BayernLB will have to wait years to repay billions in loans from Hypo Alpe Adria. Source: dpa
HB MUNICH . Bayerische Landesbank has after the debacle with the Austrian Hypo Alpe Adria ( HGAA) waiting for years for the repayment of billions in credit debt from the bank. The repayment schedule for the sum of 3.9 billion euros was a period agreed of several years, , it said on Saturday in financial circles . BayernLB had given the bank last year forced after a financial fiasco to Austria.
However, they had to negotiate with Austria 3.9 billion euros of liquidity in the bank since the HGAA collapse would be gone if that BayernLB would have deducted the money.
This money is expected to return BayernLB from the Austrian bank . "We expect a full reimbursement of liquidity , "a BayernLB spokesman said on Saturday in Munich.
According to the " Sueddeutsche Zeitung " provides the secret repayment plan that stands for more than two billion euros in 2013 and the remainder no later than 2016th
Only then would know Bavarian government and the State Bank, that also had to cope 3.7 with the in Carinthia already lost billion euros more failures. A claim for previous payments made up only if the Republic of Austria sold the Carinthian bank before.
The bad buy HGAA had BayernLB last year brewed a billion loss. To prepare for the future , BayernLB is considering a merger with WestLB .
The former Carinthian State Bank was acquired in 2007 by BayernLB and turned out for this as a billion grave . The exact circumstances of the purchase of HGAA by BayernLB employ several prosecutors and a committee of the Bavarian state parliament. It is also about the role of the former CEO Werner Schmidt, to the determine prosecutors in Munich on suspicion of embezzlement and bribery. The investigators examined whether was in the deal with its line paid deliberately too high a price for the HGAA.
It is questionable, according to a report by the magazine " Spiegel " that Schmidt benefited probably personally from the transaction. The top manager and his colleagues had submitted in advance of the deal in 2006 bid for the Austrian Trade Union Institute Bawag they favored allegedly . According to information from the magazine could ‘s interest have been , but fooled only to distract from the true plan of HGAA acquisition. Schmidt is alleged to have offered a competing bid for the Bawag 50 million € , not to come into play. He had his "Plan B " to purchase the HGAA can be addressed.
BayernLB is still in the sights of Brussels competition watchdogs . Bayern had to rescue the bank with ten billion euros before the collapse , in addition , the Bank must take safeguards and screens to complete. In the case of a merger with WestLB seems at least uncertain whether the tax payers get the money anywhere.
The EU ‘s competition authorities are now investigating whether the BayernLB is viable . The audit is ongoing. Here, too, could follow hard conditions. BayernLB did the details not comment on as well.
The same applies to the possible merger partners, WestLB. As part of the ongoing investigation of the bad bank , had to outsource the state bank with government support risk – papers could face on the WestLB cost , several said with the process people familiar told Reuters . to another trusted to person According make the EU Commission pressure on the Federal Government. The Brussels competition watchdogs have stressed in a letter to Financial Secretary Jörg Asmussen, the need for restructuring in both the BayernLB and as well as WestLB , the person told on Saturday Reuters . About the letter also told the magazine " Spiegel ".
Potentially at WestLB OF HIS payments or conditions could be more sensitive to high. A spokeswoman for the North Rhine-Westphalia Ministry of Finance did not the details want to comment on . A WestLB spokesman said the European Commission had extended the ongoing assessment of the case in June on the grounds that go it to a complex transaction that testing more time requires . " This to us is not currently available , "he said further.