Austrian Banking Sector Making Losses

People ♦ Published: April 29, 2014; 11:48 ♦ (Vindobona)

For the first time in 2013, the Austrian banks made losses in the amount of € 1.035bn.

The Austrian banking sector is seeing a turning point in its history. / Picture: ©

It was the first time in the history that the financial institutues jointly made losses, as announced by deputy governor of the Austrian National Bank (OeNB) Andreas Ittner. The reasons for the losses are ailing bank Hypo Group Alpe Adria and goodwill amortizations with UniCredit’s Bank Austria.

However, the capital ressources of the financial institutes has been developin…