State aid in financial services

State Aid

The EU Court of Justice holds that the General Court was wrong to confirm the reference framework used by the Commission to apply the arm’s length principle to integrated companies in Luxembourg, in failing to take into account the specific rules implementing that principle in that Member State (Fiat)
European Court of Justice (Luxembourg)
Tax rulings: The Court of Justice holds that the General Court was wrong to confirm the reference framework used by the Commission to apply the arm’s length principle to integrated companies in Luxembourg, in failing to take into account the specific rules implementing that principle in that (...)

The EU Commission Executive Vice-President Vestager issues statement following the Court of Justice’s judgment on the tax State aid case in Luxembourg (Fiat)
European Commission - DG COMP (Brussels)
Statement by Executive Vice-President Margrethe Vestager following today’s Court judgment on the Fiat tax State aid case in Luxembourg* Today’s judgment by the Court of Justice annuls the Commission’s 2015 decision finding that Luxembourg granted selective tax advantages to Fiat through a (...)

The EU Commission approves Italian market conform scheme to manage publicly guaranteed loans
European Commission - DG COMP (Brussels)
State aid: Commission approves Italian market conform scheme to manage publicly guaranteed loans* The European Commission has found Italy’s plan to enable the transfer of certain State guaranteed loans to a newly created platform managed by AMCO S.p.A. to be free of any State aid. The (...)

The EU Commission approves revised commitments by Italy for precautionary recapitalisation of the country’s 5th largest bank (Banca Monte dei Paschi di Siena)
European Commission - DG COMP (Brussels)
State aid: Commission approves revised commitments by Italy for Banca Monte dei Paschi di Siena* The European Commission has approved, under EU State aid rules, a set of revised commitments submitted by Italy, replacing the original commitments on the basis of which the Commission had approved (...)

The EU Commission approves a €250M Portuguese measure to facilitate access to finance for small and medium enterprises affected by the COVID-19 pandemic (Banco Português de Fomento) Free
European Commission - DG COMP (Brussels)
State aid: Commission approves €250 million Portuguese measure under the Recovery and Resilience Facility to further capitalise Banco Português de Fomento* The European Commission approved, under EU State aid rules, a €250 million Portuguese aid measure, made available through the Recovery and (...)

The EU Commission issues a decision which states that risk finance aid in the form of tax relief based on the GBER must be limited to private investors
Maastricht University
Risk Finance* Risk finance aid in the form of tax relief based on the GBER must be limited to private investors. Introduction Decisions of the European Commission authorising aid for risk finance are very rare. This is the consequence of the success of the Commission to get Member States to (...)

The EFTA Surveillance Authority adopts revised State aid guidelines to promote risk finance investments and on short-term export credit insurance
EFTA Surveillance Authority (Brussels)
ESA adopts revised state aid guidelines on state aid to promote risk finance investments and on short-term export credit insurance* The EFTA Surveillance Authority (ESA) has adopted two sets of revised guidelines in the field of state aid: one on the promotion of risk finance investments and (...)

The EU Commission adopts a new version of its Guidelines on State aid to promote risk finance investments
European Investment Fund (Luxembourg)
1. Background: consistency with respect to SMEs access to finance support The European Commission (EC) adopted a new version of the Guidelines on State aid to promote risk finance investments (RFG 2022) on 6 December 2021, which will apply as of 1 January 2022. The background is significant, (...)

The EU Commission adopts revised Guidelines on State aid to promote risk finance investments
European Commission - DG COMP (Brussels)
State aid: Commission adopts revised Guidelines on State aid to promote risk finance investments* The European Commission has adopted revised Guidelines on State aid to promote risk finance investments(the ’Risk Finance Guidelines’). The revised Guidelines will apply from 1 January 2022. They (...)

The EU Commission declares a tax on financial institutions with liabilities exceeding €15.1B compatible with EU State aid rules notwithstanding its selective nature
Maastricht University
A Non-Selective Financial Tax with a Narrow Scope* The scope of a tax must be objectively defined in order for those excluded from the tax not to benefit from a selective advantage. Introduction Taxes are burdens, so they fall outside the scope of Article 107(1) TFEU which prohibits (...)

