Press Release: State aid: Commission approves restructuring plan of Agricultural Bank of Greece

The European Commission has approved under EU State aid rules the restructuring plan of Agricultural Bank of Greece (ATE), judging it apt to restore the bank's long-term viability whilst ensuring it shares the burden of its restructuring and limits the distortions of competition. The plan involves a State recapitalisation of the bank of up to €1,144.5 million as well as liquidity measures. The bank committed to reduce it its overall assets by 25% during the restructuring period and to improve its efficiency.