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Hypo Group: Disastrous Losses Revealed
Huge write-offs and value adjustments have sent losses of nationalized problem Hypo Group Alpe Adria soaring. Losses running into the billions are expected.
The vulture of bankruptcy is still circling over Hypo Group. / Picture: © Vindobona.org
According to preliminary data, net losses of around € 1.9bn are expected in the business year 2013. The single company accounts show losses of around € 2.7bn, which was published by the bank in an ad-hoc announcement. The final figures will be published after the supervisory board meeting on April 16.
By the decision of the general meeting on Wednesday, about the Austrian…
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