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BayernLB: “We Were Brazenly Betrayed by Austria"

People ♦ Published: March 18, 2014; 15:17 ♦ (Vindobona)

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CEO of BayernLB Gerd Häusler claims the German bank and former parent company of nationalized Hypo Group Alpe Adria accuses Austria of having taken the law into its own hands.

Austria does not intend to pay back a loan worth € 2.3bn granted to former affiliate Hypo Group. / Picture: © BayernLB

With regard to the € 2.3bn BayernLB had to invest in Hypo Group outgoing CEO of the German bank Häusler accuses Austria of having taken the law into its own hands. With the taking over of Hypo Group BayernLB was “brazenly betrayed” Häusler told “Passauer Neue Presse” (Tuesday issue).

The amount of € 3.2bn derives from a loan given by its former parent company out of…