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Bank Burgenland

DOI https://doi.org/10.21552/ESTAL/2013/3/375

Bank Burgenland (hereafter referred to as BB), a regional bank, was wholly owned by the Austrian Province of Burgenland. Under the Landes-Hypothekenbank Burgenland-Gesetz1 (Law on the mortgage bank of the Province of Burgenland), if BB defaulted, the Province of Burgenland was liable as deficiency guarantor2 for all the bank’s liabilities.3 That performance guarantee system of the Province in favour of BB and its predecessors (called ‘Ausfallhaftung’)


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