Austria’s lenders were among the worst affected by the 2008 financial crisis, with the Austrian government forced to step in and either nationalise or liquidate three of the country’s biggest banks — Hypo Alpe Adria, Kommunalkredit and Österreichische Volksbanken. For years afterwards, Austrian banks required financial assistance from the state.
Unlike during the global financial crisis and its aftermath, the country’s banking sector has proved resilient during the pandemic, and has been one of the key pillars supporting the economy. “This time, banks were not part of the problem, but instead were part of the solution,” says Helmut Ettl, executive director of the Austrian Financial Market Authority (FMA).
