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Vienna, 28 February 2012 Fekter: "Reorganization of Volksbank needed in order to maintain stability in the financial sector Austrian government ensures reorganization and long-term restructuring of Volksbank

According to Finance Minister Maria Fekter, the recent aid provided by Austria has secured the long-term survival of the Austrian Volksbank (ÖVAG); "through this necessary step, it has been possible to ensure that savings deposits are safe. What is more, it was the top-class institution of the Volksbank which needed assistance, not the local regional Volksbank organizations," stressed Fekter. On top of this, the aim is, through the Volksbank rescue, to remove all risk factors relating to Austria's credit rating.

The Austrian government's share in Volksbank now means that, in addition to Kommunalkredit/KA Finanz and Hypo Alpe Adria, a total of three banks are now under the umbrella of the federal government. In response to the question of costs possibly thereby arising for the taxpayer, Fekter gave this assurance: "The part nationalization will be financed on a budget-neutral basis and no additional costs will arise for taxpayers."