The EU General Court rejects an action for annulment against the requirement of the Commission to provide a guarantee issued by a bank with a long term credit rating AA as a condition for deferred fines payment (Quimitécnica.com / José de Mello)

Competition infringer: You don't want the EU Commission as your banker (T-564/10)* In its Judgment in Quimitécnica.com and de Mello v Commission, T-564/10, EU:T:2014:583, the General Court has addressed a rather strange issue concerning the interest rates applicable by the European Commission when undertakings that have breached competition law choose to (partially) defer the payment of their fines. The main dispute derives from the fact that, under the 2002 Financial Regulation, unsecured outstanding amounts are subject to an interest rate of ECB+3.5%, whereas secured debts go down to ECB+1.5%. It is a rather important point to note that the Financial Regulation

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Albert Sánchez Graells, The EU General Court rejects an action for annulment against the requirement of the Commission to provide a guarantee issued by a bank with a long term credit rating AA as a condition for deferred fines payment (Quimitécnica.com / José de Mello), 26 June 2014, e-Competitions Bulletin June 2014, Art. N° 67386

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