On Thursday 1 September, the European Commission announced that it had concluded that the agreement reached between Austria and the creditors of Heta Asset Resolution AG, the 'bad bank' created in 2014 to manage the liabilities of the former regional bank Hypo Group Alpe Adria (HGAA), contains no new state aid element.
The agreement governs the unpaid debts and Austrian state guarantees of the bank, which was dismantled after it got into difficulties during the financial crisis. There is...