Press Release: State aid: Commission approves restructuring aid to Austrian bank ÖVAG

The European Commission on 19 September 2012 concluded that restructuring aid granted by Austria to the Austrian bank Österreichische Volksbanken AG (ÖVAG) is in line with state aid rules. Public support was granted to ÖVAG in the form of capital injections totalling €1,250 million, liquidity guarantees totalling €3,000 million and an asset guarantee of €100 million.

The Commission found that the restructuring plan is suitable to make the bank viable in the long term, ensures that the bank and its shareholders sufficiently contribute to the cost of restructuring and minimises distortions of competition.

• Primary Source

ESO: Background information: State aid: Commission opens investigation into aid granted to Austrian bank ÖVAG http://www.europeansources.info/record/press-release-state-aid-commission-opens-investigation-into-aid-granted-to-austrian-bank-ovag/

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