Press Release: State aid: Commission approves aid measure to Austrian bank Hypo Tirol for enabling lending to real economy

The European Commission approved, under EC Treaty state aid rules, a recapitalisation measure for Hypo Tirol, an Austrian bank, for ensuring lending to the real economy. The Commission found the measure to be in line with its Guidance Communications on state aid during the current financial crisis. In particular, the measure was limited in scope, required an adequate remuneration and provided safeguards to minimise distortions of competition. It was therefore compatible with Article 87.3.b. of the EC Treaty that allows aid to remedy a serious disturbance in the economy of a Member State.