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Austrian Banks Forced to Prepare in Case of Bankruptcy

Published: November 7, 2013; 17:52 · (Vindobona)

From 2014 on, the Austrian Banks are required to start planning the emergency scenario in case of a liquidation in order to be able and react more quickly.

Austrian Banks Forced to Prepare in Case of Bankruptcy / Picture: © Flickr

In Austria, the so-called “Bankeninterventions- und –restrukturierungsgesetz“ (BIRG), a law for the intervention and restructuring of banks, which is based on the EU’s “Bank Recovery and Resolution Directive (BRRD), will become effective from January 1, 2014 on.

Compared to the EU’s BRRD, the Austrian BRIG is the lighter version and designed only as prevention from…

This article includes a total of 402 words.

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