Raiffeisen Against Bank Insolvency Act

Politics ♦ Published: May 9, 2012; 19:34 ♦ (Vindobona)

The Austrian government announced to introduce a bank insolvency act in summer. Raiffeisen wants a European solution.

Raiffeisen Against Bank Insolvency Act / Picture: © Vindobona.org

After the bail-out of VBAG in March, the Austrian government announced to create a bank insolvency act. The Austrian state had to inject € 1.05bn in the financially stricken VBAG and € 998m in KA Finanz this year.

The State Secretary of Finance Andreas Schieder (SPÖ) explained that the government does not want to wait for a EU-wide solution. The solo attempt was agreed with…