Fekter: No Nationalization of VBAG

PoliticsDomestic ♦ Published: September 2, 2011; 22:16 ♦ (Vindobona)

The Austrian Finance Minister has the right to nationalize the bank if it does not pay a dividend on the state’s € 1bn of participation capital.

Fekter: No Nationalization of VBAG / Picture: © Österreichische Volksbanken-AG (ÖVAG)

Finance Minister Maria Fekter (ÖVP) is not planning to nationalize Österreichische Volksbanken AG (VBAG). She wants to give the bank more time for implementing the necessary restructuring measures, Fekter announced on Friday.

“It is correct that I have the right to nationalize VBAG if the bank does not pay dividends on the state’s participation capital. However, I do not…