Brussels - The European Union on Wednesday approved an Austrian plan to support the country's banking sector valued at 90 billion euros (116 billion dollars).
The plan, originally approved by the Austrian parliament on October 20, consists of a state guarantee for interbank loans capped at 75 billion euros, and a further guarantee for liabilities and assets capped at 15 billion euros.
The Austrian government informed the European Commission, the EU's executive, of its plans at the end of October.
The commission is tasked with overseeing the EU's strict competition rules, and therefore has the final say in matters of state aid.