Politics

Austria: Bank Rescue Massive Burden for Public Finance

Published: December 21, 2013; 17:48 · (Vindobona)

In total, costs of the Austrian banking package come at € 6.75bn. Expenses are only partially covered by revenues.

Austria: Bank Rescue Massive Burden for Public Finance / Picture: © Wikipedia / JJ55 (30 March 2008)

For the Austrian taxpayers, the nationalization and the public aid for the domestic banking sector is a huge burden. In total, expenses reach € 6.75bn. Revenues only amount to € 2.33bn. As a result, the net loss comes at € 4.42bn. Further losses are inevitable.

The biggest burden it the nationalized Hypo Group Alpe Adria, followed by Kommunalkredit/KA Finanz and VBAG. After…

This article includes a total of 439 words.

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Austria: Bank Rescue Massive Burden for Public Finance

In total, costs of the Austrian banking package come at € 6.75bn. Expenses are only partially covered by revenues.

Join us to succeed in Vienna!
Sign up to read articles for free and to get personalized updates on the events that interest you.