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Austria: Three Major Banks Have Made Their „Last Will“

Published: May 22, 2013; 10:45 · (Vindobona)

Three Austrian banks have already made their „testament“. Erste Group, Raiffeisen and Bank Austria have presented plans for a possible restructuring. The plans are part of the future bank insolvency law.

Austria: Three Major Banks Have Made Their „Last Will“ / Picture: © Flickr

With the new restructuring law, which is part of the long-awaited bank insolvency law, all Austrian banks need to present plans to their supervisors on a regular basis from July 2015 on about how the process of restucturing and winding-down of the own banking institute can take place. The 150 biggest banks are required to keep to the new regulation one year earlier. The Council of…

This article includes a total of 429 words.

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