Hypo Tirol Expects Loss of € 110m

Professional ServicesBanks ♦ Published: December 2, 2011; 17:23 ♦ (Vindobona)

The Austrian regional bank’s result will be impacted by major write-downs of non-performing loans in Italy.

Hypo Tirol Expects Loss of € 110m / Picture: © Hypo Tirol

The management of Hypo Tirol expects that the bank will post a loss of approximately € 110m this year, resulting from major write-downs. The value of the bank’s activities in Italy has to be adjusted by € 120m, according to supervisory board chairman Wilfried Stauder.

The bank on Friday announced that it would write down non-performing loans with a volume of up to € 120m.…