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High Losses at Hypo Tirol
The Austrian regional bank suffered high write-offs due to Italian non-performing loans. Pre-tax losses totaled € 107m.
High Losses at Hypo Tirol / Picture: © Hypo Tirol
“The additional write-offs of the Italian subsidiary of Hypo Tirol is a major burden for the bank.” the management commented. In 2011, Hypo Tirol wrote down loans of € 125m: besides the write-offs of € 114m, another € 11m came along. After pre-tax profits of € 2.1m in 2010, the bank had to register losses of € 107m last year. The balance sheets has already been approved by…
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