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VBAG Expects Substantial Losses in 2012
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This year, the partially nationalized Austrian bank will record losses reaching a two-digit million amount.
VBAG Expects Substantial Losses in 2012 / Picture: © Wikipedia / MrPanyGoff
Due to the unfavorable situation, the banking group will not pay interests on the participation capital provided by the Austrian state. “Due to the expected difficult frame conditions and the discounts for the downsizing portfolio, we do not expect interest payments on the participation capital.” Thus, VBAG will not become profitable in the medium term.
In March, the Austrian…
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