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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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