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Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules

Following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior creditors as it slashed the value of debt owed by Heta Asset Resolution AG.

Source: Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules


Categorised as: interesting

Posted by: Kramer

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