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Losses for Kommunalkredit Probable
The nationalized Austrian Bank has to build major provisions. Write-offs up to € 500m are possible.
Losses for Kommunalkredit Probable / Picture: © Vindobona.org
The preliminary results of Kommunalkredit in 2011 were about zero. In the first six months, profits before taxes only amounted to € 1.2m. Now, the bank, which is specialized in financing municipalities, has to struggle against major losses again. In 2009, Kommunalkredit had to be nationalized.
Because of the Greek haircut, further write-offs have to take place. The bank´s…
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