De Europese Commissie: herkapitalisering Hypo Steiermark geen staatssteun (en)

IP/09/1183

Brussels, 23 rd July 2009

State Aid: Commission finds recapitalization of Hypo Steiermark does not constitute state aid

The European Commission has concluded under EC Treaty State Aid rules that a recapitalization of Hypo Steiermark, a regional Austrian bank, which was carried out by the public and the private owners pro rata to the pre-existing ownership structure does not constitute state aid.

Competition Commissioner Neelie Kroes i said: "This case is an encouraging example demonstrating that banks are able to get money from the private market without state aid involved."

The Austrian Federal State Land Steiermark holds 25% plus one share in Landes-Hypothekenbank Steiermark Aktiengesellschaft ("Hypo Steiermark"). Raiffeisen Landesbank, a privately owned bank, holds 75% minus one share. In October 2008 the General Assembly of shareholders adopted the decision to recapitalize Hypo Steiermark by means of issuing new shares. The capital increase amounts to about €25 million.

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  The capital increase was carried out by the public owner Land Steiermark and the private owner Raiffeisen Steiermark on a pro rata basis, thus preserving existing share-ownership stakes. The share purchase was subject to identical conditions for both investors. Austria had notified the measure for reasons of legal certainty.
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  The private – and majority – owner's participation in the capital increase demonstrates that the conditions are acceptable to a market economy investor. The Commission therefore concluded that the measure did not constitute state aid.

The decision will be published in the State Aid Register on DG Competition ’s website, under the reference number NN 40/2009. The latest decisions on state aid published in the Official Journal and on the website are listed in the electronic newsletter State aid Weekly e-News .