„Shotdown of Hypo Group Would Cost € 6.0bn“

People ♦ Published: June 15, 2012; 13:54 ♦ (Vindobona)

The management of the nationalized Austrian Hypo Group Alpe Adria asserts that the shutdown would be more expensive than the continuation of the business.

„Shotdown of Hypo Group Would Cost € 6.0bn“ / Picture: © KPMG - Pressefoto Gottwald Kranebitter

According to CEO Gottwald Kranebitter, closing the bank now would cost about € 6.0bn. Above all, this would affect the taxpayers and the creditor and former owner BayernLB. For comparison, the shutdown of KA Finanz would cause costs of € 3.0bn. KA Finanz is the bad bank of Kommunalkredit, which was nationlized in 2008.

In 2009, the Austrian state took over the financially…