Kommunalkredit: Losses Reach € 150m

Businessn.a. ♦ Published: April 30, 2012; 20:05 ♦ (Vindobona)

The nationalized Austrian lender had to write down Greek sovereign bonds. Write-offs totaled € 176m.

Kommunalkredit: Losses Reach € 150m / Picture: © Kommunalkredit

Like its own “bad bank” KA Finanz, Kommunalkredit also experienced losses in 2011. The banking group, which was nationalized in 2008 as first Austrian bank, had to write off Greek sovereign bonds.

In 2011, write-downs of Greek assets totaled € 176.3m (according to IFRS standards). Total losses reached 148.8m (IFRS) and € 119.5m (according to the Austrian commercial…

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