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
Consumption tax that is put in investments (such as property, stocks, savings accounts) would be tax-free. As the asset grows in value, it would not be taxed. Only when the proceeds from the investment are spent is any tax imposed. This is in contrast with an income tax system where if land is bought and sold it with a profit, the gain is taxable. A consumption tax taxes only consumption, so if an investment is sold to buy another investment, no tax is imposed. Andrews notes the inherent problem with housing. Renters necessarily "consume" housing, so they will be taxed on the