Faymann: Provinces to Participate in Hypo’s Downsizing Costs

People ♦ Published: March 11, 2014; 14:52 ♦ (Vindobona)

Chancellor Werner Faymann announced that the provinces will have to make a financial contribution to the downsizing costs of Hypo Group. He is in favor of using the provincial share of the bank levy.

Bernhard Felderer, President of the Fiscal Council, assumes that the downsizing costs of Hypo Group will come at up to € 9bn. / Picture: © Wikipedia / JJ55 (30 March 2008)

In an interview with Austrian broadcaster ORF, Chancellor Faymann announced that Peter Kaiser, governor of the province of Carinthia, was ready for negotiations about a possible financial participation to the downsizing costs of ailing bank Hypo Group Alpe Adria. “We will take (him) up on the willingness to engage in talks,” Faymann said.

The Austrian Chancellor did not want…