Picker: Hypo to Cost Taxpayers “Only” up to € 4bn

People ♦ Published: February 19, 2014; 11:54 ♦ (Vindobona)

According to CEO of Hypo Group Alpe Adria Picker, the ailing bank will burden taxpayers with “only“ € 4bn at the most. Head of IHS, Keuschnigg, warns the Austrian policy-makers of forwarding costs to bondholders.

Picker: Hypo to Cost Taxpayers “Only” up to € 4bn / Picture: © LinkedIn

At the moment the Austrian problem bank has € 13.5 bn in credits in its balance sheets of which € 5bn in credits does not show any major problems and € 8.5bn consists of bad loans. The total credit exposure comes at € 10bn of which half of the amount is made of non-performing receivables, according to the bank. However, several billion Euros in tax money have already been spent…