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Austrian Audit Court Criticizes Nationalization of Kommunalkredit
Politics ♦
Published: October 15, 2012; 19:28 ♦ (Vindobona)
According to the Austrian Audit Court, the former owner of Kommunalkredit VBAG would have survived without the nationalization.
Austrian Audit Court Criticizes Nationalization of Kommunalkredit / Picture: © Kommunalkredit
The Austrian Audit Court fears that KA Finanz, which is the bad bank of Kommunalkredit, will depend on taxpayers´ funds for years. The bank was sold by VBAG and Belgian Dexia for € 250m in 2008. Four years ago, Kommunalkredit was close to insolvency. The Audit Court criticizes that the acquisition by the Austrian state was not examined thoroughly. The existing documents would be…
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