Brussels, 02/09/2014 (Agence Europe) - Hans Jörg Schelling, a vice president of the Austrian Economic Chamber, an influential lobby, was sworn in on Monday 1 September after the Austrian ÖVP conservative party unanimously elected him on Sunday as the successor to Michael Spindelegger in the post of finance minister. Spindelegger resigned last week following disagreements on tax reform (see EUROPE 11140).
On Tuesday 29 August, Reinhold Metterlehner, Austria's minister for the economy, took over the functions of leader of the ÖVP and vice-chancellor of Austria that Spindelegger held.
Spindelegger refused to cut income tax for as long as these cuts could be financed without needing new taxes. One of the tasks awaiting the new finance minister is to continue the process of liquidating the nationalised bank Hypo Group Alpe Adria. This includes the creation of an entity for bad debts. Last week Hypo Group Alpe Adria announced a net loss of €1.67 billion for the first six months of the year. (EL)