OpenLegislation

Article 1

United Kingdom

Original text. Later amendments are not shown.

1.

The following measures implemented or planned by Austria constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union:

(a)

the recapitalisation measures of EUR 1 billion and EUR 250 million to Österreichische Volksbanken AG by Austria;

(b)

the liquidity guarantees granted by Austria to Österreichische Volksbanken AG in the amount of EUR 3 billion;

(c)

the asset guarantee to Österreichische Volksbanken AG by Austria with the capital relief effect of EUR 100 million.

2.

The State aid referred to in paragraph 1 is compatible with the internal market, within the meaning of Article 107(3)(b) of the Treaty on the Functioning of the European Union, subject to the conditions set out in Article 2.