Austria's Financial Market Authority stepped in on Sunday to wind down "bad bank" Heta Asset Resolution (set up from Hypo Alpe Adria).
Reuters reports that an audit
of Heta exposed a black hole of up to 7.6
billion euros which the government won't fill.
The finance ministry noted that creditors can be forced to
contribute to the costs of winding down Heta - or "bailed in" -
under new European legislation that Austria adopted this year so
that taxpayers do not have to shoulder the entire burden.