Press Release: State aid: Commission temporarily approves rescue of BayernLB’s Austrian subsidiary Hypo Group Alpe Adria and extends in-depth investigation

The European Commission has authorised under EU state aid rules the rescue of BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) by Austria and the Land Carinthia for reasons of financial stability. At the same time, the Commission is extending its in-depth investigation opened on 12 May 2009 into the total aid received so far by both banks. HGAA will have to provide an in-depth restructuring plan by the end of March 2010. BayernLB has to revise the restructuring plan it has already submitted to take due account of the new rescue aid to HGAA. The Commission has therefore decided to extend the scope of its in-depth investigation to cover the new aid. In the meantime, the Commission approved the measures temporarily for a maximum period of up to six months as urgent rescue aid to remedy a serious disturbance in the Austrian economy (Article 107(3)(b) of the Treaty on the Functioning of the European Union - TFEU).