Government´s Plans on Bank Insolvency Law Failed
The Austrian government initially planned to initiate a bank insolvency law in order to liquidate financially stricken banks without major difficulties. Now, the plan has failed.
After the nationalization of the big Austrian banks VBAG, the government parties SPÖ and ÖVP agreed on initiating a bank insolvency act until summer. The spokesman Günter Stummvoll at ÖVP said that the timeline will not be kept.
For SPÖ, the coalition partner ÖVP is responsible for the failed plan. The Financial State Secretary Andreas Schieder asserted that there was a…