Developments in our core markets

As before, developments on Bank Austria Creditanstalt’s core markets were characterised by a contrasting impetus in 2004. Although Austria continued to be affected by the curbing influence in Western Europe, it was here where it succeeded in winning additional market share and was able to turn in a better performance than the euro area average due to a revival of industrial activity and domestic demand. This development was supported by interest rates which had fallen to record levels. The economy in CEE accelerated strongly in 2004 regardless of global developments, which was reflected in a restrictive interest rate environment. Taken together, the domestic economies in which Bank Austria Creditanstalt operates expanded by 4%.