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Europe Daily Bulletin No. 11116
ECONOMY - FINANCE - BUSINESS / (ae) state aid

Geens held to account by Belgian parliament

Brussels, 07/07/2014 (Agence Europe) - Belgian Finance Minister Koen Geens has been summoned to report to the Belgian Chamber of Deputies about the ARCO question, said the speaker of the chamber, Patrick Dewael, on VTM Nieuws television. Dewael said that, after his public statements, it would be good for the minister to address parliament and provide documentation, given the important budget consequences of the issue. Last Thursday, the European Commission rejected the Belgian guarantee scheme for shareholders in Belgian financial cooperatives as incompatible with EU state aid rules. The Commission says the guarantee provides a selective advantage to the Belgian financial cooperative, ARCO, which is the only beneficiary of the scheme, and which has been asked by the Commission to re-pay the money the scheme had provided it. Geens says he will challenge the decision at the European Court of Justice, particularly the aspect of the decision banning payments to cooperative members. Belga press agency says the minister has agreed to attend the hearing once all the new parliamentary committees have been set up. (EL)

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