The European Commission has granted temporary approval, under EU state aid rules, to the recapitalisations of NCG Banco, Catalunya Banc and Unnim Banc by the Fondo de Reestructuración Ordenada Bancaria ("FROB"). All three banks were created this year as part of the restructuring of the Spanish savings banks system. Final approval of the recapitalisations is conditional upon the submission of a restructuring plan that ensures that the banks will be viable in the long-term, that shareholders adequately share the burden of restructuring and that distortions of competitions are limited.
EU & Competition
Commission temporarily approves rescue aid for Spanish cajas - Mayer Brown
The European Commission has granted temporary approval, under EU state aid rules, to the recapitalisations of NCG Banco, Catalunya Banc and Unnim Banc by the Fondo de Reestructuración Ordenada Bancaria ("FROB"). All three banks were created this year as part of the restructuring of the Spanish savings banks system. Final approval of the recapitalisations is conditional upon the submission of a restructuring plan that ensures that the banks will be viable in the long-term, that shareholders adequately share the burden of restructuring and that distortions of competitions are limited.
The “troika” and competition law- PLMJ
The Memorandum of Understanding entered into between the Portuguese State and the International Monetary Fund, the European Central Bank and the European Commission (the troika) sets forth a range of goals and measures that must be implemented by the Portuguese State in order to promote competition in the markets as a means of improving economic growth.
The Memorandum includes a section on competition, public procurement and the business environment, with the need to ensure a level playing field and to minimise rent-seeking behaviour in the Portuguese markets by strengthening competition as well as sectorial regulation is highlighted. In light of this, the Portuguese State is henceforth under the obligation of reviewing several competition rules related in particular with procedural issues that may affect the enforcement of competition law.
Competition law in Spain: what's next? - Allen & Overy
