30
Management report
Outlook for 2015
In the eurozone there are a number of indicators that are likely
to have a positive impact on economic developments in Europe.
These include the central banks’ expansive monetary policy and
further measures aimed at improving the economic climate which
– thanks to the weak euro – hold out good prospects for the export
sector and the robust economic trend in the USA and the UK.
The low oil price not only had a positive impact on consumers’
purchasing power, but also had a dampening effect on companies’
costs. We expect interest rates to remain low for some time to
come.
The most important risk factor is the conflict with Russia and/or the
warlike hostilities in Ukraine, in which the further course of events
is difficult to estimate. These developments will lead to lower
investment income from RZB.
The Institute for Advanced Studies (IHS) expects the Austrian
economy to grow by 0.8 per cent in 2015. This growth rate would
be lower than that in Germany and the eurozone. The uncertainty
surrounding ongoing and future economic developments is
undermining companies’ readiness to invest. In addition, the
sluggish trend in real incomes is allowing little scope for additional
private consumer spending.
We are expecting Tyrol’s economic growth to be similar to that in
Austria as a whole. It is pleasing that after two poor years, export
growth of up to 2 per cent can be expected this year.
In 2015, the key to success for Raiffeisen-Landesbank Tirol AG
remains a sustained focus on customers. We are a dependable
partner that the people of Tyrol and the domestic economy can
count on. We do business we know with customers we know. Our
clear focus remains on our retail business.
We are going to launch a consultation offensive for our private and
business customers. The main focus of these activities will be on
residential property construction and assessment areas. As well
as this quality offensive in the field of face-to-face consultations,
we are strengthening our multi-channel sales organisation.
A single-minded implementation of our quality-oriented bank
Innsbruck, 26 February 2015
The management board of Raiffeisen-Landesbank Tirol AG
branch concept and rigorous marketing control are increasing our
productivity. In 2015 we are raising our expectations for growth in
the business customers segment. At the same time, we are going
to further intensify our cooperation with the Tyrolean Raiffeisen
banks.
Ensuring our customers’ satisfaction with the services we provide
will remain our most important objective over the coming year.
Our Raiffeisen principle constitutes the basis of our decisions in
these areas. It gives us the framework regarding what we do and
don’t stand for, it gives us our direction of travel, and it shows what
distinguishes us from other banks.
Ensuring rapid response times and flexibility are the key
competitive factors in a rapidly changing industry. Our dedicated
workforce, for whom we provide carefully tailored support and
training, is a vital factor in achieving this. They secure the long-term
success of RLB Tirol AG. As one of the most attractive employers
in Tyrol, we ensure that we provide high-quality vocational training.
Our focal points in this area include our senior executives, our
top performers and our leading advisers. At the same time, we
promote the continuing education of young people through our
highly successful trainee initiative.
The future regulatory efforts for the remuneration of deposit
protection and/or resolution funds will have a negative impact on
earnings.
In recent years, we have made significant progress in the field of
productivity. The ‘Eine IT’ project for Raiffeisen Banking Group
Austria is currently being implemented and should lead to cost
reductions in the IT area in future. We shall continue to pursue this
process steadfastly. In so doing, we are strengthening our culture
of achievement in a sustainable manner.
Together with the Tyrolean Raiffeisen banks, Raiffeisen-
Landesbank Tirol AG, the controlling institution for Raiffeisen-
Bankengruppe Tirol, will maintain its market leadership during
2015 and indeed strengthen its position as Tyrol’s unchallenged
number one.
Dr Hannes Schmid
Reinhard Mayr
Management board chairman
Management board director
