Austria: Government Makes € 1bn for Hypo Group Available in Budget

People ♦ Published: January 29, 2014; 11:04 ♦ (Vindobona)

Nationalized problem bank Hypo Group Alpe Adria has listed a need for state subsidies in the amount between € 400m and € 900m in this year’s downsizing plan.

Austria: Government Makes € 1bn for Hypo Group Available in Budget / Picture: © Hypo Alpe-Adria-Bank International AG

Finance Minister Michael Spindelegger announced that the government has provided € 1bn in this year’s budget. “In regard to Hypo we have included one billion Euros in the budget,” he said after the council of ministers and announced looking for a strategy to involve banks financially.

The government is hoping that with domestic banks, former parent company BayernLB and…

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