Press Release: State aid: Commission opens investigation into 2006 state guarantee for BAWAG-PSK

The European Commission has opened a formal investigation under EC Treaty state aid rules into a €900 million guarantee granted in 2006 to BAWAG-PSK by an Austrian law, the BAWAG P.S.K Sicherungsgesetz. The Commission needs more information to assess whether the guarantee is in line with the aid EC rules for supporting firms in difficulties. The opening of an in-depth investigation, which is common for guarantees of this magnitude, gives interested parties an opportunity to comment on the proposed measures. It does not prejudge the outcome of the procedure.