Austria's Volksbanken sees losses through 2015

Newswire

VIENNA, Nov 28 (Reuters) - Partially state-owned Austrian lender Volksbanken AG (VBAG) forecast it would make losses in 2014 and 2015 under local accounting rules as it carries out a drastic European Union-mandated restructuring process. "VBAG's current medium-term planning shows that negative single entity results (based on local GAAP) are to be expected until 2015 at least. Therefore interest payments on supplementary capital (upper tier II capital) are unlikely from today's ...

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