Concept of State aid : The General Court of the European Union annuls a Commission’s decision for insufficient statement of reasons regarding the evaluation of State aid amounts contained in the fees granted to an undertaking active in the export insurance credit sector (Sace, Sace BT)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. Reminder of facts and procedure In February 2011, the Commission opened a formal investigation into four measures in favour of Sace BT, an Italian public-law body transformed into a public limited company in 2004 active in the field of export credit insurance: initial capital endowment of Sace BT of EUR 100 million, in the form of share capital and a capital contribution to the reserve fund of EUR 5,8 million, made on 27 May 2004; excess of loss reinsurance cover for marketable risks for the year 2009, granted on 5 June 2009 and relating to the part of the risks not covered by third parties operating on the market; and two successive capital contributions (EUR