CASE COMMENTS: STATE AID – RESTRUCTURING AID – FINANCIAL CRISIS

Restructuring aid – financial crisis: The European Commission approves Spanish restructuring aid for a retail bank (Caja Castilla-La Mancha)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. Eur. Comm., dec. C(2010)4453, 29 June 2010, Caja Castilla-La Mancha - Spain, NN 61/2009 Caja Castilla - La Mancha (CCM) is a Spanish savings bank, whose assets are fairly concentrated in the real estate sector. Due to the depreciation of its assets and the downgrading of its rating, in 2008 and in the first quarter of 2009 it lost the possibility of financing itself on the market. Its equity capital fell below the minimum required by law, as did its solvency ratio. In order to avoid its bankruptcy and then to allow its restructuring, aid was granted by the public authorities, namely a state guarantee for €1.1 billion (to secure an emergency credit

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  • European Commission - Legal Service (Brussels)

Quotation

Bruno Stromsky, Restructuring aid – financial crisis: The European Commission approves Spanish restructuring aid for a retail bank (Caja Castilla-La Mancha), 29 June 2010, Concurrences N° 1-2011, Art. N° 34219, pp. 165-166

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