Bloomberg News

Austria Will Give Bank Bond State Guarantees To Secure Funding

October 27, 2011

Oct. 27 (Bloomberg) -- Austria will revive a crisis program under which the state guarantees bank bonds to secure Austrian lenders’ liquidity, the country’s central bank and the financial watchdog FMA said in a joint statement.

FMA and the central bank also confirmed a statement by the European Banking Authority saying that Austrian banks need additional capital of 2.9 billion euros ($4.1 billion), a “significant part” of which is needed by Oesterreichische Volksbanken AG.

To contact the reporter on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net

To contact the editor responsible for this story: Jonathan Tirone at jtirone@bloomberg.net


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