Brussels, 27/02/2015 (Agence Europe) - On 27 February, the European Commission opened an in-depth investigation to assess whether support measures granted by the Italian mandatory deposit guarantee scheme Fondo Interbancario di Tutela dei Depositi (FITD) in favour of the ailing Italian bank Banca Tercas were in line with EU state aid rules.
Deposit guarantee schemes are mandatory under EU law to ensure that covered deposits (up to €100,000) are paid out when a bank is liquidated and exits the market. These savings guarantee schemes are not considered state aid. The Commission points out in a press release, however, that “when a mandatory deposit guarantee scheme intervenes beyond this pay-out function to grant support to ailing banks themselves, it is likely that the measures were granted through State resources and may procure the beneficiary bank an undue advantage over its competitors.” At this stage, the Commission considers that “FITD's interventions to support Banca Tercas may have constituted state aid within the meaning of EU rules.” (Élodie Lamer)