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E.U.: Commission investigating potential misuse of state aid by Portugal bank

By  |  December 18, 2012
E.U.: Commission investigating potential misuse of state aid by Portugal bank

The European Commission has announced that it is looking into whether a unit of Caiza Geral de Depositos (CGD), Portugal’s largest bank, breached a previous Commission ruling that allowed $2.17 billion in capital to be pumped into the lender as long as it did not pay dividends and coupons on hybrid capital. According to the Commission, the unit, Caiza Geral Finance Limited, paid a dividend last September, an alleged misuse of state aid; the authority will now investigate the matter.

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