March 2017
GSS Press
Group Securities Services Monthly
Austria
In this issue
AT A GLANCE
AUSTRIA
Stable but eventful
2
TALKING POINT
4
Johann Strobl
CEO of Raiffeisen Bank International
BEHIND THE SCENES
Weekend shift on Stadtpark
5
MARKET ROUNDUP
6
SOCIETY
Waltzing the night trough
8
CONTACT US9
IMPRINT & DISCLAIMER 10
ATTILA‘S PHOTO BLOG
EVENTS
This document is intended for
institutional investors only.
GSS Press | March 2017
11
Back on track
It does not happen so often that Austria
makes it into the FT’s Year in a Word
column. But the latest presidential election
with all its obstacles captured political
observers around the world, yielding in the
infamous term “Bundespräsidentenstichwahlwiederholungsverschiebung”. (Oh boy,
the German language can keep up with
the endless Hungarian words!)
Austria took part in the latest T2S migration
wave a few weeks ago. This voluminous
transition, encompassing 6 European
CSDs, was performed without any handicaps and thus deserves our acknowledgement. This issue of GSS Press contains a
resumé of the tough migration weekend
prepared by our own T2S champions,
Laszlo Hazafi and Laszlo Szasz.
Now that everything is settled and the excitement over an allegedly split nation has
faded, politics are back to the usual questions of how to boost the economy and increase competitiveness. The recipes presented by the ruling coalition partners are
varying, which is no surprise, but sometimes I wish that a bold commitment to capital market development ranked higher up
on the list of ingredients.
As it happens: We are proud to present our
readers with an interview with our brandnew CEO, Mr. Johann Strobl. Please find
out more about his attitude towards GSS in
this edition.
Kind regards,
Attila Szalay-Berzeviczy
Executive Director
Head of Group Securities Services
1
AT A GLANCE
AUSTRIA
Stable but eventful
Investors in the Austrian equity market
raised their glasses when 2016 closed: the
ATX had surged 8% throughout the year.
And the upwards trend has continued ever
since. What is going in Vienna?
Supported by the favorable overall economic trend, Austrian listed companies have
been reporting results and outlooks that
exceeded market expectations. A rising oil
price, combined with the ECB’s continued
expansive policy that will keep interest rates low, are the perfect setting for the stock
market pointing north. A few domestic
factors have been adding to this positive
sentiment.
Consumption is king
According to Raiffeisen Research, the Austrian economy grew by 1.5% in 2016.
The main driver was private consumption,
which has been boosted by a tax reform
and additional expenses induced by the
GSS Press | March 2017
recent migration wave. Strong private consumption is expected to hold up until the
middle of the current year.
More than ever, Austria has been living up
to its cliché of being a picturesque tourist
destination in the recent months. The tourism sector rejoiced at a new record in overnight stays (140 mn in 2016) with more
international and domestic guests. Different
from other traditional touristic destinations
around the globe, the Austrian hospitality
sector is highly compartmentalized and
brings prosperity to a considerable part of
the population, even in remote areas.
Immigration factor
It is the nature of tourism that it attracts workforce from other countries. The fluid EU job
market opens opportunities for workers from
neighbouring countries, with tourism leading
the statistics on employment of foreigners.
2
AT A GLANCE
In the entire German-speaking world, Vienna with its high quality of life, sound
economy and relatively generous welfare
system is the fastest swelling city of all. Interestingly, German citizens are the largest
group of foreign staff represented across
all sectors.
normal level. However, the abrupt increase
in foreign population has posed new challenges to the public administration.
Additional public expenses for social welfare, housing, education and other measures to integrate the newcomers into the job
market are weighing heavily on the budget. On the other hand, the effort seems to
pay off considering the widely friction-free
co-existence with the autochthone population. The enormous involvement of the civil
society in handling the manifold tasks connected with integrating refugees certainly
adds to this stability.
Federal President Alexander van der
Bellen, after a one-year election campaign
caused by a run-off election, a subsequent
suspension by the Austrian Constitutional
Court and a number of technical mishaps,
was finally sworn in in January. The advocate of a united Europe who had beaten
his far-right rival is the first president in the
world with a green party background.
Located in the heart of Europe, Austria has
benefitted greatly from its membership in
the EU. It may still have to play a heavier
role in keeping Europe together.
Anita Fröch
A phenomenon of the Austrian job market
is the high jobless rate while employment
has reached record highs. Demand for
qualified staff often does not match with
the available workforce, making foreigners
and unqualified workers most the vulnerable group.
