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Austria: Bank Rescue Massive Burden for Public Finance
Politics ♦
Published: December 21, 2013; 17:48 ♦ (Vindobona)
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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…
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