The Court of Justice (‘the Court’), sitting as a Grand Chamber, dismissed an appeal lodged by the European Commission (‘the Commission’) against the General Court’s judgment annulling the Commission’s negative decision concerning the intervention of the Fondo interbancario di tutela dei depositi (‘the FITD’), a consortium of banks governed by private law, in favour of the bank Tercas . The Court’s judgment deals with a tricky situation in which the entity providing the funding is private. The Court therefore had to determine whether the financial transaction at issue was attributable or imputable to a decision of the State because State aid by its very definition cannot be granted by private entities. This judgment may pave the way for reforms in the legal framework for rescuing and
The EU Court of Justice confirms the General Court’s analysis and applies the State imputability condition in the specific case of a measure implemented by a private entity (Banca Popolare di Bari)
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