Substantial Losses at Volksbanken

Politics ♦ Published: May 26, 2012; 11:58 ♦ (Vindobona)

The main shareholders of Austrian VBAG had to write down € 333m last year.

Substantial Losses at Volksbanken / Picture: © Österreichische Volksbanken-AG (ÖVAG)

Last year, the Austrian Volksbanken had to write off their stake in VBAG almost to zero. As a result, the results are highly negative. Already in 2009, Austrian Volksbanken had to write down a substantial part of their interests in VBAG. The pre-tax result amounted to minus € 95.4m.

The Austrian Volksbanken consists of 62 independent regional banks. The regional banks are the…