The European Commission has quickly published guidance on state aid to beleaguered financial institutions. The Communication from the Commission ‘The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis’ is available at:
http://ec.europa.eu/comm/competition/state_aid/legislation/banking_crisis_paper.pdf
The timely Communication builds on the ECOFIN principles, and it tries to steer a path between aiding fundamentally sound banks in a flexible manner and evading distortions between different players.
The Communication is going to be “hot stuff” for governments and banks and their advisors.
Ralf Grahn
Tuesday 14 October 2008
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