A YEAR AGO, the banking outlook in central and eastern Europe was grim. The western groups that dominate banking in the region spent 2009 cost-cutting and fire-fighting as the knock-on effects of the global financial crisis took a heavy toll, particularly in more peripheral economies such as Ukraine and the Balkan states that became fashionable late in the day as expansion mania took over. Today, however, the picture looks much brighter. Even in the worst-hit economies, such as Hungary and Romania, non-performing loans are finally predicted to peak by the end of the first half of the year, while in most countries recovery is already well under way.
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