Reuters: Bankruptcy News: Bank Austria, Erste have Alpine provisions

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Bank Austria, Erste have Alpine provisions Jun 19th 2013, 13:07 VIENNA, June 19 | Wed Jun 19, 2013 9:07am EDT VIENNA, June 19 (Reuters) - UniCredit unit Bank Austria and Erste Group Bank have already built provisions for debt problems at construction group Alpine, but it was too early to say what hit they might ultimately take, the lenders said on Wednesday. Alpine Bau GmbH, Austria's second-biggest construction firm, filed for insolvency with liabilities of up to 2.6 billion euros ($3.5 billion) in what could become the country's biggest corporate collapse since World War Two. "In consultations with auditors, Bank Austria made adequate risk privisions in the Alpine matter in the fourth quarter of 2012 that include even a failure of (debt) restructuring efforts," the bank said in a statement. "The final loss will be largely dependent on any possible use of guarantees and is thus not yet been precisely determined." A spokesman for Erste said it was in the same position. "We are sufficiently covered by the risk provisions that we built up in the fourth quarter," he said.

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