The European Commission has decided that Greece’s reform of the supplementary pension regime in the banking sector does not involve State aid. In particular, the case involves the creation of a new legal entity in Greece called ETAT (the single insurance fund for bank employees) which would be guaranteed by the Greek State. The purpose of ETAT is to update and process the social security dossiers of bank personnel and to act as a link and mediation body between three key parties: (i) bank personnel, (ii) IKA-ETAM, which is the general security body for main pensions, and (iii) ETEAM, which is the general security body to which certain bank personnel are affiliated for their supplementary pension. The Commission concluded that ETAT would not perform an economic activity within the meaning of Articles 87 and 88 of the EC Treaty and so the Greek State's guarantee falls outside the application of EC Treaty State aid rules.