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Austria: Restructuring Plan for Hypo Group Threatened By Rejection

Published: May 6, 2013; 11:57 · (Vindobona)

The restructuring plan of Austrian crisis-struck banking institute Hypo Group is threatened to be rejected by the EU Commission.

Austria: Restructuring Plan for Hypo Group Threatened By Rejection / Picture: © Wikipedia / JJ55 (30 March 2008)

Without further adjustments the authority in Brussels is not able to recommend the endorsement for the billions worth state aids, according to Competition Comissioner Joaquin Almunia in a letter to Austrian Finance Minister Maria Fekter. The former affiliate of BayernLB has not fulfilled the critieria by the Austrian government and might have to pay back the state funds.

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