European Commission Approves State Aid for VBAG

Politics ♦ Published: September 19, 2012; 17:17 ♦ (Vindobona)

The European Commission has today approved the comprehensive restructuring plan developed by Österreichische Volksbanken-AG (VBAG) in the wake of the financial and economic crisis to restore long-term profitability.

European Commission Approves State Aid for VBAG / Picture: © Wikipedia / MrPanyGoff

The approval encompasses measures that were introduced in 2009 as well as the support measures as agreed with the Republic of Austria in late April 2012 (write-down of participation capital held by the Republic by 70% plus a € 250m recapitalisation).

Under the newly-approved restructuring plan, the following measures have to be implemented by VBAG until 31 December 2017…