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Austrian cenbank sees no threat of Hypo Alpe wind-down
May 14, 2013 / 9:46 AM / 4 years ago

Austrian cenbank sees no threat of Hypo Alpe wind-down

VIENNA, May 14 (Reuters) - Austria is on track to strike a deal with European Competition Commissioner Joaquin Almunia on reorganising Hypo Alpe Adria that can avoid a forced wind-down of the nationalised lender, the Austrian National Bank said on Tuesday.

“I think that the Austrian government is well on the way,” OeNB Director Andreas Ittner told reporters on the sidelines of a news conference on economic data, confirming that a quick Hypo shutdown could cost up to 16 billion euros ($21 billion)in the worst case.

Brussels and Vienna are at loggerheads over the pace of overhauling Hypo, with the Commission keen for its operating assets to be sold by the end of the year but the Austrians fearful rushed sales could hurt state finances ahead of elections due by late September.

$1 = 0.7703 euros Reporting by Angelika Gruber, Writing by Michael Shields, editing by Georgina Prodhan

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