According to a report by the former head of the IAS Committee, B. Carsberg, the accounts of Erste Bank are not in compliance with IFRS, Dow Jones Newswire reported on Friday. The report was commissioned by Bank Austria (BACA). Note that BACA has recently filed a complaint with the EU saying that the Cross-Guarantee System used by Erste and 53 Austrian regional savings banks (where Erste owns zero or very small stakes) violates European cartel laws and the inclusion of the participating savings banks in the Erste Bank Group's capital (an additional EUR 290m) violates the Austrian Banking Act and EU legislation.
Erste is convinced that its accounts are in compliance with IFRS regulation.
Jan Hájek, Patria Finance