No danger to banks from the collapse of the Benko group
The collapse of the Benko group does not pose a systemic risk to the Austrian banking system, the Austrian Financial Market Authority (FMA) said on Friday. The FMA has been monitoring the situation closely and has been in contact with the banks involved. The FMA said that the banks have sufficient capital and liquidity to withstand any potential losses from the Benko group’s collapse.
The Benko group is a real estate and retail conglomerate owned by Austrian billionaire Rene Benko. The group has been struggling with financial problems for several years and has been selling off assets to reduce its debt. In recent weeks, the group has been hit by a series of downgrades from credit rating agencies, which has made it more difficult for the group to raise new financing.
On Thursday, the group announced that it was filing for insolvency. The insolvency filing covers the group’s Austrian and German subsidiaries, which account for the majority of the group’s business. The group’s Swiss and US subsidiaries are not affected by the insolvency filing.
The collapse of the Benko group is a major blow to the Austrian economy. The group is one of the country’s largest employers and its collapse will have a significant impact on the country’s real estate market. However, the FMA said that the collapse does not pose a systemic risk to the Austrian banking system. The banks have sufficient capital and liquidity to withstand any potential losses from the Benko group’s collapse.
The FMA said that it will continue to monitor the situation closely and will take any necessary action to protect the stability of the Austrian financial system.
Keine Gefahr für Banken durch Zusammenbruch der Benko-Gruppe
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Kurzmeldungen (hib) a new article on 2025-01-07 12:32 titled “Keine Gefahr für Banken durch Zusammenbruch der Benko-Gruppe”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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