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European Commission temporarily approves aid for GCD

By  |  July 18, 2012

The European Commission has temporarily approved aid of € 1 650 million of core Tier 1 capital into Caixa Geral de Depósitos S.A. (“CGD”), Portugal’s biggest banking group, for reasons of financial stability.  The Commission plans to make a final decision after it assesses recapitalization measures that Portugal had implemented for GCD on June 28, 2012. The measures were announced by the Portuguese Ministry of Finance on June 4, 2012 and officially came into affect on June 29, 2012.

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    The Commission after assessing these measures determined its soundness, and concluded that it contained sufficient safeguards against distortion of competition. The Commission therefore approved the  measures until December 29, 2012, or until Portugal submits a restructuring plan by that day.

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    Full Content: EC Press Release

     

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