Passengers alight a tram in front of the State Opera in Vienna. Austria has offered to pay Bavaria at least €1.23bn ($1.36bn) to settle court cases relating to Austrian “bad bank” Heta. Reuters/Vienna/MunichAustria offered to pay the German state of Bavaria at least €1.23bn ($1.36bn) to settle a multitude of court cases relating to Austrian “bad bank” Heta, potentially ending years of acrimony between the neighbours. An agreement would also ease uncertainty for Austrian taxpayers who Read more [...]

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VIENNA Austria on Tuesday held out an olive branch to Bavaria, offering to settle a web of cross-border litigation over Austrian "bad bank" Heta, formerly Hypo Alpe Adria, by paying its neighbor at least 1.23 billion euros ($1.36 billion).Below are milestones in the history of Hypo:RISEWith debt guaranteed by its majority owner and Austrian home province Carinthia, Hypo from the 1990s onwards gorges on cheap money and expands aggressively in the Balkans. Carinthia, whose budget is around 2.2 billion Read more [...]

Adequate resolution 07 July 2015 | By Dominic Elliott Austria has offered 1.2 bln euros to Bavaria to compensate for state bank BayernLB’s investment in the remains of Hypo Alpe Adria. Given Heta is a test case for rescuing banks without taxpayer cash, that’s just as well. It implies not all bail-ins need to end in court. To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial. Read more [...]

When you sit down for dinner at Cypress Nook Bavaria Haus Restaurant — a charming little German-American restaurant in Pompano Beach — and spot curry on the menu, it could throw you off-guard. That is, if you aren't familiar with Germany's traditional plebeian dish of sliced pork sausage drenched in a curry-spiced tomato sauce. A longtime fast-food favorite on the streets of Berlin, let it be known that Cypress Nook's Berliner curry wurst platter is indeed as German as a hamburger Read more [...]

MUNICH, July 7 Bavaria hopes to finalize a comprehensive settlement of multiple court cases relating to Austrian "bad bank" Heta by October, Finance Minister Markus Soeder said on Tuesday.He added that even if Bavaria would have won all law suits with respect to Heta, it would unlikely have gotten more than the 1.23 billion euros ($1.35 billion) that Austria is now offering. Bavaria has claims of 2.4 billion euros resulting from the acquisition of the then Hypo Alpe Adria by Bavarian Read more [...]

* Deal could end years of acrimony between neighbours* Offer represents 45 percent of Bavarian claims* Other German banks, insurers among main Heta creditors (Adds details on German creditors, Austrian taxpayers)By Angelika GruberVIENNA, July 7 (Reuters) - Austria offered to pay the German state of Bavaria at least 1.23 billion euros ($1.36 billion) in a comprehensive settlement of multiple court cases relating to Austrian "bad bank" Heta.A deal could end years of acrimony between the neighbours dating Read more [...]

* Deal could end years of acrimony between neighbours* Offer represents 45 percent of Bavarian claims* Other German banks, insurers among main Heta creditors (Adds details on German creditors, Austrian taxpayers)By Angelika GruberVIENNA, July 7 (Reuters) - Austria offered to pay the German state of Bavaria at least 1.23 billion euros ($1.36 billion) in a comprehensive settlement of multiple court cases relating to Austrian "bad bank" Heta.A deal could end years of acrimony between the neighbours dating Read more [...]

Austria is set to pay 1.23 billion euros ($1.36 billion) to the German state of Bavaria as both sides agreed to settle all pending legal disputes over the collapse of Hypo Alpe-Adria-Bank International AG, whose assets are being wound down in bad bank Heta Asset Resolution AG. Under the terms of the deal, Austria will pay the sum to its neighbor as soon as the settlement is approved by parliament, regulators and former Heta parent Bayerische Landesbank, Austrian Finance Minister Hans Joerg Schelling Read more [...]

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