Bloomberg News

Oesterreichische Volksbanken Must Give EU New Restructuring Plan

December 09, 2011

Dec. 9 (Bloomberg) -- Oesterreichische Volksbanken AG must draw up new restructuring measures after European Union regulators opened an investigation into the bank’s government bailout.

The bank must submit “a new further-reaching restructuring plan” as soon as possible, the European Commission said in an e-mailed statement today. The bank is “unable to implement” a restructuring plan it submitted to regulators last year.

--Editor: Peter Chapman

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.


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