Connect with us

Austria

Commission approves €120 million Austrian scheme to support companies in #LowerAustria affected by #Coronavirus outbreak

EU Reporter Correspondent

Published

on

The Commission has approved a €120 million Austrian scheme to support companies in Lower Austria affected by the coronavirus outbreak. The scheme was approved under the Temporary Framework. Under the scheme, public support will be provided in  the form of direct grants, guarantees and subordinated loans with subsidized interest rates. The measure is open to companies of all sizes active in all sectors, except the financial, agriculture, fishery and aquaculture sectors.

The aim of the measure is to facilitate access to external financing by the beneficiaries and to mitigate the sudden liquidity shortages they are facing as a result of the coronavirus outbreak. The Commission found that the scheme is in line with the conditions set out in the Temporary Framework. In particular, (i) with respect to the direct grants, aid will not exceed €800 000 per company as provided by the Temporary Framework; and (ii) guarantees and subordinated loans under the measure fulfil the minimum levels for guarantee premiums and credit risk margins.

The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state and to fight the health crisis, in line with Article 107(3)(b) TFEU and with the conditions set out in the Temporary Framework. On this basis, the Commission has approved the measure under EU state aid rules. More information on the Temporary Framework and other actions taken by the Commission to address the economic impact of the coronavirus pandemic can be found here.

The non-confidential version of the decision will be made available under the case number SA.58360 in the state aid public case register on the Commission's competition website once any confidentiality issues have been resolved.

Austria

Investment Plan for Europe in Austria: Fresh lending to help households and businesses build energy-efficient homes 

EU Reporter Correspondent

Published

on

The EIB Group has provided a financial guarantee to Hypo Vorarlberg Bank in Austria to expand its lending capacity for households, SMEs and mid-cap customers. This agreement is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. Thanks to this new agreement, Hypo Vorarlberg will be able to support the construction of highly energy-efficient residential buildings, thus helping the environment and the Austrian economy in the challenging COVID-19 context.

Economy Commissioner Paolo Gentiloni said: “Thanks to this support from the Investment Plan for Europe, Hypo Vorarlberg will be able to increase its lending capacity to households, SMEs and mid-caps for the construction of new energy-efficient homes. This initiative will help the hard-hit construction sector in this difficult time, as well as contributing to the achievement of our climate goals.”

The press release is available here. The Investment Plan for Europe has so far mobilized €535 billion of investment across the EU, benefitting over 1.4 million SMEs in total.

Continue Reading

Austria

Commission approves Austrian measures to support rail freight and passenger operators affected by the coronavirus outbreak

EU Reporter Correspondent

Published

on

The European Commission has approved, under EU state aid rules, two Austrian measures supporting the rail freight sector and one measure supporting the rail passenger sector in the context of the coronavirus outbreak. The two measures supporting the rail freight sector will ensure increased public support to further encourage the shift of freight traffic from road to rail, and the third measure introduces temporary relief for rail operators providing passenger services on a commercial basis.

The Commission found that the measures are beneficial for the environment and for mobility as they support rail transport, which is less polluting than road transport, while also decreasing road congestion. The Commission also found that the measures are proportionate and necessary to achieve the objective pursued, namely to support the modal shift from road to rail whilst not leading to undue competition distortions. Finally, the waiver of infrastructure access charges provided for in the second and third measures described above is in line with the recently adopted Regulation (EU) 2020/1429.

This Regulation allows and encourages member states to temporarily authorize the reduction, waiver or deferral of charges for accessing rail infrastructure below direct costs. As a result, the Commission concluded that the measures comply with EU state aid rules, in particular the 2008 Commission Guidelines on state aid for railway undertakings (the Railway Guidelines).

Executive Vice President Margrethe Vestager, in charge of competition policy, said: “The measures approved today will enable the Austrian authorities to support not only rail freight transport operators, but also commercial passenger operators in the context of the coronavirus outbreak. This will contribute to maintaining their competitiveness compared to other modes of transport, in line with the EU Green Deal objective. We continue working with all member states to ensure that national support measures can be put in place as quickly and effectively as possible, in line with EU rules.”

The full press release is available online

Continue Reading

Austria

Europe needs more robust plan to deal with foreign fighters, Austria says

Reuters

Published

on

By

The European Union needs a more robust and coordinated plan for dealing with foreign fighters and those who want to join their ranks like the jihadist who killed four people in Vienna last week, Austrian Chancellor Sebastian Kurz said on Monday (9 November), writes Francois Murphy.

Protecting the bloc’s borders should also be part of Europe’s response to Islamist militancy, which Kurz will discuss with the leaders of France, Germany and the European Union today (10 November), he told a news conference.

Continue Reading

Twitter

Facebook

Trending