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VBAG: No Interest Payments on Participation Capital Until 2016
The partly nationalized Austrian bank group VBAG faces further losses. As a result, VBAG will have to perform interest payments not before 2017.
VBAG: No Interest Payments on Participation Capital Until 2016 / Picture: © Österreichische Volksbanken-AG (ÖVAG)
VBAG remains a burden for the Austrian taxpayers. After the financial crisis, the Austrian state nationalized three problem banks. The first one was Kommunalkredit, which had to be sold by VBAG in 2008. In order to shift bad assets to special purpose vehicle, Kommunalkredit established a bad bank “KA Finanz”. For VBAG, the sale of Kommunalkredit was not sufficient,…
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