by SBB as of Nov. 24. While Sweden is not in the euro zone, SBB issued the debt bought by the ECB in neighbouring Finland, which is. Alongside the SBB bonds, the ECB also hoovered up the debt of other property companies which have since hit problems, including Sweden's Heimstaden. The ECB also gobbled up many German real estate bonds, including 39 issued by Vonovia, which has been selling property to cut debt.
Persons: Otmar Issing, Daniel Gros, Gros, Sweden's, Heimstaden, it's, Alexander Smith Organizations: SBB, European Central Bank, ECB, Reuters, Research, Institute, European, Bocconi University, Fitch, Vonovia, Thomson Locations: FRANKFURT, Europe, Germany, Sweden, Milan, Swedish, Finland
☆ Exclusive: U.S. sanctions authority probes Raiffeisen on Russia
  + stars: | 2023-02-18 | by ( John O'Donnell Francesco Canepa Alexandra Schwarz-Goerlich | John O'Donnell | Francesco Canepa | ) www.reuters.com   time to read: +5 min
An Austrian official said that Austrian authorities were monitoring the situation at Raiffeisen and its business in Russia closely because of the bank's importance. Almost a year since Moscow launched what it calls a "special military operation" in Ukraine, Raiffeisen is among a handful of European banks that remain in Russia. Raiffeisen made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Alternatively, OFAC can also resort to less stringent measures such as levying fines and sending warning letters over sanctions violations. OFAC has sanctioned five major Russian banks, including state-backed Sberbank (SBER.MM) part of a response to that country's invasion of Ukraine, as well as wealthy oligarchs.
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