Austrian government faces creditor resistance in first test of BRRD
Carinthia (Credit: iStock.com/pic4you)
Austria’s Financial Market Authority (FMA) has announced plans to impose a 54 per cent haircut on creditors of the Austrian "bad bank" Heta Asset Resolution, in what is the first restructure under the EU’s Banking Recovery and Resolution Directive (BRRD) – but Heta’s creditors have declared their intention to resist the proposal.
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