Reponses to new challenges
After the peak of refugees arriving in Austria in summer 2015, the number of incoming asylum seekers has come back to a
GSS Press | March 2017
New faces on the political stage
Since we last reported about Austria in this
publication, the Republic’s top positions on
Vienna’s Ballhausplatz, home to the offices
of both the Federal Chancellor and the President, have both been exchanged.
Under Chancellor Christian Kern, a former
manager who has been in office since May
2016, the Social Democrats are regaining
territory lost to the right-wing Freedom
Party. Although Mr. Kern is committed to
reforming the often-inefficient public administration, the “realpolitik” that clings to the
norms of the post-war era by ringfencing
the interests of traditional clienteles tends
to put spokes in his wheel.
Head of GSS Austria
Merger completed
On 18 March the merger of RZB and
RBI was closed. The combined bank
now operates under the name Raiffeisen Bank International AG. RBI takes
over all rights, obligations and duties
of the transferring company RZB. Additionally, RBI continues to focus on
the top 1,000 Austrian companies,
financial institutions worldwide and
multinational corporate customers.
3
TALKING POINT
A well organized securities business
GSS Press met Johann Strobl, the new CEO of Raiffeisen Bank International, right after he took power. He emphasizes the
importance of the GSS business to the Group.
Dr. Strobl, you took over the CEO position
From Karl Sevelda a few days ago. What
will change for you compared to your
former position as Chief Risk Officer?
As CEO, my agenda will get broader and
my schedule even tighter. Further, my focus
will shift to more strategic topics and I will
be responsible for positioning RBI successfully in the public. So, the daily business
will be quite different to the one as Chief
Risk Officer.
During the past years, RBI had to overcome
a few challenges. How would you assess
the capitalization level of RBI now?
In 2015 and 2016, indeed the primary
goals were to strengthen our capital ratios.
This task has been completed successfully.
Our original target was to reach a CET1
ratio (fully loaded) of at least 12 % for RBI
by end-2017. With a CET1 ratio of 13.6 %,
we not only achieved this target one year
earlier than planned but also exceeded it
by a very clear margin. At 12.4 %, even
the combined bank’s pro forma CET1 ratio
(fully loaded) was ahead of our target already at the end of 2016.
The regulators complain that the NPL ratio
is especially high in Europe. What kind of
measures would you use to reduce RBI’s
NPL ratio?
In the past financial year, RBI could also
substantially reduce its NPL ratio. Still, we
are not yet on the level we target at. We
have to realize further substantial progress
in this respect. We will reach our target by
realizing collaterals and the sale of nonperforming loans, if the conditions are agreeable. This strategy has paid off for us
so far. However, we will not sell non-performing loans at any price. We will reduce
our NPL portfolio conserving the value.
GSS Press | March 2017
What can you say with regards to the
custody business? What will be the priorities?
Group Securities Services – together with
Investment Banking – is one of the cornerstones of a well-organized securities
business. To us, GSS means more than
just securities settlement and safekeeping.
We offer a range of value-added services
alongside standard custody products, e.g.
a tailor-made account management principle, utmost flexibility in terms of reporting
functionalities and, above all, our ‘Direct
Access Model’ to a straight forward connection to 9 CSDs in the CEE Region.
What are your most important strategic
goals?
Thanks to the merger of RZB into RBI, we
have further simplified our Group structure
and, with the elimination of the minority
deduction at RZB level, removed a growth
constraint for RBI. In the future we will focus on increasing profitability, which also
means that we further have to improve
our cost situation, like all European banks.
Another field of attention is digitization,
but I see this as a chance and a challenge
rather than a risk.
4
BEHIND THE SCENES
Weekend shift on Stadtpark
A long way of preparation for T2S was finished a couple of weeks ago
Wave 4 CSDs migration in TARGET2-Securities (T2S) platform was accomplished
earlier than originally planned. It included the Austrian market with the OeKB
(the Austrian CSD) successfully migrating
to the ECB’s T2S platform on Monday,
6 February.
The project's point-of-no-return was reached
the Saturday before at approx. 8:20 p.m.
On Sunday the CSD Members had the possibility to perform system access and data
consistency checks in OeKB’s System. The
first settlement day in T2S on Monday ran
smoothly and OeKB participated in the
real-time settlement cycle between 10 a.m.
and 4 p.m.
