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Nationalization

VBAG to Cut Capital by 70%

The financially stricken Austrian VBAG will cut its equity capital by around 70 and then top it up again with state aid next month as part of a previously announced bailout.

March 28, 2012

Koren to Become VBAG´s New CEO?

Finance Minister Maria Fekter aims to nominate the former Vice-CEO of Bawag as board director of VBAG.

March 24, 2012

New Executives for VBAG

The banking group VBAG, in which the Austrian state is about to take a stake of up to 49 percent, will get new management after losing nearly € 1.4bn ($1.85bn) last year.

March 22, 2012

Hypo Group: Losses of € 165m

Hypo Group Alpe Adria, a nationalized Austrian lender, does not pay a dividend to the state. According to IFRS, Hypo Group could achieve profits of € 69.3m.

March 13, 2012

KA Finanz: Disaster Was Avoidable

The „bad bank“ of the nationalized bank Kommunalkredit considered selling Greek sovereign bonds in spring 2009. Last week, KA Finanz wrote off € 423m.

March 12, 2012

Nowotny: Capital Shortfall at Hypo Group „Substantially Less Than € 10bn”

The governor of the Austrian Central Bank (OeNB) repulses reports stating that the nationalized bank Hypo Group needs capital injections of € 10bn.

March 10, 2012

Hypo Group: Costs Could Increase up to € 10bn

The nationalized Hypo Group Alpe Adria may need massive capital injections by the Austrian state. The bank must downsize radically.

March 10, 2012

KA Finanz Needs € 1.0bn

Due to write-offs of Greek sovereign bonds, the “bad bank” of the nationalized Kommunalkredit has a capital shortfall of € 1.0bn.

March 9, 2012

Cernko Criticizes VBAG Bail-Out

Willibald Cernko, CEO of Bank Austria considers that the Austrian state reacted too late. A partly nationalization could have taken place already one year before.

March 9, 2012

EU ‘Surprised’ Austria Didn’t Warn on VBAG, Almunia Says

The European Commission was “surprised” Austria didn’t warn it about plans to bail out Oesterreichische Volksbanken AG (VBPS), according to Joaquin Almunia, the region’s commissioner responsible for approving state aid.

March 5, 2012

VBAG´s Executive Board Asked to Resign

Parts of the Volksbanken sector, which hold stakes in VBAG, offer resistance to the management board.

March 3, 2012

VBAG to be Acquired by BAWAG?

According to market rumors, the financially stricken VBAG could be taken over by the U.S. investment fund owned Bawag.

March 2, 2012

VBAG´s Rescue Endangers Austerity Targets

In 2012, savings should reach € 576m. However, only write-offs in VBAG cost € 700m. The Austrian government seeks for additional revenues.

February 29, 2012

Banking Industry As „Cash Cow“?

For RZB´s CEO Rothensteiner, the increase in bank tax is “not fair”. The government plans to raise bank taxes by 25%.

February 29, 2012

Public Dispute Over Privatizations

The two government parties disagree to the sale of further publicly held companies. ÖVP pushes for privatizations, for SPÖ the idea is inacceptable.

February 29, 2012

„Banks are the Real Austrian Problem“

The Austrian opposition criticizes the rescue of VBAG by the government massively. Further bank aids are feared.

February 28, 2012

Nationalization of VBAG: Austrian State Holds 49%

After Kommunalkredit and Hypo Group, VBAG becomes the third Austrian bank which is publicly owned.

February 28, 2012

Partial Nationalization of VBAG Planned

The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.

February 27, 2012

Kommunalkredit: More Costly than Hypo Group

The Austrian state had to made expenses of € 4.65bn for the nationalized Kommunalkredit. In total, the bank package´s volume reaches € 11bn.

February 9, 2012

Austrian Enterprises Fear Nationalization in Hungary

Nationalization plans induce fierce criticism against the Hungarian Government. The Austrian waste management industry would be hit hard.

January 2, 2012

No Nationalization of Austrian Banks

The head of the Austrian bank holding company Fimbag, Klaus Liebscher, believes that Austrian major banks do not need further capital provided by the state.

November 2, 2011

Raiffeisen: „Do Not Need State Capital“

Walter Rothensteiner, CEO of the Austrian RZB, intends not to sell shares in order to raise the equity base.

November 1, 2011

Fekter: No Nationalization of VBAG

The Austrian Finance Minister has the right to nationalize the bank if it does not pay a dividend on the state’s € 1bn of participation capital.

September 2, 2011

Hypo Proceedings: New Revelations

Both sensitive data and risk and control instruments were handled negligently.

November 2, 2010

Hypo Group: Serious Allegations Against Kulterer

The former airline “Styrian Spirit" is said to have been financed without collateral, according to expert opinion. Kulterer defends himself and points to guarantee commitments by Jörg Haider.

October 29, 2010

OeNB stresses its commitment to reform

The Austrian National Bank (OeNB) has announced its continuation of current reform policy, in light of stringent austerity measures announcement. Simultaneously, the OeNB said in a press release that its nationalisation has no impact on its independence

July 19, 2010

Hypo Alpe Adria - shareholders' meeting approves capital increase

€600m ($740m) of fresh capital, shareholders' meeting approves capital increase. Bank issued €450m ($555m) in form of participation certificates for the Federal Government, State Carinthia contributes €150m ($185m).

June 21, 2010