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Kommunalkredit to be Liquidated
Politics ♦
Published: July 20, 2013; 18:16 ♦ (Vindobona)
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The EU Commission has approved the plans submitted by the Austrian government. The nationalized bank will need further state aids.
Kommunalkredit to be Liquidated / Picture: © Kommunalkredit
Already in November 2008, Kommunalkredit, a lender for municipalities, was sold by VBAG. Kommunalkredit was the first nationalized bank in Austria´s younger history. As the bank has made huge losses with credit default swaps, Kommunalkredit could not have survived. Later, Kommunalkredit was split into a good bank and a bad bank (“KA Finanz”). Last year, the Austrian Audit Court…
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