Austria Injects € 1bn into KA Finanz

Business › n.a. ♦ Published: April 26, 2012; 07:30 ♦ (Vindobona)

Austria injected € 998m into nationalized KA Finanz AG after the lender lost more than € 1bn on its bonds and credit-default swaps in Greece’s debt restructuring.

Austria Injects € 1bn into KA Finanz / Picture: © Vindobona.org

KA Finanz, whose predecessor, Kommunalkredit Austria AG, was nationalized in 2008, received the funds after canceling its share and non-voting capital, the company said in a statement today, causing a loss for its previous owners, Oesterreichische Volksbanken AG and Dexia SA. Austria also provided an asset guarantee to narrow the Vienna-based lender’s 2011 loss.

“The…

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