The IMF, the eu Bank for Reconstruction and Development, the globe Bank and the European Investment Bank, which spent $42 billion as soon as the collapse of Lehman Brothers Holding Inc., should “stand able to provide external assistance and financial support to banks,” the Vienna Initiative gang of regulators and policy makers said in the statement after having a meeting in the Austrian capital on Jan. 16. The chance of “excessive and disorderly deleveraging and a credit crunch” looms over the region, the course notes said.

“There is a very strong impact from this — a potentially strong impact,” EBRD’s Chief Economist Erik Berglof said in an interview during a Euromoney conference yesterday in Vienna. “You contain the headquarters making decisions on assets which are really small whenever you look at the total balance sheet, but if you consider the subsidiaries in eastern Europe they are systemic within the countries where they operate.”

Regulators and policy makers want to shield economic increase in eastern Europe against contagion in the euro area’s deepening debt crisis. New capital and liquidity requirements to the western lenders controlling three-quarters of eastern Europe’s banking system threaten to curb credit required to fund the region’s companies and households.’Especially Virulent’

Deleveraging by eu banks could make credit in eastern Europe scarcer, the entire world Bank’s Andrew Burns was quoted as saying in Austrian newspaper Wiener Zeitung today.

“The concern is especially virulent in eastern Europe and central Asia because those countries strongly depend upon loans from western world,” Burns said.

A revival of the Vienna Initiative is required mindful about has to be a recognition that “there is still a coordination failure” between eastern and the european union to tackle banking risks, Piroska Nagy, director of country strategy and policy at the EBRD, said with the Vienna conference.

The IMF, EIB, EBRD and the World Bank “will engage with a heightened level with all the region,” Nagy said today in a interview, without elaborating further.

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