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Belgium, European Union, Netherlands, United Kingdom
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November 18 2009
Today, the European Commission (EC) announced decisions regarding state aid for KBC Group NV (KBC), ING Groep NV (ING) and Lloyds Banking Group (Lloyds), which will "secure their long term viability," "require each of these banks to contribute substantially to the financing of their restructuring," and "ensure that none of these banks will enjoy an unfair competitive advantage as a result of the very large-scale public support they have received."
Today, ABN AMRO Group announced that it would not complete the split of a majority of its assets from Royal Bank of Scotland, NV (RBS NV), a prerequisite to the Dutch government's planned merger of ABN AMRO NV with Fortis Bank SANV, until the "1st quarter of 2010" at the earliest
Yesterday, the European Commission announced the opening of "an in-depth investigation under EC Treaty state aid rules" to determine whether the Dutch government's October purchase of Fortis Bank Nederland (Holding) NV (FBN) from Fortis SANV and Fortis NV, the subsequent provision of tens of billions in loans to FBN, and the government's December purchase of FBN's stake in ABN Amro NV (ABN) for 6.5 billion, were all "in line with EU state aid rules."
