BRUSSELS, April 8 (Xinhua) -- The European Commission on Wednesday opened an investigation to determine whether state aid given to Fortis Bank Nederland and the Dutch activities of ABN Amro violated EU state aid rules.
The Dutch government took over the Dutch business of financial group Fortis and ABN for 16.8 billion euros last October, when the financial group was on the verge of bankruptcy because of the global financial crisis.
"At this stage, the Commission has reason to believe that the measures may not be in line with its communications on state aid to banks during the crisis," the Commission said.
"In particular, the temporal scope and remuneration of the loan facilities and the purchase price of the ABN activities do not seem to meet the criteria set by the Commission."
Before its purchase by the Dutch state, the FBN was a subsidiary of Fortis Bank and acquired ABN in 2007 in a consortium with RBS and Spain's Santander for 70 billion euros.
No comments:
Post a Comment