The Financial crisis of 2007–2008 dented the economy of Austria in other ways as well. It caused, for example, the Hypo Alpe-Adria-Bank International to be purchased in December 2009 by the government for 1 euro owing to credit difficulties, thus wiping out the €1.63bn of BayernLB. , the HGAA situation was unresolved, causing Chancellor Werner Faymann to warn that its failure would be comparable to the 1931 Creditanstalt event.