| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/12/982 (19.9.12) |
| Publication Date | 19/09/2012 |
| Content Type | News |
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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. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/982&format=HTML&aged=0&language=EN&guiLanguage=en |
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| Subject Categories | Internal Markets |
| Countries / Regions | Austria |