The settlement efficiency of the settlement
instructions sent by OeKB was higher than
99%. Also the first night-time settlement for
settlement day 7 February ran smoothly,
with a high proportion of CSD instructions
being settled.
A new routine
The migration to the T2S platform brings
significant changes in the daily settlement
routine for OeKB and its members. For example, due to the partial settlement algorithm in T2S the allocation of quantities in
case of (partial) late deliveries has altered
compared to the old settlement regime.
RBI prepared several GSS Newsflashes
about these changes in the run-up to the
migration date so our clients received all
the information they needed to be prepared for those important days. During the
entire weekend, RBI kept its clients up-todate via email.
Just to give you an overview of the tasks
completed during the migration weekend:
many Standard Settlement Instructions
were updated and changed. Subsequently, all relevant transactions in RBI´s systems
were re-instructed (in the new T2S format)
to support our clients without any mistake.
Generally speaking, the first few weeks of
operation have run smoothly at RBI´s side.
This was possible thanks to the great collaboration of all involved colleagues at RBI
and RSC, where nearly 100 professionals
worked on the successful implementation
of T2S.
The T2S migration is one of the most successful IT projects at RBI. Implementation
had started back in 2015. Around 40%
of the assets under custody have been eligible to T2S with holdings in each T2S country.
The project met all requirements regarding
changes to the systems, the processes and
the products in time and very efficiently. It
is still running, with its new focus on the
final migration wave later this year.
Laszlo Ssasz
GSS Business & IT Development
Laszlo Hazafi
GSS Product and Services
T2S Migration
Wave 1
Wave 2
Wave 3
Wave 4
22 June 2015
28 Mar 2016
12 Sept 2016
6 Feb 2017
– BOGS (Greece)
– Malta Stock Exchange
– Depozitarul Central
(Romania)
– SIX SIS (Switzerland)
– Monte Titoli (Italy)*
– Interbolsa
(Portugal)
–E
uroclear ESES
(Belgium, France,
Netherlands)
– NBB-SSS
(Belgium)
–V
P Securities
(Denmark)
– Clearstream
Banking AG (Germany)
– LuxCSD (Luxembourg)
– KELER (Hungary)
– KOD (Slovenia)
– CDCP (Slovakia)
– OeKB (Austria)
*Migration took place
on 31 August 2015
GSS Press | March 2017
–V
P Lux
(Luxembourg)
Final Wave
18 Sept 2017
– Iberclear (Spain)
– Euroclear Finland
– Balitc CSDs
(Estonia, Lativa,
Lithuania)
5
MARKET ROUNDUP
Maria Lazova,
Head of GSS Bulgaria
BULGARIA
Pension insurance funds and insurance sector
thoroughly screened
A recent assets review indicated that the supplementary pension
insurance sector in Bulgaria is sustainable. The survey encompassed over 18 supplementary obligatory pension insurance
funds and 9 supplementary voluntary pension insurance funds.
The pension funds’ assets are available and are kept in the custodian banks in accordance with the regulatory requirements. No
deviations from the applicable regulatory framework have been
identified in regard to the review of investments in related parties.
The general conclusion of the independent external reviewers is that pension insurance
companies meet the regulatory requirements as per Ordinance 9 of the FSC. The PFAR
results reflect the need of adjustments, which for the whole sector amount to BGN 33M or
0,3% of the total assets reviewed as of 30 June 2016. The proposed adjustments relate to
two categories of assets, owned by part of the pension funds and are due to differences
in the independent reviewers’ valuation methodology of investment properties, as well as
to the different measurement of the risk premium for some corporate bonds issues.
The FSC will ask the pension funds to reflect the adjustments in the calculation of their net
asset value as of 30 June, 2016. Those adjustments shall be confirmed by external audit
in compliance with the principles of International Financial Reporting Standards and shall
be reflected in the financial statements of the pension funds for 2016, taking into account
subsequent events occurring after 30 June, 2016.
The stress test performed for the insurance sector is in its very last stage of finalization. It
showed that the Bulgarian Insurance sector remained above 100% of the capital requirements. However, for a number of insurance companies, the total available own funds to
cover Solvency Capital Ratio (SCR) and/or Minimum Capital Ratio (MCR) as of 30 June,
2016 was insufficient. The respective insurers have already undertaken the necessary actions to increase their own funds to the required level thus strengthening their capital base.
