Banking Package: Austria to Lose Billions

People ♦ Published: October 22, 2012; 17:50 ♦ (Vindobona)

Hannes Androsch, member of the publicly owned bank holding company Fimbag, fears that Austria´s losses will be substantial.

Banking Package: Austria to Lose Billions / Picture: © AIC / Österreichischer Wirtschaftsverlag

The banking package will involve heavy losses, Androsch says. Although there was no alternative to the banking package, the management proved inefficient, the industrialist and former Finance Minister argues. Austria´s losses will reach several billions, he says.

By contrast, the Austrian Audit Court criticized the banking package itself. The Austrian Audit Court fears that KA…