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- Around EUR 2.4 billion outstanding loans to BayernLB had reclaimed in court of their former banking subsidiary Hypo Alpe Adria.
- Approximately half will now flow back:. 1.23 billion euros
- The Landesbank pays again vigorously on it, but can now clean up any large contaminated sites
- Austria hopes. the other creditors of Hypo Alpe Adria agree to a haircut.
Bavarian and Austrian politicians, who speak peace to each other, it has not been seen for some time. “When money stops the friendship”; these frosty words greeted months ago the Vienna Foreign Minister Sebastian short when visiting the Free State of Bavaria Finance Markus Söder. The ibzwschen nationalized Carinthian scandal bank Hypo Alpe Adria refused then still vehemently to repay its former parent company BayernLB old loans amounting to around EUR 2.4 billion.
“The time is ripe for a settlement”
Now the dispute is apparently over. Bavaria and Austria have quietly, quietly negotiated a settlement, with which both sides can live well apparently. “The time is ripe for a settlement”, said Söder now on Monday.
The Landesbank in Munich to get back 1.23 billion euros. This is not just a success, but better than nothing. BayernLB had indeed obtained in May before the Landgericht München I in the first instance judgment, according to which the Hypo Alpe Adria have to repay anything. The Court rejected the objection of the Austrians, the billions was then no credit, but have an equity replacement BayernLB for the distressed daughter, the one can keep.
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a Hypo Alpe Adria but appealed the Munich Higher Regional Court , Until the outcome of the dispute, it could be a long time, and perhaps would have the funds in Austria, of which BayernLB would employ, were empty at the end. Better an end with horror than a horror without end. Moreover, where BayernLB had lost another process in Vienna against a former shareholder of Hypo Alpe Adria.
criminals scandal Bank of Carinthia
The Landesbank had asserted that it was in 2007 when buying Hypo Alpe Adria has been deceived about their ailing state. In fact, many dubious came gradually, especially by the public prosecutor investigation until criminal actions to light. That helped BayernLB but nothing in court in Vienna. And who knows where, when and how would have ended the credit dispute in Munich. So now a final stroke, are under the total of five billion euros, which have lost the State and his country’s bank in Austria.
dispute over Hypo Alpe Adria Aggressive neighbors
So bad was the relationship between Bavaria and Austria for what felt like an eternity no longer. The neighbors carry a billion-controversy over the legacy of the Landesbank and Hypo Alpe Adria – he threatens to escalate.
Everything owed to the megalomania of the former government of Edmund Stoiber, consisting of white and blue, by law, especially the domestic economy committed Landesbank necessarily a major international financial institution, a bank of world had wanted to do.
The Austrian government had no interest in life processes. The various lawsuits have such “reaches unimaginable sums that already go to court fees in the millions,” said Federal Chancellor Werner Faymann. Much worse: The controversy over the end of 2009 notverstaatlichte by the government in Vienna Hypo Alpe Adria damaged the reputation of Austria now. The Alpine republic is an attempt to avoid having to repay legacy of Hypo Alpe Adria, its reputation as a solvent debtor risk.
Austrian haircut
So now the haircut with Bayern, should be the model for other creditors of the Carinthian bank scandal from the time of the then provincial governor Jörg Haider. The government in Vienna has a repayment rate of 45 percent in BayernLB calculated. The old loans amounting to 2.4 billion euros would now amount to 2.75 billion euros, as a part of this loan was issued in Swiss francs and the price of the franc was recently risen sharply.
ratio of below 50 per cent, so that Austria could with the other creditors of Hypo Alpe Adria probably live well. And with Bayern can finally be friends again. The Austrian Minister of Economy Reinhold Mitterlehner called the planned comparison as “very positive”, not least “in the sense of good neighborly relations”. Austrian politicians are probably going friendly greeting again in Bayern
BayernLB process megalomania is not punishable
In BayernLB process shows again once that the bankers have turned to a big wheel in the run-up to the financial crisis. But megalomania in banking is indeed objectionable, but not punishable.
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