The Austrian government expects that the European Commission will assess the restructuring plan of the nationalized bank Hypo Alpe Adria in the autumn, said the Austrian Minister of Finance to the local press.
– We have been signaled that Hypo will be among the decisions of the European Commission in the autumn – said Maria Fekter in an interview for the Austrian economic newspaper WirtschaftsBlatt in Monday’s edition.
The Austrian government nationalized Hypo in 2009 after the excessive expansion of the Austrian lender in Southeast Europe, injecting more than two billion euros into it.
The European Commission must approve the mentioned state aid, and Austria has been criticized for the slow implementation of restructuring at Hypo. In the bank, two key figures have resigned in the past two months – the chairman of the supervisory board of Hypo Johannes Ditz and the CEO Gottwald Kranebitter.
