BANKING: COMMISSION TO PROBE AUSTRIAN AID TO BANK BURGENLAND.
The Commission has launched a State aid probe into money loaned to Bank Burgenland AG of Austria. The executive announced on June 24 that it is to formally investigate Euro 350 million in state guarantees loaned to Bank Burgenland by Bank Austria in 1999. Bank Austria loaned the money to Burgenland, Austria's smallest regional bank, after the bank discovered fraud. The money was to be used for restructuring and was guaranteed by the Land of Burgenland. However, Bank...
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