Division PREAMBLEF1

By Commission decision of 19 September 2012 , State aid SA.31883 (2011/C) which Austria granted to Österreichische Volksbanken AG (ÖVAG) was found to be compatible with the internal market.

Owing to the renewed need for restructuring of the Volksbanken sector, the present list of commitments has been drawn up taking into account the earlier set of commitments and the underlying restructuring and liquidation plan of ÖVAG ( ‘ the restructuring plan ’ ). The provisions of the earlier set of commitments annexed to the Commission decision of 19 September 2012 thereby cease to have effect.

The modified restructuring plan makes no provision for additional State support measures for ÖVAG. The reduction in ÖVAG's share capital including the Republic of Austria's share in the amount of 43,3 % (corresponding to approximately EUR 250 million) and the simultaneous reduction in the Republic of Austria's participation capital in the amount of EUR 300 million by 96,65 % do not constitute new aid within the meaning of Article 1(c) of Council Regulation (EC) No 659/1999 ^f1 .

The Republic of Austria hereby provides the following commitments concerning Österreichische Volksbanken-Aktiengesellschaft ( ‘ ÖVAG ’ ) and the Volksbanken-Verbund, represented by Volksbank Wien-Baden AG ( ‘ VBWB ’ ) in its capacity as the new central organisation of the Verbund, in order that the European Commission, by decision under Article 107(3)(b) of the Treaty on the Functioning of the European Union ( ‘ TFEU ’ ), may find the aid granted to ÖVAG compatible with the internal market.

This text should be interpreted within the general framework of EU law and with reference to Regulation (EC) No 659/1999, as well as with regard to the decision, to which the commitments are attached as commitments and/or conditions and obligations.