The EFTA Surveillance Authority concludes that no State aid was provided to two of Iceland’s state-owned banks (Landsbankinn / Íslandsbanki)
EFTA Surveillance Authority (Brussels)
ESA concludes no state aid was provided to Iceland’s Landsbankinn and Íslandsbanki* The EFTA Surveillance Authority (ESA) has today closed a complaint case brought by Arion Banki, a privately owned bank, in which it alleged that Iceland’s two state-owned banks – Landsbankinn and Íslandsbanki – (...)

The EU Court of Justice upholds the General Court’s classification of the Spanish tax rules on the amortization of financial goodwill as State aid incompatible with the internal market (Deutsche Telekom / Banco Santander / Sigma Alimentos Exterior / Prosegur Compañia de Seguridad / Duty Free Group / Banco Santander / Santusa)
European Court of Justice (Luxembourg)
The Court of Justice dismisses the appeals brought against the judgments of the General Court upholding the classification of the Spanish tax rules on the amortisation of financial goodwill as State aid incompatible with the internal market* In 2007, after a number of written questions had (...)

The EU Commission approves a €520 million Italian scheme to compensate the trade fairs and congress sector for damages suffered due to the COVID-19 pandemic Free
European Commission - DG COMP (Brussels)
State aid: Commission approves €520 million Italian scheme to compensate the trade fairs and congress sector for damages suffered due to the coronavirus outbreak* The European Commission has approved, under EU State aid rules, a €520 million Italian scheme to compensate companies active in the (...)

The EU Commission approves prolongation of market conform asset protection scheme for banks in Greece
European Commission - DG COMP (Brussels)
State aid: Commission approves prolongation of market conform asset protection scheme for banks in Greece* The European Commission has approved the prolongation of an existing Greek scheme aiming at supporting the reduction of non-performing loans of Greek banks on the basis that it remains (...)

The EU Court of Justice confirms that Italian deposit guarantee scheme intervention in support of a bank did not constitute State aid (Banca Popolare di Bari)
Cleary Gottlieb Steen & Hamilton (Brussels)
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Cleary Gottlieb Steen & Hamilton (Rome)
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Link Campus University (Rome)
On March 2, 2021, in dismissing the appeal brought by the European Commission against the judgment of the EU General Court in the Tercas case, the EU Court of Justice issued a landmark ruling on the standard of proof for the imputability to the State of support measures granted by private (...)

The EU Court of Justice rejects the Commission’s appeal concerning alleged aid granted to a bank and clarifies the requirements for the imputability test in the case of private entities (Banca Popolare di Bari)
Hogan Lovells (Brussels)
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Van Bael & Bellis (Brussels)
On 2 March 2021, the Grand Chamber of the Court of Justice (“ECJ”) confirmed the judgment of the General Court (“GC”) in Tercas (19 March 2019, Italy and Others v Commission, Joined Cases T-98/16, T-196/16 and T-198/16). The judgments on appeal and at first instance provide important guidance on (...)

The EU Court of Justice confirms that support measures adopted by an Italian bank consortium did not constitute State aid (Banca Popolare di Bari)
Ashurst (Brussels)
On 2 March 2021, the European Court of Justice ("ECJ") dismissed in its entirety the European Commission’s appeal against the General Court’s judgment regarding financial support adopted by an Italian consortium of banks for the benefit of one of its members. The General Court found correctly (...)

The EU Court of Justice rejects the appeal brought by the Commission against the General Court’s decision concerning the measures adopted by Italian banks to support one of its members (Banca popolare di Bari)
Maastricht University
Can the Decision of a Private Entity be Imputed to the State?* Introduction One of the trickiest aspects of determining whether a financial transaction involves State aid is its attribution or imputation to a decision of the state, especially when the entity providing the funding is private. (...)

The EU Court of Justice decides that the measures adopted by a consortium of Italian banks to support one of its members do not constitute State aid (Banca Popolare di Bari)
European Court of Justice (Luxembourg)
The Court of Justice dismisses the appeal brought by the Commission against the judgment of the General Court concerning the measures adopted by a consortium of Italian banks to support one of its members* The General Court rightly found that those measures do not constitute State aid because (...)

The EU Commission publishes its new Temporary Framework for State Aid measures to support the economy during the COVID-19 pandemic Free
Maastricht University
Liquidity Assistance to Banks to Counter the Effects of Covid-19* Any direct public support of financial institutions affected by covid-19 has to comply with both State aid rules and the rules of the banking union. Introduction The Temporary Framework for State aid to combat covid-19 (...)

