Volksbanken: State Aid to be Repaid

Businessn.a. ♦ Published: December 8, 2010; 23:41 ♦ (Vindobona)

The Austrian Volksbanken (ÖVAG) will reportedly pay back more than the agreed € 300m of state aid in 2010.

Volksbanken: State Aid to be Repaid / Picture: © Österreichische Volksbanken-AG (ÖVAG)

Up to € 400m could be repaid to the State by the ÖVAG, writes the Austrian magazine "Wirtschaftsblatt". Overall, the Republic of Austria had granted € 1.0bn in state aid.

The supervisory board will decide now on repayment. The equity now lacking will be obtained by ÖVAG, according to reports, over an as of yet unspecified “technical accounting procedure". This way, new…