Press Release: State aid: Commission opens investigation into aid granted to Austrian bank ÖVAG

On the 9 December 2011, the European Commission opened under EU state aid rules an in-depth investigation into several support measures that Austria had granted to Österreichische Volksbank (ÖVAG) in 2009.

ÖVAG had presented a restructuring plan in autumn 2010, but it became clear in recent months that the bank is unable to implement it. The Commission had doubts that the plan would enable the bank to become viable and that it sufficiently addressed the distortion of competition brought about by the state support.

• Primary Source

ESO: Background information: Press Release: State aid: Commission approves Austrian support scheme for financial institutions http://www.europeansources.info/record/press-release-state-aid-commission-approves-austrian-support-scheme-for-financial-institutions/

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