The EFTA Surveillance Authority clears amendments to the Norwegian trade credit insurance scheme due to the COVID-19 pandemic Free
EFTA Surveillance Authority (Brussels)
COVID-19 pandemic: ESA clears amendments to Norwegian trade credit insurance scheme* The EFTA Surveillance Authority (ESA) has today approved amendments to a scheme ensuring access to trade credit insurance for enterprises with activity in Norway. The changes will align the scheme with (...)

The EFTA Surveillance Authority approves Norwegian prolongation of trade credit insurance scheme due to the COVID-19 pandemic Free
EFTA Surveillance Authority (Brussels)
COVID-19 pandemic: ESA approves prolongation of trade credit insurance scheme* The EFTA Surveillance Authority (ESA) has today approved the prolongation of a scheme ensuring access to trade credit insurance for enterprises with activity in Norway. The scheme aims to ensure access to trade (...)

The EU Court of Justice Advocate General Tanchev thinks the Court should dismiss the appeal of the Commission against the judgment of the General Court on support measures adopted by an Italian consortium of banks for the benefit of one of its members (Banca Popolare di Bari / Fondo interbancario di tutela dei depositi / Banca d’Italia)
European Court of Justice (Luxembourg)
According to Advocate General Tanchev, the Court should dismiss the appeal of the Commission against the judgment of the General Court on support measures adopted by an Italian consortium of banks for the benefit of one of its members* The General Court was right in considering that those (...)

The EU General Court rules that the Spanish tax system applicable to certain finance lease agreements entered into by shipyards constitutes an aid scheme and that the unlawful State aid granted under that system must be recovered from the beneficiaries (Spain / Lico Leasing / Pequeños y Medianos Astilleros Sociedad de Reconversión)
General Court of the European Union (Luxembourg)
The Spanish tax system applicable to certain finance lease agreements entered into by shipyards constitutes an aid scheme* The unlawful State aid granted under that system must be recovered from the beneficiaries In 2006, the European Commission received a number of complaints concerning the (...)

The EU General Court dismisses the actions for annulment in the "Spanish tax lease" saga (Spain / Lico Leasing / Pequeños y Medianos Astilleros Sociedad de Reconversión)
Van Bael & Bellis (Brussels)
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Hogan Lovells (Brussels)
On 23 September 2020, the General Court delivered another judgment in the “Spanish tax lease saga”, concerning certain aid measures granted through tax provisions applicable to agreements put in place for the financing and acquisition of vessels in Spain. This judgment follows the annulment and (...)

The EU Commission approves German guarantee scheme to stabilise trade credit insurance market in COVID-19 outbreak Free
European Commission - DG COMP (Brussels)
State aid: Commission approves German guarantee scheme to stabilise trade credit insurance market in coronavirus outbreak* The European Commission has approved, under EU State aid rules, a German guarantee scheme to support the trade credit insurance market in the face of the coronavirus (...)

The EU Commission approves €10 billion French guarantee scheme to support domestic credit insurance market in COVID-19 outbreak Free
European Commission - DG COMP (Brussels)
State aid: Commission approves €10 billion French guarantee scheme to support domestic credit insurance market in coronavirus outbreak* The European Commission has approved, under EU State aid rules, a €10 billion French guarantee scheme to support the domestic credit insurance market in the (...)

The EU Commission approves Luxembourg guarantee measure to further support economy in COVID-19 outbreak Free
European Commission - DG COMP (Brussels)
State aid: Commission approves Luxembourg guarantee measure to further support economy in coronavirus outbreak* The European Commission has approved today another Luxembourg State aid scheme to support the Luxembourgish economy in the context of the coronavirus outbreak. The scheme was (...)

The EU Commission amends Short-term export-credit insurance Communication in light of the economic impact of COVID-19 outbreak Free
European Commission - DG COMP (Brussels)
State aid: Commission amends Short-term export-credit insurance Communication in light of economic impact of coronavirus outbreak* The European Commission has decided to temporarily remove all countries from the list of “marketable risk" countries under the Short-term export-credit insurance (...)

