ANNOUNCED AS TEMPORARYYes
Bailout (capital injection or equity participation)
On 16 October 2014, the European Commission approved state aid worth 280 million EUR to Irish Credit Unions. This follows another restructuring scheme approved in 2011 (cf. Related Measures).
Out of the 280 million, 250 will be provided directly by the state for the restructuring of the Credit Unions. The remaining 30 million EUR will be obtained through a bank levy for stabilisation support.
According to the Commission, "the notified scheme concerns the provision of State resources to some operators, credit unions, within the financial sector, which is open to intense international competition. It is therefore capable of affecting trade between Member States and of distorting competition, to the extent that it confers an advantage on participating credit unions. The measure is selective because it is only open to credit unions" (art.28).
The scheme was planned to last for 6 months until 1 April 2015. It was later prolonged:
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.
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