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Hypo creditors should contribute to winddown costs-finmim
February 20, 2014 / 4:26 PM / 4 years ago

Hypo creditors should contribute to winddown costs-finmim

VIENNA, Feb 20 (Reuters) - Creditors of Hypo Alpe Adria should contribute to the costs of winding down the nationalised Austrian lender, the finance ministry said on Thursday, listing insolvency or voluntary debt haircuts as possible options.

A ministry spokesman said Austria had commissioned outside experts to review the situation, adding: “The political goal is that not just taxpayers bear all the costs, but that others such as creditors or the province of Carinthia do their part.”

The Austrian government at this stage favours creating a “bad bank” to absorb toxic assets from Hypo, which it had to take over from BayernLB in 2009, but has refused to rule out letting the bank go bust, a step vehemently opposed by the central bank and FMA market watchdog. (Reporting by Angelika Gruber; Writing by Michael Shields; Editing by Georgina Prodhan)

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