Androsch „Another Three to Four Billions for Hypo Group“

People ♦ Published: October 4, 2011; 15:47 ♦ (Vindobona)

The former Minister of Finance, Hannes Androsch fears a loss of Austria´s AAA-rating. “We are being observed accurately.”

Androsch „Another Three to Four Billions for Hypo Group“ / Picture: © AIC

Androsch, who acts as head of the supervisory board of Fimbag (Fimbag manages Austrian nationalized bad banks), warns from a cost explosion. Expenditures for the nationalized bad banks could reach up to € 7.0bn. The nationalization of the Hypo Group in 2009 could cost another € 3.0 to 4.0bn.

For Androsch, the situation is already very serious. “The government acted rapidly…

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