Banking Package: Costs up to € 4.8bn

Politics ♦ Published: September 26, 2012; 18:35 ♦ (Vindobona)

The Austrian Audit Court expects that the banking package will be much more expensive than it was said before. Moreover, the Audit Court criticizes the government massively. The control mechanism would be too weak.

Banking Package: Costs up to € 4.8bn / Picture: ©

In the end, the Austrian state budget may be burdened with € 4.77bn, the Audit Court says. In the unrealistic best case scenario, there could be a profit of € 1.68bn. But there is no indication that the banking package may become profitable. At the end of 2011, losses reached € 680m.

“Due to the persisting difficult frame requirements, the banking package may cause a…