Hypo Alpe Adria Bank guarantee, offered a debt hair-cut to buy the senior bonds for 75% face value and 30% face value for subordinated bonds. On 4 August 2016, a private equity fund advised by Bain Capital purchased Heta Asset Resolution Italia S.r.l. (former Hypo Alpe-Adria Leasing S.r.l.) from Heta. During the year, Financial Market Authority also made a debt hair cut using the power as a resolution authority of EU "Bank Recovery and Resolution Directive", making the bad bank had a positive equity for the first time. Hypo Alpe Adria Bank Heta Asset Resolution A.G. is a "bad bank" that was the residual
Value-added tax in the United Kingdom shipped round EU countries by criminal gang networks, hence the "carousel" name. According to the HMRC, between £1.1bn and £1.9bn tax revenue was lost in 2004/05 due to carousel fraud. The European Union Emission Trading Scheme has been plagued by carousel fraud. Until 2012, the Low Value Consignment Relief (LVCR) meant that goods imported from outside the EU through Jersey and costing less than a set amount were not subject to VAT. When the LVCR was introduced in 1983 it was set at about £5 but gradually rose to £18. From 1 November 2011 the LVCR was reduced from £18