Today, the European Commission announced its approval, under EU State Aid rules, of the restructuring of Latvian bank, Parex, which was partially nationalized in November 2008. under the restructuring proposal, "the core assets and operations of Parex will be transferred into a newly established bank called Citadele, with the remainder of Parex turned into a resolution bank," and sold over time. The EC concluded that, among other factors, the restructuring includes "an adequate contribution of the shareholders and holders of subordinated debt to the restructuring costs."