Brussels, 04/12/2015 (Agence Europe) - On Friday 4 December, the European Commission opened an in-depth probe to assess whether aid of just under €1 billion granted by Denmark to Vestjysk Bank is compatible with EU state aid rules.
The Commission will in particular examine whether Vestjysk Bank's restructuring plan, unveiled in April 2012 and amended in June 2015, would restore the bank's long-term viability without unduly distorting competition (see EUROPE 10603). The Commission will also assess whether the bank and its owners contributed sufficiently to the costs of the restructuring and whether appropriate measures have been put in place to minimise the competition distortion brought about by state aid.
In 2012, the Commission temporarily approved up to €1.2 billion of state support for Vestjysk Bank A/S pending the submission of suitable restructuring measures. The Commission will assess the plan on the basis of its rules on state aid to banks during the financial crisis that were in force when the aid was granted in 2012. (Original version in French by Jan Kordys)