LONDON, March 24 Tue Mar 24, 2015 12:23pm EDT
LONDON, March 24 (Reuters) - Austria's application of new European Union rules in its handling of failed bank Hypo Alpe Adria was justified, the bloc's financial services chief Jonathan Hill said on Tuesday.
Hypo Alpe Adria, now defunct, was nationalised in 2009 and has already cost Austrian taxpayers about 5.5 billion euros ($6 billion), with the bailout triggering new banking legislation and a complex web of litigation.
New EU rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out failed lenders, putting creditors and shareholders in the firing line first during insolvency.
On March 1 Austria's Financial Market Authority took control of Heta Asset Resolution, the so-called bad bank created to wind down Hypo's assets, and halted payments on more than 11 billion euros of debt after an audit revealed a capital hole of up to 7.6 billion euros.
Hill told the European Parliament's economic affairs committee that Hypo is a complicated case involving a mix of old and new rules and his officials have been in close contact with the Austrian authorities.
Though the officials have not yet received all the necessary information, Hill said: "Their preliminary assessment is that the application of BRRD Austria did on March 1 was justified."
But Hill, who has powers to take legal action against EU states that don't apply the bloc's rules properly, added: "We need to keep an eye on the case. I don't claim this particular case is a straightfoward one." ($1 = 0.9172 euros) (Reporting by Huw Jones; Editing by David Goodman)
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