Press Release: State aid: Commission temporarily authorises aid measures for Austrian bank BAWAG P.S.K.

The European Commission has authorised under EU state aid rules a €550 million capital injection and a €400 million guarantee in favour of the Austrian bank BAWAG. P.S.K. The Commission found the measures to be in line with EU state aid rules. In particular, the measures are limited in time and scope. The Commission therefore concluded that they are an appropriate means to remedy a serious disturbance in the Austrian economy and as such compatible with Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU). The Commission approved the measures as emergency aid for a period of six months. Austria committed to submit a modified restructuring plan for the bank within three months from the date of the decision.