Munich – BayernLB is their residual contamination from the botched deal with Hypo Group Alpe Adria (HGAA) going on. For years, the state bank waits in vain for the repayment of 2.4 billion euros by HGAA. Now BayernLB has depreciated receivables precaution. The result is a loss von1,3 billion euros after tax for the past year, shared the house with money.The transactions actually went well at Landesbank. At its core business, the profit before tax has increased by almost 200 million euros to 669 million euros. “We have increased our 2014 earnings before taxes and a strong repayment made of 1.8 billion euros in the Free State of Bavaria,” said BayernLB CEO John-Jörg Riegler. For the current year, he exhibited for the core business of a stagnant earnings prospects.
The BayernLB was after billions in losses in 2008 from bankruptcy and had to be rescued with the help of the Free State of Bavaria. By 2019, the bank five billion euros state aid to the Free State of Bavaria must pay back pressure from the European Commission. Around 2.7 billion euros of which have already been made, according to the bank.
One of the largest construction sites BayernLB are contaminated
The billion loss last year leads the Bank primarily due to the loss-making sale of the Hungarian subsidiary MKB and the debacle of the former Austria-daughter HGAA back. BayernLB has been waiting for years in vain for the repayment of 2.4 billion euros by HGAA.The government in Vienna in early March had decided to settle the bad bank Hypo Alpe Adria called Heta and to stop all debt payments. BayernLB has now taken on its balance sheet provision for a default of Austria. Thus, the risk provisions for 2014 increased by more than a billion euros to almost 1.5 billion euros. With the step BayernLB have the backlog is now largely adjusted bank chief Riegler said on Wednesday in Munich. However, the provision applies only around half of the claims on Austria. Thus, the default remains a risk to the state bank.
This will not relent in dispute with Austria. The handling of the Austrian government with the creditors of the former HGAA was unacceptable and unlawful in every respect, Riegler said. The repayment of the loans Heta will be fought with all legal means.
Of the problems with the HGAA also a number of other banks in Germany are now affected. They charge according to the “Handelsblatt” in the dispute with Austria now for support from the federal government. In a letter to the Ministry of Finance urge the umbrella organization of German banking industry to take action at the European Commission against the behavior of Austria, the newspaper reported.