The Brussels Court of Appeal rejects State aid pleas in the context of a bank rescue plan (Fortis)

1. Introduction In order to tackle the financial turmoil of last September, the Belgian State acquired in two steps Fortis Bank. Firstly, on 28 September 2008, the Belgian State (via the “SFPI”, the “Federal Participation and Investment Company”, together with the Luxembourg and the Dutch States for the Luxembourg and Dutch Fortis companies) acquired parts of Fortis Bank's assets in exchange for a 49,9% stake in the bank. Secondly, on 5 October 2008, the Belgian State acquired the remaining 100% of Fortis Bank in order to re-sell 75% of it to BNP Paribas. Fortis was a solvent bank of major importance in the Benelux and European financial landscape but suffered from a shortage of liquidity due to a lack of confidence on the interbank lending market, following in particular an ambitious