The above findings are based on the results of the Bulgarian Pension Funds’ Assets Review
(PFAR) and the Insurance/Reinsurance Balance Sheet Review (IBSR), as well as data on
the preliminary results of the conducted stress tests of insurers and reinsurers. The review
was conducted in the period 15 July 2016 -31 January 2017 by independent external reviewers in line with the approved methodologies by the Financial Supervision Commission
(FSC) and the Steering Committee (SC).
GSS Press | March 2017
Spotlight news
CZ: Banking tax ideas
Well ahead of the Czech parliamentary elections taking place in
October, the idea of introducing a
banking tax has resurfaced. The latest proposal was tabled by Prime
Minister Bohuslav Sobotka, a Social
Democrat, who suggests a 0.20%
tax on the total assets.
This idea comes as a shot in the
dark amidst Social Democrats’ falling preferences in opinion polls. (It
has to be pointed out that it was one
of their mottos prior to the last parliamentary elections, although it has
never made it to their final programme at that time.) Further to this, Mr.
Sobotka opined that, as a next step,
Social Democrats will unveil their
plans for multi-level tax brackets in
personal taxation.
The biggest challenger of the Social Democrats is the party ANO led
by current Finance Minister Andrej
Babis. ANO opposed a bank tax
already at the last elections and is
expected to remain consistent in that
respect.
Given the dire finances of the Social Democratic party, who will need
to rely on corporate sponsors to finance the pre-election campaign,
our opinion is that the final election
programme will be a watered-down
version of current rhetoric.
6
MARKET ROUNDUP
Bogdana Yefremova,
Head of GSS Ukraine
UKRAINE
Bill on nominee concept registered in Parliament
An initiative to introduce the nominee concept in Ukraine, developed by the National Depository of Ukraine (NDU) in cooperation with market participants, received support from the local
expert community, representatives of the regulators, and international organizations during a round table held last year. In the
meantime, the concept materialized into a draft law, which was
registered in Parliament a few weeks ago.
The bill introduces a special type of security account for nominee – a foreign financial intermediary registered in a country, which is a member of the
EU and/or FATF or MONEYVAL, that complies with certain requirements of the National
Securities and Stock Market Commission (NSSMC) and, according to the legislation of its
country, provides custodial services with respect to securities in different legislations on
the basis of respective agreements with international financial institutions. It is specified
that the positions on such accounts will belong to the clients of nominee or to the clients
of its clients.
According to Mindaugas Bakas, the CEO of NDU, this initiative will facilitate more transparent operating conditions in Ukraine for global custodians as well as implementation of
the best world's best practices in the Ukrainian depository system.
The document takes into consideration the recommendations of the Committee on Regulation of Nominee Accounts in Emerging Markets of IOSCO (International Organization of
Securities Commissions, October 2011), Principles on Client Identification and Beneficial
Ownership For the Securities Industry (IOSCO, May 2004), and Association of Global
Custodians.
Our view
After implementing nominee accounts, foreign investors using the services of such nominees will be able to avoid a costly and complicated account opening procedure with
a local custodian. At the same time, the concept ensures that the rights of such investors
with respect to Ukrainian securities will be recorded in a proper way and recognized in
the local market.
GSS Press | March 2017
7
SOCIETY
Waltzing the night through
Vienna and its ball tradition
Vienna’s ball tradition has many centuries of tradition and was initially limited
to the Imperial Court. It became wildly
popular during the Congress of Vienna
(1814/1815), when entertainment served
as backdrop for diplomatic consultations
after the Napoleonic wars.
The most prominent of all ball nights is
undoubtedly the Vienna Opera Ball. The
Opera hosted the event for the first time
in 1877, and preserved the tradition ever
since. The Opera Ball introduces the end
of the ball season, as it takes place on
Thursday preceding Ash Wednesday.
The Strauss family, who composed some
of the world’s most famous waltzes, conducted the orchestras of countless elegant
balls of the 19th century and were the pop
stars of their era.
In order to fit all the guests, the Opera
foregoes massive transformations, such
as removing all parterre seats and building an additional floor for the stage. The
white tie event starts upon the arrival of
the President of the Republic of Austria to
the Imperial Balcony at 10 p.m., accompanied by the national anthem (and millions of TV viewers on their sofas at home).
Followed by the introduction of 180 debutant couples, with the girls strictly dressed
in plain white, resulting in breath-taking
black-and-white effects at the opening.
(Beforehand, the young dancers undergo
a rigorous selection at which the jury only
accepts those with the best Vienna waltz
dancing skills, including impeccable left
waltz.) Upon the order “Alles Walzer” everyone is allowed on the stage.
