Press Release: State aid: Commission approves amended restructuring plan of Austrian bank ÖVAG

On 02 July 2015, the European Commission found the amended restructuring plan of Austrian Österreichische Volksbanken AG (ÖVAG) and the Volksbanken-Verbund (Verbund) to be in line with EU state aid rules.

The Commission concluded in particular that the amendments would fundamentally restructure the Austrian Volksbanken sector in order to make it viable in the long-term without further state support.

In June 2015 Austria had notified changes to the restructuring plan of ÖVAG that the Commission had originally approved in September 2012, including public support to ÖVAG. These changes were necessary because an assessment by the European Central Bank/Single Supervisory Mechanism (SSM) in October 2014 revealed a capital shortfall of €865 million for the Volksbanken sector.

• Primary Source

ESO: Background information: State aid: Commission approves restructuring aid to Austrian bank ÖVAG http://www.europeansources.info/record/press-release-state-aid-commission-approves-restructuring-aid-to-austrian-bank-ovag/

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