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Government´s Plans on Bank Insolvency Law Failed

Published: June 22, 2012; 08:40 · (Vindobona)

The Austrian government initially planned to initiate a bank insolvency law in order to liquidate financially stricken banks without major difficulties. Now, the plan has failed.

Government´s Plans on Bank Insolvency Law Failed / Picture: © Flickr

After the nationalization of the big Austrian banks VBAG, the government parties SPÖ and ÖVP agreed on initiating a bank insolvency act until summer. The spokesman Günter Stummvoll at ÖVP said that the timeline will not be kept.

For SPÖ, the coalition partner ÖVP is responsible for the failed plan. The Financial State Secretary Andreas Schieder asserted that there was a…

This article includes a total of 220 words.

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