Today, the European Commission approved a €320 million loan from Luxembourg and Belgium to assist in the restructuring of Kaupthing Bank Luxembourg S.A. The Belgian state contributed €160 million of the loan in light of the fact that the purpose was to compensate depositors with the Belgian branch of Kaupthing Bank Luxembourg. Under the restructuring, deposits with the Belgian branch of Kaupthing Luxembourg were sold to Credit Agricole Belgium's Keytrade Bank, an Internet lender owned by a group of Belgian cooperatives and France's Credit Agricole. In October, Kaupthing Bank, Iceland's largest bank and the parent of Kaupthing Bank Luxembourg, was taken over by the Icelandic Financial Supervisory Authority.