Erste Group, one of Austria’s top three banks, yesterday became the first to use a €100bn government recapitalisation scheme, taking €2.7bn. The move reassured investors, who have sold Erste shares heavily on concerns over general financial sector worries and emerging markets. The support will come via non-voting securities, redeemable after five years and paying interest of 8 per cent.

This entry was posted by Tracy Alloway on Friday, October 31st, 2008 at 3:47 and is filed under Capital markets. Tagged with Austria, Bailout. Edit this entry.