| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 30 | 31 | 1 | 2 | 3 | 4 | 5 |
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 1 | 2 | 3 | 4 |
Today
Polls
RSS Feed Business23. 12. 09. - 13:00
EC approves Hypo's nationalisation
By Lisa Chapman
The European Commission (EC) announced today (Weds) it had approved Austria’s nationalisation of Carinthian bank Hypo Group Alpe Adria (HGGA).
The EC added, however, that Hypo must provide it with a comprehensive restructuring plan by the end of March 2010 and its approval of the bank’s nationalisation would remain valid for six months to help repair the damage done to the Austrian economy.
The EC also ordered Hypo’s former majority owner, the BayernLB bank in Munich, Germany, to adjust its restructuring plan "to ensure it will be able to help rescue Hypo."
EU Competition Commissioner Neelie Kroes said: "I expect BayernLB and Hypo Group Alpe Adria to present convincing, sound restructuring plans that will enable them to meet serious challenges during the rescue process and that are in compliance with EU guidelines on assistance."
She added that the EC had approved Hypo’s rescue for six months since the bank was of "systematic importance to Austria and countries in southeast Europe. During that time, the EC will examine the details of the rescue process to find out whether new state assistance complies with EU guidelines and whether it is sufficient to guarantee Hypo’s profitability.
"The EC will determine whether Hypo’s former owners are sufficiently involved in its restructuring. The EC will also examine whether BayernLB’s restructuring plan will enable it to return to profitability and to take suitable measures to limit market distortions," she added.
The EC acted fast in this case, as Austria had presented a rescue plan for Hypo on 18 December in Brussels.
Austrian Times
Related articles: political scandals
-
» Business 2012-02-06
A media rights watchdog has ordered the ORF to exit Facebook.
-
Vranitzky attacks FPÖ over 'pogrom atmosphere' claim
» General News 2012-02-06
Former Social Democratic (SPÖ) Chancellor Franz Vranitzky has lashed out at a member of the European Parliament (MEP) for claiming that the atmosphere outside a recent ball in Vienna bore resemblances to the Nazis’ pogro [...]
-
Vice chancellor refuses to exclude FPÖ
» General News 2012-02-03
The People’s Party (ÖVP) keeps refusing to disassociate itself from the Freedom Party (FPÖ) following FPÖ leader Heinz-Christian Strache’s controversial comparisons with the Nazi era.
more related articles tagged "political scandals"
Related articles: EU
-
Best of the winter bookshelf, part two
» Panorama 2012-02-06
The Austrian Times offers an overview of what German-speaking Europe’s publishing houses have to offer.
-
Have mercy on gays, says Church rebel
» General News 2012-02-06
The head of a group of "disobedient" parish priests has called for mercy on homosexuals.
-
AMS boss defends hesitant job seekers
» Business 2012-02-06
Labour Market Service (AMS) chief Johannes Kopf has taken a stand for unemployed people who refuse taking the first new job offer.
more related articles tagged "EU"
Related articles: crisis
-
AMS boss defends hesitant job seekers
» Business 2012-02-06
Labour Market Service (AMS) chief Johannes Kopf has taken a stand for unemployed people who refuse taking the first new job offer.
-
Anger as BA expert makes aware of social expenditure
» Business 2012-02-06
An economist has rubbished claims that only the financial sector is to blame for the crisis.
-
» General News 2012-02-06
People’s Party (ÖVP) Vice Chancellor Michael Spindelegger has caused a stir by revealing details of the upcoming austerity package.
more related articles tagged "crisis"
Related articles: business scandals
-
» Business 2012-02-06
A media rights watchdog has ordered the ORF to exit Facebook.
-
Anger as BA expert makes aware of social expenditure
» Business 2012-02-06
An economist has rubbished claims that only the financial sector is to blame for the crisis.
-
» General News 2012-02-06
People’s Party (ÖVP) Vice Chancellor Michael Spindelegger has caused a stir by revealing details of the upcoming austerity package.
Tag cloud:
profitability suitable Austria assistance bank presented restructuring Alpe compliance BayernLB nationalisation systematic Commission importance guidelines owner sufficient European Adria Hypo
Rising numbers of sheep and goats in Salzburg
The number of farms rearing sheep and goats has been on the increase in Salzburg, Austria for several years now. Domestic farming could still increase by a third as the European demand increases.
Strasser sues Austrian newspaper
The former European Parliament member Ernst Strasser will appear in court today (Mon) in connection with the 2011 cash for influence scandal. Strasser has accused the Upper Austrian News (OÖN) of slander.
Staud's expansion plan
Viennese jam company Staud’s who are famous for their preserve and compote range are expanding production in the capital. The plan calls for the building of a new company site in two years’ time in Ottakring. A new production hall will also be adapted at the current site in Hernals before then.
Le Salzgries
I enjoyed perhaps my most pleasurable eating out experience of the last thirty years one Thursday evening at Le Salzgries.
Record number of callouts as diesel freezes
The bitterly cold temperatures have not only been causing problems for humans in Austria but also for cars. In such harsh conditions, diesel in cars is known to crystallise and the engine cut out altogether.
Freezing temperatures claim life in Vienna
The freezing cold temperatures in Vienna, Austria claimed the life of an elderly woman over the weekend. The 86-year-old was found dead in her garden in the early hours of Sunday morning.
Baby taken over speeding fine
Austrian social workers have taken a baby away from his teenage mother because the toddler's grandmother had not paid a speeding fine.
Best of the winter bookshelf, part two
The Austrian Times offers an overview of what German-speaking Europe’s publishing houses have to offer.
ORF forced to leave Facebook
A media rights watchdog has ordered the ORF to exit Facebook.
Have mercy on gays, says Church rebel
The head of a group of "disobedient" parish priests has called for mercy on homosexuals.
The most popular stories –
last 7 days
|
A regal new addition to Schönbrunn Zoo |
|
Voves calls for cooperation |
|
Tova and the Stadt - Skating in Vienna |
|
Ice-lady holds baby in her arms |
|
Demand for Action Over Crow Plague |
