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Austria: Hypo Group Insolvency Best Solution for Taxpayers
People ♦
Published: December 12, 2013; 16:01 ♦ (Vindobona)
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According to consulting agency Oliver Wyman, an insolvency of ailing bank Hypo Group would be the most favorable option for taxpayers as instead of domestic banks foreign banking institutes will be burdened.
Austria: Hypo Group Insolvency Best Solution for Taxpayers / Picture: © Wikipedia / JJ55 (30 March 2008)
In case of insolvency other parties could be involved in bearing the burden which would reduce the liability of the state. Accoring to consulting enterprise Oliver Wyman, the impacts on the financial market Austria were acceptable, as nationalized Hypo is not a systemically relevant bank for the country. According to business magazine “Format”, from a total of € 6.5bn in…
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