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 […]
Tag: Hypo
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 […]
Hypo Alpe Adria subsidy will be sold
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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 […]
Pröll defends nationalisation of Hypo
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Former vice chancellor and finance minister Josef Pröll (ÖVP) defended the emergency nationalisation of the Carinthian bank Hypo Alpe Adria (2009) in the hearing of the Bavarian Landesbank (BayernLB) against the fund Hypo Alpe Adria Mitarbeiter Privatstiftung (MAPS) at the commercial court of Vienna. BayernLB made sales contracts in regards to Hypo shares with MAPS […]
New probe in Alpe Adria bank scandal
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Prosecutors in Carinthia have confirmed a new investigation around the Hypo Group Alpe Adria (HGAA) bank against 12 people. None of those under investigation were named. BZÖ-Deputy party leader Stefan Petzner had already indicated that there were new investigations around the end of October and now this has been confirmed by prosecutors. Spokeswoman Gabriele Lutschounig […]
The US website Daily FX Market News and Analysis reported today that Austria may well be the next victim of the Euro zone debt crisis. This has to do with Eastern and Central European countries having taken a good part of their debt in Swiss Francs to take advantage of Switzerland’s low interest rates. Daily […]
BA ‘scraps HGAA takeover endeavour’
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Bank Austria (BA) has decided to abstain from taking over struggling rival Hypo Group Alpe Adria (HGAA), according to a report.The Kurier newspaper writes today (Fri) that BA decided not to acquire HGAAs Austrian department. Only in March, the BA CEO Willibald Cernko said it would be “highly ignorant” to rule out an investment due […]
Journalist representatives are outraged over an investigation by German prosecutors into Austrian reporters for citing from interrogation records.Munich juridical authorities decided to question profil writers Ulla Schmid and Michael Nikbakhsh Kurt Kuch from weekly magazine News after they revealed statements made by former Hypo Group Alpe Adria (HGAA) decision-makers.German state prosecutors controversially regard the Austrian […]
Kulterer remains in custody
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Former Hypo Group Alpe Adria (HGAA) boss Wolfgang Kulterer has had his custody extended.Klagenfurt prosecutors announced today (Mon) they decided to extend the bankers detention over fears he might flee and try to cover up potential crimes previously carried out by him in connection with the near collapse of HGAA.Kulturer was arrested on 13 August. […]
Police in Austria and Serbia revealed plans to join forces in investigating alleged money-laundering activities by Serbian crooks and former Hypo Group Alpe Adria (HGAA) officials.Austrian media claimed last week ex-HGAA decision-makers cooperated with an infamous Serbian drug lord for years.Reports had it that “Balkan cocaine king” Darko Saric laundered around 100 million Euros between […]