General Court overturns EC, finds ING’s cheaper loan financing constitutes state aid that is compatible with the common market
The General Court has ruled on Friday, March 2 that ING’s cheaper loan financing constitutes state aid that is compatible with the common market. ING had received 10 billion euros in its bailout package from the Netherlands, the terms of which required ING to reduce its balance sheet, split operations, and sell assets as the terms of the state aid. In 2009, ING and the Netherlands agreed to amended repayment terms that amounted to 2 billion euros saved. The European Commission had found the amount to be illegal state aid, a decision that the General Court overturned.
As a result of the General Court’s ruling, ING may need to sell fewer assets. The ruling is also likely to have effects on other banks’ challenges to restructuring demands currently pending before the European Commission, such as those raised by Dexia, BayernLB, and Hypo Group Alpe Adria.
Related content: The State Aid Action Plan: A Bold Move or a Timid Step in the Right Direction? (Frederic Jenny, ESSEC Business School)
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI