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Hypo Group has an extensive presence in southeastern Europe, including a branch in Bulgaria. File photo
Тhe Austrian government has nationalized real estate financier Hypo Group Alpe Adria (HGAA), the country's sixth largest bank, to save it from bankruptcy, Finance Minister Josef Proell said Monday.
German bank BayernLB said it will sell its 67.08% stake in Hypo Group to Austria for the symbolic sum of EUR 1.
The German bank also said it was helping to secure the liquidity of Hypo Group and that it would waive EUR 825 Meuros in claims from Hypo Alpe Adria.
Hypo Group has an extensive presence in southeastern Europe. It has branches in Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Germany, Hungary, Italy, Macedonia, Montenegro, Serbia, Slovenia and Ukraine, according to its Web site.
Acting Energy Minister Traycho Traykov said Bulgaria should not tap into its 90-day fuel reserves to ease prices, stressing that they must remain a safeguard in case of an actual supply disruption
Bulgaria has secured a six-month extension of the Lukoil waiver, following a decision by the US Treasury Department’s Office of Foreign Assets Control (OFAC)
The Bulgarian National Bank (BNB) has decided to increase the countercyclical capital buffer to 2.25%, in a move aimed at easing pressure on the rapidly growing housing credit market and strengthening the resilience of the banking system.
Energy expert Boyan Rashev has warned that Europe could be moving toward what he described as an “energy lockdown” scenario if fuel supply pressures continue to worsen
Fuel prices in Bulgaria have continued to edge upward, with diesel and gasoline both registering increases in the days following the Easter holiday
Bulgaria’s tourism sector has never been stronger and has been achieving steady growth for the past few years.
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