The EU Commission issues a communication recalling the various options for Member States that are within the rules and adopts a Temporary Framework for support measures to help with the effects of COVID-19 in order to prevent unfair distortions of competition and trade within the EU’s internal market Free
WilmerHale (Brussels)
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WilmerHale (Brussels)
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WilmerHale (Brussels)
The COVID-19 crisis is first and foremost a health issue, as governments around the world seek to limit and treat its effects and save lives. However, it is also an immediate economic and social issue, as companies and individuals strive to deal with its effects on their livelihoods—from (...)

The EU General Court dismisses the appeal of financial services companies which wanted to annul a State aid (BPC Lux 2)
Maastricht University
Bail-in Is the Responsibility of Member States* Introduction Investors in banks who lost their money have sought compensation both at EU and national level. So far, claims for damages at EU level have been unsuccessful. In some instances, the cases before EU and national courts have been (...)

The EU Commission approves under EU State aid rules Romania’s plans to inject €200 million of capital in a fully state-owned Bank (CEC Bank)
European Commission - DG COMP (Brussels)
State aid: Commission approves market conform recapitalisation of Romanian CEC Bank* The European Commission has found Romania’s plans to inject €200 million of capital in fully state-owned CEC Bank to be free of any State aid. The Commission found that the recapitalisation will be carried out (...)

The EU Commission finds that Greek plans aimed at supporting the reduction of non-performing loans of Greek banks are in line with EU State aid rules
European Commission - DG COMP (Brussels)
STATE AID: COMMISSION APPROVES MARKET CONFORM ASSET PROTECTION SCHEME FOR BANKS IN GREECE* The European Commission has found Greek plans aimed at supporting the reduction of non-performing loans of Greek banks to be free of any State aid. The Commission found that, under the asset protection (...)

The EU Commission approves a State aid scheme partly because it didn’t contain aid and partly because it was compatible with the internal market (Primary Residence Protection Scheme)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The Dutch Court of Appeals for Amsterdam rules the total annulment of a public loan guarantee would not breach the legal principles of fairness and reasonableness when trying to restore the competitive landscape (Commerz)
Freshfields Bruckhaus Deringer (Amsterdam)
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Freshfields Bruckhaus Deringer (Amsterdam)
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Freshfields Bruckhaus Deringer (Amsterdam)
For the facts of the case, please refer to the case summary of the judgment from the Supreme Court of the Netherlands, 27 May 2016 (Commerz v Rotterdam Port Authority) ECLI:NL:HR:2016:994. Taking into account the preceding judgments of the Supreme Court of the Netherlands and the Court of (...)

The EU General Court dismisses an action in annulment against a decision of the EU Commission declaring compatible an unlimited guarantee granted by France for the indemnification of natural disasters (Scor)
Orrick, Herrington & Sutcliffe (Paris)
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Orrick, Herrington & Sutcliffe (Paris)
1. Background: Back in 2013, Scor SE (“Scor”), whose subsidiary is engaged on the French market for the reinsurance of risks relating to natural disasters, lodged a complaint with the European Commission alleging unlawful and incompatible State aid in favor of Caisse Centrale de Réassurance (...)

The EU Court of Justice provides guidance on the assessment of violations of free movement of capital in relation to State aid scheme (A-Fonds)
Van Bael & Bellis (Brussels)
On 2 May 2019, the Court of Justice of the EU (“ECJ”) delivered a judgment on a request for a preliminary ruling by the Dutch Court of Appeal of ’s-Hertogenbosch. The request was made in proceedings between A-Fonds, an investment undertaking governed by German law, and the Dutch tax (...)

The EU Commission concludes that aspects of UK controlled foreign company rules constitute unlawful State aid
Morgan Lewis (London)
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Morgan Lewis (London)
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Morgan Lewis (London)
This article has been nominated for the 2020 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The European Commission has published a summary of its findings in its state aid investigation into the U.K.’s controlled foreign company (CFC) finance company (...)

The EU General Court annuls Commission’s State aid decision on support payments which were found as incompatible with national laws (Banca Tercas)
Clariant (Pratteln)
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Jones Day (Brussels)
In Short 

The Situation: The EU General Court annulled the European Commission’s ("Commission") decision that Fondo Interbancario’s support payment to financially distressed Banca Tercas breached EU State aid rules. Fondo Interbancario is a mandatory deposit guarantee scheme in Italy. 

 (...)

