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Austria: Cernko Favors Participation in Bad Bank
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Published: November 21, 2013; 15:24 ♦ (Vindobona)
CEO of Bank Austria Willibald Cernko is in favor of Austrian banks participating in a bad bank for Hypo Group Alpe Adria.
Austria: Cernko Favors Participation in Bad Bank / Picture: © UniCredit Bank Austria
In an interview with Austrian radio station Ö1, Cernko, who is also president of the Austrian banking association, pointed out that in case the bad loans of ailing Hypo Group were transferred to a bad bank in which other Austrian banks particpated, the public debt rate would not increase as much. Cernko listed specific conditions for the banks.
Firstly, Cernko calls for a…
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