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FMA Pushes for Bank Insolvency Law

Published: August 7, 2012; 15:10 · (Vindobona)

The Austrian Financial Market Authority increases pressure on the government. Director Helmut Ettl says the Austria needs an insolvency law for banks as soon as possible.

FMA Pushes for Bank Insolvency Law / Picture: © FMA Österreichische Finanzmarktaufsicht

Ettl underlines that a bank insolvency may damage the financial market and the business location, cost many jobs and cost a lot of money. But there would be an alternative for saving taxpayer´s funds, Ettl says. „A bank should not rely on taxpayers anymore.“

For FMA, Austria urgently needs an insolvency law for domestic banks. Expensive bail-outs like for VBAG in March,…

This article includes a total of 436 words.

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