Brussels, 18/07/2012 (Agence Europe) - On Wednesday 19 July 2012, the European Commission temporarily approved an injection of €1,650 billion of core Tier 1 capital into Caixa Geral de Depositos S.A. (CGD) for reasons of financial stability. Portugal has committed to providing a restructuring plan for CGD within six months of the injection and the Commission has therefore authorised it until 29 December 2012 on a temporary basis, issuing a final decision at a later date about whether the aid complies with EU state aid rules, once it has assessed the Portuguese government's bailout plan. The recapitalisation consists of a subscription of ordinary shares issued by CGD in the amount of €750 million and of hybrid securities in the amount of €900 million, in order to improve the capital of CGD so that the bank complies with the European Banking Authority (EBA) stress test requirements. The measures were announced by the Portuguese Ministry of Finance on 4 June and implemented on 29 June 2012. The Commission found that the measures were well-targeted, limited to the minimum necessary and contained sufficient safeguards limiting distortions of competition. (FG/transl.fl)