CASE COMMENTS: STATE AID – EUROPEAN UNION – BANKING SECTOR – AMOUNT OF AID

Annulment: The General Court of the European Union annuls a Commission decision, because of a mistake made in the calculation of the amount of aid (FIH)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. FIH is a Danish bank that has benefited from measures taken by Denmark as early as 2009 to stabilise its banking sector. Two measures in particular were approved by the Commission under aid schemes compatible with the internal market: one consisted of a hybrid A-class capital injection; the other was a state guarantee used by FIH to issue bonds. Between 2009 and 2011, the rating agency Moody's lowered FIH's rating from A2 to B1 with a negative outlook. In 2012, Denmark notified a new package of measures in favour of FIH to the Commission. These measures were essentially aimed at transferring FIH's most problematic assets to a new subsidiary of FIH

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  • European Commission - Legal Service (Brussels)

Quotation

Bruno Stromsky, Annulment: The General Court of the European Union annuls a Commission decision, because of a mistake made in the calculation of the amount of aid (FIH), 19 September 2019, Concurrences N° 4-2019, Art. N° 92428, pp. 149-151

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