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EU Commission clears changes to ÖVAG restructuring plan

( July 2, 2015, 10:50 GMT | Official Statement) -- MLex Summary: The European Commission has approved an amended restructuring plan for Österreichische Volksbanken and its economic successor Volksbanken-Verbund, which includes more than 50 primary banks. The restructuring plan, under which the banks in the Verbund will be merged into 10 bigger institutions, will “fundamentally restructure the Austrian Volksbanken sector,” giving it the possibility to return to long-term viability without additional public money, the commission said. Under the changed plan, the Verbund will become the beneficiary of the state aid granted in 2012 to ÖVAG, and it must repay Austria the outstanding amount of 300 million euros of participation capital by the end of 2023.Full statement follows:...

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