Austria: VBAG Not to Receive Further Aids

People ♦ Published: January 13, 2014; 10:30 ♦ (Vindobona)

Ailing banking institute VBAG of the Austrian Volksbanken Group will not be granted further state aids.

Austria: VBAG Not to Receive Further Aids / Picture: © Österreichische Volksbanken-AG (ÖVAG)

“Whatever pops up will have to be covered by the bank; there is no more room by the public funding,” Finance Minister Michael Spindelegger said in an interview with “WirtschaftsBlatt” (Monday issue). In December, the bank’s management did not exclude requiring further state aids. However, VBAG intended exercising further measures to fill possible capital gaps, a spokesman then…

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