13/09/2012 (Agence Europe) - Go-ahead for recapitalisation of second biggest bank in Cyprus. On Thursday 13 September, the European Commission announced that it had given temporary approval for a state bailout by Cyprus of the Cyprus Popular Bank, the second biggest bank in the country, through a recapitalisation operation. This recapitalisation (€1.8 billion) was agreed for financial stability reasons by the Cypriot authorities and complies with “EU state aid rules because it is limited to the minimum necessary” and is part of the rescue projects to minimise the negative impact on competition, explained the Commission. (LC/trans/fl)