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Austria's Volksbanken won't get more aid for now-finmin
January 13, 2014 / 7:31 AM / in 4 years

Austria's Volksbanken won't get more aid for now-finmin

VIENNA, Jan 13 (Reuters) - Austria’s partly nationalised Volksbanken AG cannot expect to get any more immediate aid from taxpayers, Finance Minister Michael Spindelegger was quoted saying by a newspaper on Monday.

Asked by WirtschaftsBlatt how much public aid the bank may need, Spindelegger said: “I don’t see the problem as urgent. The bank itself will have to bear whatever pops up at the moment because there is no leeway for public subsidies.”

Austria in 2012 had to take a 43 percent stake in Volksbanken, which has so far received 1.35 billion euros ($1.9 billion) in state aid.

One of six Austrian lenders due to come under the direct supervision of the European Central Bank this year, Volksbanken has said it cannot rule out needing more state aid.

But last month it said it may use bonds issued by the regional savings banks that own most of it to help fill any capital gap that emerges.

$1 = 0.7314 euros Reporting by Michael Shields; Editing by David Holmes

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