CASE COMMENTS: STATE AIDS – ADVANTAGE – RIGHTS OF DEFENCE

Restructuring aids: The General Court of the European Union confirms that the aid granted by Austria and Germany to a bank is compatible with the internal market (Austria / Commission)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. Factual and legal context The judgment concerns an action for annulment by Austria against a Commission decision of 25 July 2012 (SA.XXX) declaring aid granted to Bayerische Landesbank (BLDB) by Germany and Austria compatible with the internal market. The aid was granted in the context of the 2008 financial crisis. In December 2008, BLDB urgently needs to strengthen its equity capital. In addition to a risk shield, Germany provides a capital injection of EUR 10 billion. The Commission approves the rescue aid under the usual conditions. The recapitalisation enables BLDB to inject €700 million into one of its subsidiaries, Hypo Group Alpe Adria (HGAA), based

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Author

  • Sheppard, Mullin, Richter & Hampton (Brussels)

Quotation

Jacques Derenne, Restructuring aids: The General Court of the European Union confirms that the aid granted by Austria and Germany to a bank is compatible with the internal market (Austria / Commission) , 28 January 2016, Concurrences N° 2-2016, Art. N° 78982, pp. 156-157

Visites 112

All reviews