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Vienna Insurance faces 50 mln euro Hypo bond hit
June 11, 2014 / 10:42 AM / 3 years ago

Vienna Insurance faces 50 mln euro Hypo bond hit

VIENNA, June 11 (Reuters) - Vienna Insurance has around 100 million euros ($136 million) worth of Hypo Alpe Adria bonds guaranteed by the province of Carinthia, half of which are the subordinated debt that the government plans to annul, a spokeswoman said.

Fellow Austrian insurer Uniqa said it had around 34 million euros in such Hypo debt. Both were confirming a report in Die Presse newspaper.

Uniqa said it was considering legal action.

Austria aims to wipe out 890 million euros of subordinated Hypo Alpe Adria debt guaranteed by the bank’s home province to ensure that investors - not just taxpayers - share wind-down costs for the lender, government officials said on Wednesday.

$1 = 0.7345 Euros Reporting by Michael Shields and Angelika Gruber

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