EU Commission’s standpoint is that the Austrian composition with Heta creditors is not a state support

On September 2nd, 2016 the EU Commision decided that the composition of Austria with creditors of Heta Asset Resolution AG, which is responsible for the orderly liquidation of Austrian bank Hypo Group Alpe Adria, is in conformity with the EU regulations for subsidies. The guarantee document of Carinthia , which is the basis for the formal offer of the Republic of Austria to the creditors , was transmitted to the EU Commission in order to obtain its juridical standpoint. EU Commission does not treat this agreement as a new state subsidy, since herewith it refers to the payment of already previously agreed /permitted state guarantee.