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Austrian Banking Package: Losses total € 1.9bn

Published: December 13, 2012; 18:57 · (Vindobona)

According to Austria´s Financial State Secretary Andreas Schieder, preliminary losses of the banking package come at € 1.9bn. Further losses are expected.

Austrian Banking Package: Losses total € 1.9bn / Picture: © Flickr / SPÖ Presse und Kommunikation

Schieder explains that the figure does not contain the fourth quarter. Hence, the capital injection for Hypo Group has not been taken into account yet. Hypo Group´s current capital shortfall totals € 2.2bn. Until the end of the year, the Austrian Ministry of Finance will transfer another € 500m. Moreover, Hypo Group issued publicly guaranteed bonds at the beginning of December. At…

This article includes a total of 423 words.

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