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 SA/NV 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." Although Competition Commissioner Neelie Kroes stated that the Dutch government was "[j]ustified in intervening to prevent the bankruptcy of Fortis Bank Nederland, which would have caused a serious disturbance of the Dutch economy," the Commission "has to ensure that the rescue aid was limited to the minimum necessary and did not create undue distortions of competition liable to cause problems for banks in other Member States." In particular, the EC has reason to believe that "this aid may not fulfill the conditions laid down in the Communication on how the state aid rules apply to banks during the current crisis," specifically that "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."