Bloomberg News

Austrian Banks Need 2.9 Billion Euros in Fresh Capital, EBA Says

October 27, 2011

Oct. 27 (Bloomberg) -- Austrian banks need 2.9 billion euros ($4.1 billion) in additional capital under tougher rules being introduced in response to the euro area’s sovereign debt crisis, according to the European Banking Authority.

While the amount is the aggregate for Erste Group Bank AG, Raiffeisen Bank International AG and Oesterreichische Volksbanken AG, a “substantial part of this amount is attributable to Volksbank,” EBA said in a statement.

This “should be considered as pro-forma” because the group “is currently under deep restructuring and evaluation of its business model,” EBA said. It didn’t elaborate.

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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