01. 07. 10. - 12:00

Ailing SRS receives state aid

Vienna’s world famous Spanish Riding School (SRS) is to receive state aid over fears it is galloping towards bankruptcy.

The top tourist attraction has suffered undisclosed losses since its privatisation in 2001 and is not expected to be back in the black before 2013.

Now People’s Party (ÖVP) Environmental Minister Nikolaus Berlakovich has announced he will inject the SRS with 800,000 Euros.

"This is a unique measure," the minister stressed today (Thurs).

Berlakovich claimed it was the right decision to privatise the institution. He said: "It always takes some time until a company is profitable."

SRS bosses declined to comment on the subsidy decision, while the minister explained a recently cancelled USA tour was the main reason for the institution’s troubles.

Berlakovich further said better times were ahead for the SRS as it will tour France, Belgium and Great Britain next year.

SRS head Elisabeth Gürtler came under fire recently for suspending two of the school’s four chief equestrians on full wages last year and refusing to reveal how much they earned.

Greens MP Wolfgang Zinggl said: "This is not acceptable. Taxpayers have a right to know what happens with their money."