The EU Commission launches an evaluation of several sets of State aid rules that expire in 2020 and plans to extend them for two more years
European Commission - DG COMP (Brussels)
State aid: Commission to prolong EU State aid rules and launch evaluation* The European Commission plans to prolong for two years seven sets of State aid rules, otherwise expiring in 2020. The Commission has also launched today an evaluation of those rules and of other State aid rules to (...)

The EU Commission finds a Cypriot State aid scheme for vulnerable households borrowers to be compatible with the internal market
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU General Court confirms selectivity of Spanish tax scheme for the amortisation of financial goodwill (Deutsche Telekom / Banco Santander / Sigma Alimentos Exterior / Prosegur Compañia de Seguridad / Duty Free Group / Banco Santander / Santusa)
Van Bael & Bellis (Brussels)
On 15 November 2018, the General court (“GC”) issued several judgments in cases relating to a European Commission decision classifying a Spanish tax scheme for the amortisation of financial goodwill as incompatible state aid (Cases T-207/10, T-227/10, T-239/11, T-405/11, T-406/11, T-219/10 and (...)

The EU Commission approves a Slovenian aid in the banking sector (Nova Ljubljanska Banka)
European Commission - DG COMP (Brussels)
State aid: Commission approves new Slovenian commitment package for Nova Ljubljanska Banka* The European Commission has concluded that Slovenia’s aid for Nova Ljubljanska Banka (NLB) remains compatible with EU State aid rules on the basis of a new commitment package submitted by the Slovenian (...)

The EU Court of Justice holds that State aid selectivity can exist for final and intermediary beneficiary (Spain / Lico Leasing / Pequeños y Medianos Astilleros Sociedad de Reconversión)
Maastricht University
*Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Court of Justice annuls a judgment of the General Court, finding that previously granted State aid must be disregarded when it applies the private investor principle (FIH)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Court of Justice sets aside the General Court’s annulment of the Commission’s decision concerning state aid granted to a Danish bank (FIH)
McDermott Will & Emery (Brussels)
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McDermott Will & Emery (Brussels)
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Norton Rose Fulbright (Brussels)
When considering whether a measure constitutes State aid for the purposes of Article 107(1) TFEU and applying the well-established private operator principle, one should take into account both the private creditor test and that of the private investor depending on the nature of the transaction. (...)

The Austrian Supreme Court finds that the protective scope of standstill obligations does not include the prevention of damages incurred by a competitor who has been unlawfully passed over in a public tender (Bank Burgenland III)
University of Vienna (Vienna)
Background & Facts of the case One of the most prominent lines of recent Austrian State aid case law is probably the one pertaining to Bank Burgenland (“BB”), which, until its privatisation, was a regional bank taking the form of a company limited by shares under Austrian law with its (...)

The EU Commission finds that German financial instruments supporting the renovation of a congress centre are State aid compatible with the internal market (Revitalisation of the Hamburg Congress Centre)
Maastricht University
Calculating the Amount of State Aid in a 100% Public Guarantee* The proxy rates in the Commission Notice on Guarantees cannot be used in cases of state guarantees that cover 100% of the underlying loans. Introduction Last week’s article reviewed the terms of the operation of regional airports (...)

The EU Commission finds that the sale of part of an Austrian bank is not State aid according to the market economy operator test (Kommunalkredit Austria)
Maastricht University
Sale of State-Owned Bank* The sale of a public asset is free of State aid when it is open, transparent, non-discriminatory, unconditional and the award is made to the highest binding and credible offer. Introduction The rules on State aid to financial institutions and banks have become very (...)

The EU Commission finds that recapitalisation of a Portuguese bank is not a State aid according to the market economy investor principle (Caixa Geral de Depósitos)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Commission approves State aid granted to Italy’s third largest bank in order to rectify a serious disturbance in the Italian economy (Liquidity support to MPS bank)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Court of Justice renders a preliminary ruling on deposit guarantee schemes (Paul Vervloet / Ministerraad)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Commission finds that a State guarantee on a bond to be issued by a Greek bank to improve its liquidity is aid compatible with the internal market (Attica Bank)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Commission finds that a Croatian scheme to save banks in financial distress is compatible with State aid rules and the Directive on bank recovery and resolution (Resolution scheme for small credit institutions with total assets below EUR 1.5 billion)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU General Court finds that the asset transfer between two companies constituted a State aid and is compatible with the internal market on certain condition (FIH)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU General Court hands down a controversial judgment expanding market economy investor principle in a financial crisis case (FIH)
University of Bergen
A controversial expansion of the MEIP in a financial crisis case - the GC judgment in Case T-386/14 FIH of 15 September 2016 (under appeal)* Introductory remarks Following such landmark cases as Ryanair, EDF and ING, one may observe a truly impressive expansion and development of the MEIP (...)