The price for a box (“Loge”) for this celebrity
event reaches up to over EUR 20,000, entry
tickets not included. Those who want to
spend less have the choice between 450
other balls that take place in Vienna every
year.
Marina Trocin
GSS Sales & RM Support
GSS Press | March 2017
8
CONTACT US
GSS Central Team
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
www.rbinternational.com
Attila Szalay-Berzeviczy
Head of GSS
[email protected]
Phone: +43 1 71707-8252
Jürgen Sattler
Head of GSS Regional Management
[email protected]
Phone: +43 1 71707-1882
Bettina Janoschek
Head of GSS Sales & Relationship Management
[email protected]
Phone: +43 1 71707-1820
Austria
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
Anita Fröch
Head of GSS Austria
[email protected]
Phone: +43 1 71707-3040
www.rbinternational.com
Albania
Raiffeisen Bank Sh.a.
“European Trade Center”
Bulevardi “Bajram Curri” Tirana
Mirela Borici
Head of GSS Albania
[email protected]
Phone: +355 4 2381000-1074
www.raiffeisen.al
Belarus
Priorbank JSC
31-A, V. Khoruzhey Str.
220002 Minsk
Yury Dorofey
Head of GSS Belarus
[email protected]
Phone: +375 17 2899102
www.priorbank.by
Bosnia and Herzegovina
Raiffeisen BANK d.d.
Bosna i Hercegovina
Zmaja od Bosne bb
71000 Sarajevo
Draženko Bobaš
Head of GSS Bosnia
[email protected]
Phone: +387 33 287-153
www.raiffeisenbank.ba
GSS Press | March 2017
Bulgaria
Russia
Raiffeisenbank (Bulgaria) EAD
55, Nicola Vaptzarov Blvd., Business Center
Expo 2000, 1407 Sofia
Maria Lazova
Head of GSS Bulgaria
[email protected]
Phone: +359 2 91985-463
www.rbb.bg
AO Raiffeisenbank
Smolenskaya-Sennaya Sq. 28
119020 Moscow
Evgenia Klimova
Head of GSS Russia
[email protected]
Phone: +7-495-721 9900
www.raiffeisen.ru
Croatia
Serbia
Raiffeisenbank Austria d.d.
Petrinjska 59
10000 Zagreb
Mensur Hodžic´
Head of GSS Croatia
[email protected]
Phone: +385 1 6174-327
www.rba.hr
Raiffeisen banka a.d.
Djordja Stanojevica 16
11070 Novi Beograd
Ivana Novakovic´
Head of GSS Serbia
[email protected]
Phone: +381 11 2207572
www.raiffeisenbank.rs
Czech Republic
Slovakia
Head of GSS Czech Republic
[email protected]
Phone: +420 234 40-1481
www.rb.cz
Tatra banka, a.s.
Hodžovo námestie 3
81106 Bratislava
Peter Uhrin
Head of GSS Slovakia
[email protected]
Phone: +421-2-5919 2134
www.tatrabanka.sk
Hungary
Ukraine
Raiffeisenbank a.s.
Hvezdova 1716/2b
14078 Prague 4
ˇ
Vit Cermák
Raiffeisen Bank Zrt.
Akadémia utca 6
1054 Budapest
Zsuzsanna Haraszti
Head of GSS Hungary
[email protected]
Phone: +361 484 4362
www.raiffeisen.hu
Raiffeisen Bank Aval JSC
9, Leskova Str.
01011 Kiev
ˇˇ
Bogdana Yefremova
Head of GSS Ukraine
[email protected]
Phone: +380 44 49879 32
www.aval.ua
Poland
Raiffeisen Bank Polska S.A.
(Raiffeisen Polbank)
Piękna 20 Str.
00-549 Warsaw
Radek Ignatowicz
Head of GSS Poland
[email protected]
Phone: +48 22 585-2000
www.raiffeisen.pl
Romania
Raiffeisen Bank S.A.
