Press Release: State aid: Commission temporarily approves rescue aid for Spanish savings banks NCG Banco, Catalunya Banc and Unnim Banc

The European Commission has granted temporary approval, under EU state aid rules, to the recapitalisations of NCG Banco, Catalunya Banc and Unnim Banc by the Fondo de Reestructuración Ordenada Bancaria ("FROB").

All three banks were created this year as part of the restructuring of the Spanish savings banks system. Final approval of the recapitalisations is conditional upon the submission of a restructuring plan that ensures that the banks will be viable in the long-term, that shareholders adequately share the burden of restructuring and that distortions of competitions are limited.