The EU Court of Justice confirms the validity of the EU Commission’s 2013 Banking Communication (Kotnik)
Shearman & Sterling (London)
In its judgment of 19 July 2016, the Court of Justice of the European Union confirmed that the European Commission’s 2013 Banking Communication is not contrary to EU law. The Court clarified that the burden-sharing requirements do not apply automatically and that in exceptional cases the (...)

The EU Court of Justice considers the compatibility of the bail-in provisions in the 2013 banking communication with the principle of proportionality (Kotnik)
Intesa Sanpaolo (Milan)
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Intesa Sanpaolo (Milan)
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Intesa Sanpaolo (Milan)
Bank rescue in the European Union. From bail-out to bail-in* States have traditionally faced banking crisis through the so-called bail-out tool: public resources have been used for a long time in order to rescue banks, putting the burden on public finance, thus on taxpayers. Actually, this is (...)

The Dutch Supreme Court determines that an action by an officer of the State is not automatically an act of the State, in the context of State aid cases, instead a court must consider the broader factual background to decide imputability (Commerzbank)
Freshfields Bruckhaus Deringer (Amsterdam)
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Freshfields Bruckhaus Deringer (Amsterdam)
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Freshfields Bruckhaus Deringer (Amsterdam)
Similar to the Residex saga, the Commerzbank judgments concerned the grant of a guarantee by the director of the Rotterdam Municipal Port Authority (GHR). On 5 November 2003, Commerzbank Nederland (Commerz) provided a credit of EUR 25 million to RDM Vehicles B.V. (RDM Vehicles), which was to be (...)

The Lisbon Court of Appeal delivers judgement on the execution of state aid recovery (Banco Privado Portugues)
Morais Leitão, Galvão Teles, Soares da Silva (Lisbon)
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Morais Leitão, Galvão Teles, Soares da Silva (Lisbon)
Background and facts of the case In the context of the judicial liquidation process of the Portuguese bank Banco Privado Português, S.A. (“BPP”), the creditors filed an appeal before the Lisbon Court of Appeal against the final decision, in which certain credits were judged to be recognized and (...)

The EU Commission finds that a Greek resolution measure to cover a bank’s funding gap does not constitute State aid (Bank of Peloponnese)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Court of Justice reminds that a new State guarantee must be notified, and when it is not, its beneficiaries do not have remedies under EU Law (OTP Bank Nyrt / Magyar Állam)
European University Institute (Florence)
*Article published on State Aid Hub (click here), republished in e-Competitions with the courtesy of the author(s). The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU Court of Justice and General Court explain how to determine whether state guarantees constitute State aid and how much aid is involved (Banco Privado Português)
Maastricht University
State Guarantees* The amount of State aid in a guarantee that makes possible the granting of a loan to a well-collateralised firm in difficulty is not the difference in premium but the difference in interest rates. Beneficiaries of guarantees not notified to the Commission do not have any (...)

The EU Commission closes an investigation regarding a State aid scheme and proves that it will pursue ex post monitoring vigorously (Enterprise Capital Funds)
Maastricht University
Ex post Monitoring of a Risk Capital Fund* Ex post monitoring will be pursued vigorously by the Commission. Irregularities in the implementation of State aid measures may lead to the opening of the formal investigation procedure. Introduction This article examines Commission decision (...)

The EU Commission clears an acquisition in the baking sector through a division of assets (Catalunya Banc / BBVA)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU General Court holds that tax measures are selective when they constitute an exception or deviation from the normal tax system, and are limited to a pre-defined group of undertakings (Banco Santander)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

The EU General Court upholds the Commission’s decision to approve a restructuring aid given to a financial institution conditional on divestment of public shareholdings (Westfälisch-Lippischer Sparkassen-und Giroverband / Commission)
Maastricht University
* Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no (...)

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