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Article: AUSTRIA: FEDERAL GOVERNMENT, LARGE BANKS AND TWO INSURANCE COMPANIES ADOPT AN EMERGENCY PLAN TO SUPPORT TRADE UNION BANK BAWAG

Article from:
US Fed News Service, Including US State News
Article date:
May 2, 2006
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The office of the Chancellary of Austria issued the following news release:

The federal government, large banks and two insurance companies adopted an emergency plan to support the trade union bank BAWAG, which almost crashed in the aftermath of a speculation debacle in the Caribbean and the bankruptcy of Refco. After a crisis summit in the Federal Chancellery of several hours ending shortly before midnight on 1 May 2006, a federal government guarantee of a maximum of 900 million euro was adopted, which will be valid until 1 July 2007. Moreover, large banks and insurers will make available fresh money amounting to 450 million euro. Hence, the deposits in Austria's fourth largest bank were ...

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