The European Commission announced that it has decided under Article 87(3)(b) of the EC Treaty to approve an Austrian recapitalisation measure for the Austrian bank, Hypo Tirol. The Commission has concluded that the aid is in accordance with Communications on State aid measures in favour of financial institutions and on the recapitalisation of financial institutions. The recapitalisation measure is an adequate means of remedy a serious disturbance in the Austrian economy, while avoiding undue distortions of competition.