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Government enters talks with banks

Hypo could receive 1bn Euros in state aid this year

Ailing Austrian bank Hypo Alpe Adria could receive 1 billion Euros from the government in 2014, Finance Minister and leader of the Austrian People's Party Michael Spindelegger has confirmed.

The news contradicts expectations that the bank would receive between 400 and 900 million Euros as part of a plan agreed to by the EU to give Hypo up to 5.4 billion in state aid over four years.

The bank has already received 1.75 billion Euros of this last year. With the 1 billion scheduled for 2014, the government is now left with 3.65 billion Euros that they can give the bank in aid.

Whether Hypo receives the full amount set aside for them this year depends on the level of support the government is hoping to they'll get from the healthy Austrian banks in dealing with the 13 billion Euros of bad assets held by Hypo.

The government is currently in talks with banks such as Erste Bank, Bank Austria and Raiffeisen Bank to see if they can absorb some of Hypo's toxic assets although it is not a popular plan as banks already feel under strain from a recent hike in a national bank levy.

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