The European Commission has authorised, under the EC Treaty rules on State aid, a further €2.45 billion capital injection into the institution to be created by the merger between the Caisse d’Épargne and Banque Populaire groups. The boards of the Caisse d'Epargne and Banque Populaire groups have approved a merger which will see them transfer most of the technical and human resources of their respective central bodies to a common central body. In order to put the new central body, which will be responsible for guaranteeing the liquidity and solvency of the entire group, on a sound financial footing, the French Government wants to increase the amount of capital it allocates to the Banque Populaire and Caisse d'Epargne groups.This French Government aid comes on top of that already granted to the Caisse d’Épargne and Banque Populaire groups under the French scheme to inject capital into credit institutions which the Commission approved on 8 December 2008, 28 January 2009 and 24 March 2009. Once the plan has been implemented, they will therefore have received a capital injection of €7.05 billion in total. The aid is in line with the Commission’s guidance on support measures for banks during the crisis.
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Commission authorises a further €2.45 billion capital injection for Caisse d’Épargne and Banque Populaire
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