Austria: Hypo Group Disaster with Exorbitant Costs

People ♦ Published: March 11, 2014; 11:51 ♦ (Vindobona)

The extent of the disaster of Austrian problem bank Hypo Group Alpe Adria only starts to unfold bit by bit. A further capital injection of € 750m is needed only for the ailing bank to complete its balance sheets.

A further amount of € 750m is urgently needed for the bank to prevent Hypo Group from insolvency. / Picture: © Vindobona.org

Yesterday, Finance Minister Michael Spindelegger announced that the restructuring of the problem bank will be realized through a “public corporation”, as suggested by Hypo Group’s task force under the leadership of Ewald Nowotny, Governor of the Austrian National Bank (OeNB). While for this body there are no general state liabilities the downsizing of the bank has still two…

or Log In

Fast News Search
Related News
Hypo Group: Further State Aid Necessary This Year (March 10, 2014)
Austria: Painful Austerity Measures Ahead (March 10, 2014)
Austria: Spindelegger Still Does Not Exclude Hypo’s Bankruptcy (March 8, 2014)
Austria: State Aids for Banks Almost Exhausted (March 8, 2014)
Austria: “Taxpayers Have to Bleed for Hypo Group“ (March 7, 2014)
Read More
Hypo Group Alpe Adria, Brussels, Fiscal Policy, Leaders, Michael Spindelegger, Ewald Nowotny, OeNB Austrian National Bank, GDP Gross Domestic Product, Public Debts, Budget Deficit, Restructuring, Downsizing, Real Estate Industry, NPL Non Performing Loans, Austerity, Bond Market
Featured
Weekly Briefing: Return to Normality in July
See latest Vindobona Newsletter