The European Commission issues a communication announcing that restoration of competition in the banking sector is an EU priority

The global financial crisis has seen competition authorities come under pressure to relax their interpretation of competition laws in order to help companies weather the current financial storm. In general, competition authorities have been reluctant to do so, on the basis that in such circumstances it is more important than ever that companies do not engage in anticompetitive conduct. Nevertheless, to support banks facing record losses, exceptions have been made in a number of respects. For example, the European Commission (the Commission) adapted the State aid rules to facilitate and simplify the grant of aid by EU Member States to banks. In the UK, the Government decided to allow the Lloyds TSB

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Authors

  • Cadwalader Wickersham & Taft (Brussels)
  • Jones Day (London)
  • Cadwalader Wickersham & Taft (Brussels)

Quotation

Tom Bainbridge, Matt Evans, Vincent Brophy, The European Commission issues a communication announcing that restoration of competition in the banking sector is an EU priority, 22 July 2009, e-Competitions Bulletin Financial services, Art. N° 33768

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