246C Calea Floreasca
014476 Bucharest 1
Andrei Mezdrea
Head of GSS Romania
[email protected]
Phone: +40 21 30612-89
www.raiffeisen.ro
9
IMPRINT & DISCLAIMER
Imprint
1) Information requirements pursuant to the Austrian E-Commerce Act
Raiffeisen Bank International AG, Registered Office: Am Stadtpark 9, 1030 Vienna. Postal address: 1010 Vienna, POB 50
Phone: +43-1-71707-0, Fax: + 43-1-71707-1715
Company Register Number: FN 122119m at the Commercial Court of Vienna
VAT Identification Number: UID ATU 57531200
Austrian Data Processing Register: Data processing register number (DVR): 4002771
S.W.I.F.T.-Code: RZBA AT WW
Supervisory Authorities:
As a credit institution pursuant to § 1 of the Austrian Banking Act, Raiffeisen Bank International AG is subject to supervision by the Financial Market Authority and the
Austrian Central Bank. Further, Raiffeisen Bank International AG is subject to legal regulations (as amended from time to time), in particular the Austrian Banking Act
(Bankwesengesetz) and the Securities Supervision Act (Wertpapieraufsichtsgesetz).
Membership: Austrian Federal Economic Chamber, Federal Bank and Insurance Sector, Raiffeisen Association
2) Statement pursuant to the Austrian Media Act
Publisher of GSS Press: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna
Media Owner of GSS Press: Zentrale Raiffeisenwerbung, Am Stadtpark 9, 1030 Wien
Producer: Marketing, Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna
Editors: Jürgen Sattler, Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna
Society Commitee Zentrale Raiffeisenwerbung:
Dr. Leodegar PRUSCHAK (Chairman), Petra WALTER (Deputy Chairman), Stephan MARENT (Deputy Chairman)
Other committee members Zentrale Raiffeisenwerbung:
Mag. Rainer SCHNABL, Franz POSPISCHIL, Bernd NÖHRER, Mag. Maximilian EDER, Mag. Gertraud FRANK, Mag. Martin KOFLER, Markus FRIEDRICH,
Katharina STÖGNER, Mag. Clemens GANTAR
Zentrale Raiffeisenwerbung is a registered society. Society purpose and activities of Zentrale Raiffeisenwerbung are (inter alia) a joint communication work
(advertising and public relations).
Basic tendency of the content of GSS Press:
GSS Press presents services and products of the Group Securities Services unit of Raiffeisen Bank International AG and its subsidiaries. Aiming at a professional
audience, GSS Press reports about developments in the financial markets, with a particular focus on post-trade infrastructure. The publication is available free of charge.
Images: Page 2: KÄSTLE Ski/Daniel Zangerl, Page 3: Raiffeisenverband Salzburg.
Other photographs and illustrations: Raiffeisen Bank International, Attila Szalay-Berzeviczy and the organizations featured in this issue.
Disclaimer
This document has been published by Raiffeisen Bank International AG. This document is for information purposes and may not be reproduced or distributed to other persons.
This document shall not be considered as financial, investment, legal or tax advice. This document constitutes neither a solicitation of an offer nor a prospectus in the sense
of the Austrian Capital Market Act (KMG) or the Stock Exchange Act or any other comparable foreign law. An investment decision in respect of a security, financial product
or investment must be made on the basis of an approved, published prospectus or the complete documentation for the security, financial product or investment in question,
and not on the basis of this document. This document does not constitute a personal recommendation to buy or sell financial instruments in the sense of the Austrian Securities
Supervision Act or any other comparable foreign law. Neither this document nor any of its components shall form the basis for any kind of contract or commitment whatsoever.
This document is not a substitute for legal or tax advice or the necessary advice on the purchase or sale of a security, investment or other financial product. In respect of the sale
or purchase of securities, investments or financial products, your banking advisor can provide individualised advice which is suitable for investments and financial products.
This analysis is fundamentally based on generally available information and not on confidential information which the party preparing the document has obtained exclusively
on the basis of his/her client relationship with a person. Unless otherwise expressly stated in this publication, the publisher deems all of the information to be reliable, but
does not make any assurances regarding its accuracy and completeness. The publisher shall not have any liability for any representations (expressed or implied) regarding
information contained in, or for any omissions from, this document or any other written or oral communications transmitted to the recipient in the course of its preparation.
The information in this publication is current, as of the creation date of the document. It may be outdated by future developments, without the publication being changed.
The data and statements contained in this document are strictly limited to the matters stated herein and shall not to be read as extending by implication to any other matter.
This document is intended for institutional investors only. Neither this document nor any part of its content may be relied upon by any other person. This document is not
intended for retail/private investors. Requests resulting from this document will only be responded to, if the respective person is an institutional investor.
GSS Press | March 2017
10
ATTILA‘S PHOTO BLOG
PHOTO OF THE MONTH
by Attila Szalay-Berzeviczy
Obertauern, 52 years after the Beatles shot their second movie, Help!
March 2017 – Obertauern, Austria
GSS Press | March 2017
11