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Austria: Hypo Managing Board Warns of Losses
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Published: March 7, 2013; 17:17 ♦ (Vindobona)
Hypo Group’s managers fear that selling the bank precipitately might lead to additional losses up to € 5bn for the bank and federal state.
Austria: Hypo Managing Board Warns of Losses / Picture: © KPMG - Pressefoto Gottwald Kranebitter
The bank was nationalized by force in December 2009. Now, the managing boards hopes for a further five years by the EU Commision for the minimization of losses. A rash selling of the bank would only lead to the destruction of value as high as € 5bn.
According to the board’s position paper, cited by the economy magazine “Format”, not only a value-destroying insolvency of…
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