The crisis in CESEE from the perspective of Austrian Banks  Although the direct effects of the financial crisis on Austrian banks have so far been limited due to their relatively small exposure to the U.S. subprime market, Austrian banks have been indirectly affected to a significant extent due to higher refinancing costs, declining income and higher loan loss provisions.
12  BIS Review 82/2009  Austrian banks were first movers in the CESEE and CIS banking markets in the late 1980s. Since then, they have continuously expanded their market presence and are now significant players across the whole region.