OeNB: “Nationalizations Are Clean Up”

Politics ♦ Published: April 17, 2012; 14:28 ♦ (Vindobona)

Austria’s central bank (OeNB) said that the nationalization of three of the nation’s lenders helped clean up the structure of the domestic banking industry.

OeNB: “Nationalizations Are Clean Up” / Picture: © OeNB

“The nationalization is a regulatory cleanup of the structure,” Andreas Ittner, the central bank’s director responsible for bank supervision, told reporters in Vienna today.

Austria agreed to partially nationalize Oesterreichische Volksbanken AG (VBAG) in February, after taking over Volksbanken’s Kommunalkredit unit in 2008 and Hypo Group Alpe Adria in 2009.