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Banking Industry

Second Haircut Case Sent to Constitutional Court

After the Constitutional Court (VfGH) in Austria ruled the Hypo haircut law from 2014, and subsequently the haircut of liabilities of the ailing bank, void, a second haircut decision has been sent to the court for revision. A claim of German insurance firm Lucura led the commercial court to appeal against the Bank liquidation law (BaSAG) in Austria, Standard wrote on Wednesday evening.

Yesterday

RBI Securitises EUR 705 Million Loan Portfolio

Listed bank RBI securitised a loan portfolio with a value of EUR 705 million (USD 780.2 million) raising its Tier 1 (CET1) equity ratio by 0.04 percentage points, the bank said.

July 29, 2015

Hypo Act Ruled Unconstitutional: Heta's H1 Loss at EUR 800 Mln Plus Interest

Heta, state-run bad bank of defunct lender Hypo Alpe Adria, will suffer around EUR 900 million (USD 996 million) loss in H1 2015, Heta said in a statement after the constitutional court VfGH ruled the Hypo act of 2014 unconstitutional.

July 28, 2015

Erste Group Sets Up JV in CEE with Global Payments

Listed bank Erste Group plans to sell 51 percent of its payments business in the Czech Republic, Romania and Slovakia to US payments services firm Global Payments for EUR 29.94 million (USD 33.2 million) and then set up a joint venture with the US partner, Erste said.

July 28, 2015

Unsuccessful Kommunalkredit Bidders File Complaint Against Tender

Unsuccessful bidders for the sale of state-owned Kommunalkredit Austria bank have filed a complaint with the commercial court in Vienna, after German investment banker Patrick Bettscheider won the tender.

July 23, 2015

RBI Holds Sale of Polish Unit Polbank

Listed bank RBI has reportedly put the sale of its Polish unit Polbank on hold, insiders told the news agency Reuters. "Negotiations have been stopped,” the sources said. The suspension is linked to CHF mortgage portfolio of Polbank which makes the sale a complex issue, insiders said.

July 22, 2015

Consumer Loans: Two Courts Rule Bank Fees as Inadmissible

Bank loan fee of 0.5 - 3.0 percent of the loan value is inadmissible, two regional courts in Innsbruck and St. Pölten ruled on a complaint filed by consumer protection association VKI, the daily Kurier writes in its online edition.

July 22, 2015

Fate of Bosnian Airline Depends on Heta

In Bosnia and Herzegovina the fate of the state-owned airline company depends directly on the Austrian Hypo bad bank Heta. The state-owned airline is facing bankruptcy and has to count on the goodwill of its creditors. According to "WirtschaftsBlatt" the Bosnian airline has recommended a debt haircut to the Hypo wind-down company Heta. If Heta approves an 80-percent debt cut, the Bosnian national airline could survive.

July 21, 2015

Erste Group Hungarian Subsidiary's Sale Delayed

Listed bank Erste Group will not complete the sale of 15 percent stakes in its Hungarian unit to Hungarian state and the EBRD before autumn. The bank "is confident that an agreement will be reached in H2,” the bank's spokesman told APA.

July 20, 2015

RLB NO-Wien Faces EUR 24 Mln Suit from Salzburg Region

Raiffeisenlandesbank NiederösterreichWien is facing a EUR 24.4 million (USD 26.5 million) suit from the Salzburg region over the Salzburg financial scandal. The region filed the suit at the Vienna court of commerce, according to the region's financial representative Christian Stockl.

July 20, 2015