€ 230m Capital Increase at Hypo Tirol

People ♦ Published: December 12, 2011; 18:12 ♦ (Vindobona)

The province of Tyrol, the owner of Hypo Tirol, decided to strengthen the bank´s capital base. From where the funds will be provided, is not clear yet.

€ 230m Capital Increase at Hypo Tirol / Picture: © Hypo Tirol

Today, Hypo Tirol Group had an extraordinary supervisory board meeting. The province of Tyrol resolved that the bank´s capital should be increases, after huge losses were recorded in the last quarter. Two weeks ago, the bank had to report losses of € 110m, which are due to write-offs in Italy. The reason for the result is non-performing loans amounting to € 120m.

The funds…