Austrian Bank Failure Measures Cost Over 10 Billion Euros
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Austria spent more than 10 billion euros ($11 billion) on rescuing and winding down banks that were failing after the financial crisis, a new study by the Austrian central bank and the Fiscal Council shows. Hypo Alpe-Adria-Bank International AG was by far the biggest culprit after its ill-fated expansion in the former Yugoslavia. Interest payments by Erste Group Bank AG, Raiffeisen Bank International AG and Bawag Group AG for temporary capital support lowered the net costs.