ANNOUNCED AS TEMPORARYNo
Additionally, a total value of EUR 12 billion (USD 13.43 billion) in state guarantees was approved on 25 June 2017 by the Italian authorities. These state guarantees are granted for the Italian company Intesa's financing of the "liquidation mass". The European Commission approved the state guarantees on the same day.
In this context, the European Commission noted: "As the aided banks exit the market there should be no distortion of competition in European banking markets."
However, the GTA considers this a state aid as the allocation of funds enables the sale of parts to Italian Intesa, a fully operational company, and therefore affecting competition.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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