Austrian Finance Minister Michael Spindelegger stuck to his line of having “no taboos” about how to wind down Hypo Alpe-Adria-Bank International AG after a task force he installed advised against insolvency yesterday.
Austria should set up a so-called bad bank to manage the assets of Hypo Alpe-Adria-Bank International AG rather than pursue a riskier strategy of shuttering the nationalized lender, Austrian Central Bank Governor Ewald Nowotny said.
Wolfgang Kulterer, a former chief of Hypo Alpe-Adria-Bank International AG, was sentenced to one more year in an Austrian jail, the third prison sentence he received for his role in the bank’s near-failure.
Formula One Chief Executive Officer Bernie Ecclestone’s legal problems mounted as a U.K. judge said he made a “corrupt” payment to facilitate the sale of the racing series and called him neither “reliable or truthful.”
Deutsche Bank AG will pay about 925 million euros ($1.27 billion) to settle a 12-year-old dispute with the heirs of Leo Kirch over the collapse of his media group, according to two people familiar with the matter.
Klaus Liebscher quit as chairman of the nationalized Austrian lender Hypo Alpe-Adria-Bank International AG after the government hired a former Morgan Stanley banker to advise on imposing losses on some bondholders.
Austrian Chancellor Werner Faymann said the government is right to avert the collapse of Hypo Alpe- Adria-Bank International AG, as he cited the precedent of Creditanstalt, whose crash helped trigger the 1930s depression.