Press Release: State aid: Commission approves restructuring aid for Greek bank Eurobank

On 29 April 2014, the European Commission found the restructuring plan of Eurobank Group to be in line with EU state aid rules. The plan would enable the bank to become viable in the long term without unduly distorting competition. Greece committed to a comprehensive set of measures covering both the restructuring of Eurobank's activities and the credit policy of the group. On the basis of the plan, the Commission approved under EU state aid rules the restructuring aid granted by Greece to Eurobank Ergasias S.A., including recapitalisations by the Hellenic Financial Stability Fund (HFSF) in 2012 and 2013, as well as the HFSF's backstopping of the ongoing recapitalisation. The Commission also approved Eurobank's acquisition of Nea Proton Bank and New Hellenic Postbank, whose integration within Eurobank would reinforce the viability of the group without unduly distorting competition.

ESO: Background information: State aid: Commission authorises support package for Greek credit institutions http://www.europeansources.info/record/press-release-state-aid-commission-authorises-support-package-for-greek-credit-institutions/

European Commission: DG Competition http://ec.europa.eu/competition/index_en.html

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