COMMISSION DECISION
of 19 September 2012
on the State aid SA.31883 (2011/C) (ex N 516/10) which Austria implemented and is planning to implement for Österreichische Volksbanken AG
(notified under document C(2012) 6307)
(Only the German text is authentic)
(Text with EEA relevance)
(2013/298/EU)
1.
PROCEDURE
2.
DESCRIPTION
2.1.
Beneficiary and its difficulties
2.2.
The aid measures
2.2.1.
Aid measures of 2009
Tranche |
Nominal value |
Date of issue |
Maturity |
Coupon |
Total cost |
1. |
EUR 1 billion |
9.2.2009 |
9.2.2012 |
3.000 % |
157 basis points over 6M Euribor |
2. |
EUR 1 billion |
18.3.2009 |
19.3.2013 |
3.375 % |
194 basis points over 6M Euribor |
3. |
EUR 1 billion |
14.9.2009 |
14.9.2012 |
2.250 % |
155 basis points over 6M Euribor |
Source: New restructuring plan, p. 36. |
2.2.2.
Aid measures of 2012
2.3.
The new business model
2.4.
Contribution of other shareholders and hybrid investors
2.5.
Financial planning
ÖVAG Group |
2012P |
2013P |
2014P |
2015P |
2016P |
2017P |
2018P |
Result (after tax) |
[60-80] |
[10-30] |
– [30-10] |
[40-60] |
[130-150] |
[90-110] |
n.a. |
Return on Equity after taxes |
[3-5] |
[1-3] |
– [3-1] |
[3-5] |
[10-12] |
[8-10] |
n.a. |
Balance sheet total |
[20 000-30 000] |
[26 000-28 000] |
[22 000-24 000] |
[20 000-22 000] |
[19 000-21 000] |
[18 000-20 000] |
n.a. |
RWA |
[18 000-20 000] |
[16 000-18 000] |
[13 000-15 000] |
[11 000-13 000] |
[10 000-12 000] |
[9 000-11 000] |
[8 000-10 000] |
CET 1 |
[9-10] |
[10-11] |
[11-12] |
[11-12](30) |
[11-12](30) |
[12-13](31) |
[12-13](31) |
Capital ratio |
[13-14] |
[12-13] |
[14-15] |
[14-15](30) |
[15-16](30) |
[15-16](31) |
[14-15](31) |
Source: New restructuring plan of ÖVAG |
|
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
CET1 |
[7-8] |
[7-8] |
[7-8] |
[5,5-6,5] |
[6-7] |
[6-7] |
Capital ratio |
[11-12] |
[10-11] |
[10-11] |
[8-9] |
[9-10] |
[8-9] |
3.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
4.
COMMENTS FROM AUSTRIA
5.
ASSESSMENT
5.1.
Existence and the amount of aid
5.2.
Legal basis of compatibility assessment
5.3.
Compliance with the Recapitalisation Communication and the 2011 Prolongation Communication
5.4.
Compliance with Restructuring Communication
5.4.1.
Viability
5.4.2.
Own contribution and burden-sharing
5.4.3.
Measures to limit distortions of competition
Name |
Balance sheet, in EUR billion |
RWA, in EUR billion |
Austrian retail subsidiaries |
5,1 |
2,0 |
Europolis |
1,7 |
0,1 |
Sale of VBI in 2011 |
9,1 |
6,0 |
VBLI |
2,1 |
1,6 |
VBRO |
1,7 |
1,6 |
Malta |
0,2 |
0,1 |