ANNOUNCEMENT 16 Oct 2014

In October 2014, the government of Ireland announced a change in private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 16 Oct 2014 | Removal date: 31 Oct 2019
Still in force

Capital injection and equity stakes (including bailouts)

 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:

  • until 31 October 2015, approved by the European Commission on 5 May 2015 (SA.41371)
  • until 30 April 2016, approved by the European Commission on 16 November 2015 (SA.43423)
  • until 31 October 2016, approved by the European Commission on 4 May 2016 (SA.45129)
  • until 30 April 2017, approved by the European Commission on 11 October 2016 (SA.46437)
  • until 31 October 2017, approved by the European Commission on 17 May 2017 (SA.48099)
  • until 30 April 2018, approved by the European Commission on 25 October 2017 (SA.49194)
  • until 30 October 2018, approved by the European Commission on 30 April 2018 (SA.50692)
  • until 30 April 2019, approved by the European Commission on 8 November 2018 (SA.52132)
  • until 31 October 2019, approved by the European Commission on 27 May 2019 (SA.54005)

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.

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
N/A