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Substantial Losses at Volksbanken
Politics ♦
Published: May 26, 2012; 11:58 ♦ (Vindobona)
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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…
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