The European Bank Coordination “Vienna” Initiative is a framework for safeguarding the financial stability of emerging Europe. The Vienna Initiative was launched at the height of the first wave of the global financial crisis in January 2009. It brings together all the relevant public and private sector stakeholders of EU-based cross-border banks active in emerging Europe, which own much of the banking sectors in that region.
In the aftermath of the financial crisis some serious gaps in regulatory capacity and coordination between home and host countries’ authorities once again became apparent. The Vienna Initiative has long recognised NPLs as a key impediment for a revival in credit markets. Our report in 2012 set out the key issues in the CESEE region. At the initiative of a number of commercial banks, this work has now entered a second phase which is focused on concrete progress in regulatory reform in key countries. The present NPL workstream aims at three overlapping objectives:
- Enhancing the transparency of restructuring frameworks: through this website and our in-country workshops we aim to make the national context more accessible for international investors and the local financial community. National reform commitments will be published on this website, and progress tracked.
- Capacity building through technical assistance that is coordinated between the principal international organisations and EU bodies. Training in modern restructuring principles will seek to build a better understanding among private market participants.
- Knowledge sharing. This website will serve as a ‘knowledge hub’ for NPL resolution and restructuring in emerging Europe, and will make all relevant reports and literature available. Our ‘notes on best practice’ on this site have been produced by EBRD staff and consultants, the other Vienna Initiative institutions, and private sector experts.
The NPL Initiative draws on the work within the IMF, World Bank, EIB, EU Commission and is managed by a small group of experts within EBRD.
To give feedback on our activities and this website please email NPL@ebrd.com.