Brussels, 03/05/2013 (Agence Europe) - On 3 May, the European Commission gave the go-ahead to the state aid from Greece for the July 2012 wind-up of Agricultural Bank of Greece (ATE Bank). It had been concerned about whether the three measures amounted to illegal state aid, namely (i) a recapitalisation of €290 million granted in 2011, (ii) further aid of €7,471 million to address the funding gap between assets and liabilities, and (iii) a recapitalisation of €570 million benefitting the transferred activities. After examining the aid, the Commission decided that integration of the transferred activities into Piraeus Bank should ensure their viability in the long term, in particular in view of Greece's commitments regarding the integration. Indeed, the integration will be monitored by an independent trustee and will also be part of the assessment of Piraeus Bank's restructuring plan. Moreover, the aid granted in favour of the transferred activities was limited to the minimum necessary to make the transaction possible. Finally, the complete market exit of ATE bank limits the distortions of competition brought about by the aid. This decision does not have any bearing on the Commission's evaluation of the restructuring plan of Piraeus Bank. (FG/transl.fl)