Brussels, 20/08/2013 (Agence Europe) - In mid-August, the European Commission gave the temporary go-ahead for the extension until at least 30 November 2013 of the public bailout of French bank Crédit Immobilier de France (CIF).
In February, France provided state aid to CIF to cover its immediate cash-flow, agreeing to expand the aid up to €19 billion (see EUROPE 10791). The extension will allow the bank to cover its treasury needs and complete its resolution plan under state aid rules, a plan that must be notified to the European Commission by Thursday 28 November 2013. The authorisation applies until the Commission has issued a final decision on the resolution plan or, if no plan is presented within the deadline, then until 28 November 2013. (MB/transl.fl)