Press Release: State aid: Commission approves Austrian support scheme for financial institutions

The European Commission approved, under EC Treaty state aid rules, an Austrian package of measures aimed at stabilising the financial markets by providing guarantees, capital and loans to eligible credit and insurance institutions. After intensive exchanges with the Austrian authorities, the Commission found the scheme as amended to be in line with its Guidance Communications on state aid to overcome the financial crisis. In particular, the measures provide for non-discriminatory access, are limited in time and scope, require market oriented remuneration and contain sufficient safeguards to avoid abuses. The Commission therefore concluded that the package was an adequate means to restore a serious disturbance of the Austrian economy and as such compatible with Article 87.3.b of the EC Treaty.