The Traumatic Restructuring Of Austria's Cooperative Banking System

``VBAG has reduced its asset base from 41.1bn Euros to 15.9bn EUR, an astonishing drop. But it is still insolvent. In May 2014, Moody's downgraded VBAG to one notch above junk, and also took the unusual step of warning that the whole Volksbanken network -- which Moody's does not rate -- would need more capital. But further support from the Austrian federal government was not forthcoming. In October 2014, pre-empting expected failure of the ECB/EBA stress tests, VBAG announced that it would break itself up.''