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Austria: Hypo Managing Board Warns of Losses

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…

This article includes a total of 280 words.

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