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Austria: Nationalizing Hypo Group Prevented BayernLB from Losses
Politics ♦
Published: March 11, 2013; 19:57 ♦ (Vindobona)
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EU Competition Commission pushes the Austrian government to shut down the loss-making Hypo Group.
Austria: Nationalizing Hypo Group Prevented BayernLB from Losses / Picture: © Wikipedia / JJ55 (30 March 2008)
Now the commission adds fuel to the flames by stating that by nationalizing Hypo Group, Bayern LB was saved from enormous losses.
At the end of 2009, the bank was so strained that the financial market authority threatened to intervene. Since BayernLB, being the major shareholder, refused to recapitalize Hypo Group, the Austrian government stepped in by nationalizing the bank. The…
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