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EU: Commission defeated in Court of Justice ING bailout fight

By  |  April 3, 2014

The European Commission emerged defeated in the EU Court of Justice as an earlier ruling that required the Commission to reexamine its conditions imposed on ING’s government bailout was upheld.

According to reports, the Commission was ordered to take another look at the concessions ordered on the Netherlands regarding its aid to ING following the 2008 financial crisis. A lower court in 2012 found that the Commission was wrong in finding that a revision of repayment terms amounted to $2.7 billion in additional aid on top of the $13.7 ING had already received.

In its decision Thursday, the Court of Justice said that the Commission was “under a duty” to request all the information it needed from the Netherlands to determine whether the nation met the criteria to be considered a private investor, but that it failed to do so.

State aid falls under the jurisdiction of EU competition law.

Full Content: Businessweek

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