Brussels, 21/01/2013 (Agence Europe) - On 21 January 2012, the European Commission granted temporary clearance to a €1.1 billion bailout by the Portuguese state of Portuguese bank Banco Internacional do Funchal SA (Banif) on condition that a restructuring plan is submitted by 31 March 2013. In order to prevent the bank from breaking the Portuguese bank regulation authority's capital requirements, Portugal notified the Commission on 11 January of its plan to recapitalise the bank via a subscription of shares worth €700 million and hybrid securities worth €400 million. The bank has already received massive state aid (some 10% of its risk-weighted assets) and given its current problems, the restructuring plan will downsize the bank and focus on its core business in Madeira and the Azores. The Commission will only give definitive clearance to the aid if it is satsified with the restructuring plan. (FG/transl.fl)