Erste Group: State Aid to be Refunded
The CEO of Erste Group, Andreas Treichl, is considering paying back the state money for the amount of € 1.2bn.
The Erste Group claimed a volume of 1.2bn from the state fund for stabilization of the Austrian banks in 2009. The Bank was the first applicant, but now the participation capital is to be paid back in full.
Treichl believes to be able to make the transaction already in the first half year, but first, modalities have to be checked with the Republic. Timing is such that it saves half the annual interest. Details for redemption should be established already in the first quarter.