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Austria is Liable for Hypo Group´s Major Loan
At the sale of Hypo Group by BayernLB in late 2009, BayernLB granted a loan of € 2.64bn. The Austrian state has issued a guarantee for this loan.
Austria is Liable for Hypo Group´s Major Loan / Picture: © BayernLB
In December 2009, Hypo Group became nationalized. After having suffered severe losses, BayernLB sold the financially stricken bank to the Austrian state. BayernLB granted a loan of € 2.64b to its former subsidiary. The new owner issued a guarantee. This guarantee should become effective if Hypo Group would be sold or if the restructuring process fails.
Now, the Hypo Group…
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