Linz prosecutors have dropped an investigation against BAWAG PSK after finding no evidence of wrongdoing. The announcement was made on Wednesday when prosecutors in the city said that they could not find proof that staff at the bank had tricked the municipal government into a 2007 swap deal. However a civil case is still being […]
Baumax founder Karlheinz Essl who hit the headlines earlier this year after he offered to sell his large art collection to Austria to help raise capital for his business, has stepped down as the chair of the company’s Supervisory Board. He has replaced himself with his son Martin Essl, who has been CEO of the […]
Austria’s coalition government is under fire over its management of a banking crisis in which it agreed to nationalise the Hypo Alpe Adria bank in a move that has saddled the country with an estimated 18 billion euros in debt. The Carinthian Hypo Alpe Adria was a bank that had expanded too quickly with heavy […]
Austria will receive 350 million EUR owed by bank BAWAG PSK today, in the final repayment of the state aid provided to the lender during the financial crisis. The repayment comes after further capital was provided to BAWAG PSK by shareholders in March. Rumours that owners including investor Cerberus Capital Management are looking to sell […]
A leading Austrian economist has caused controversy by questioning the government’s stance about how to deal with ailing bank Hypo Alpe Adria. Professor Karl Aiginger, who heads up think tank WIFO and is Professor of Economics at the Vienna University of Economics and Business Administration, said the government were too quick to completely reject the […]
The Austrian central bank has downplayed concerns over whether the real estate bubble in Vienna and the rest of the country could shake financial stability. However the central bank said on Monday it will be monitoring the situation by creating a new fundamental price indicator. Residential real estate in Austria increased 39% between 2007 and […]
An Austrian MP has filed a series of Parliamentary questions to make public allegations that senior banking officials and others in the Alpine Republic had actively worked with Bernie Madoff to create his global Pyramid scheme. The Parliamentary questions from Freedom Party MP Hans-Joerg Jenewein were filed to make public the claims in a new […]
Austria’s national bank governor (OeNB) Ewald Nowotny has come out in favour of a “Bad Bank” model to solve the problems of the Hypo Alpe Adria (HGAA) bank. The bank in Carinthia was at the centre of a scandal after it was revealed that it had been involved in a number of questionable activities including […]
Over 1,000 runners in fancy dress took part in the second edition of the Schönbrunn Zoo run in Vienna on Tuesday. The six-kilometre route led by a man dressed as a polar bear took the 1,500 competitors around the animal enclosures. Zoo director Dagmar Schratter said: “Everyone was enthusiastic about the run between elephants, zebras […]
The final negotiations about the sale of the Austrian subsidy of the bank group Hypo Alpe Adria are currently underway. The Indian “Srei Group” with headquarters in Calcutta allegedly has good chances. The Srei Group is a listed company and one of the leading private financial institutes in the infrastructure sector of India. However, the […]