Brussels, 21/12/2015 (Agence Europe) - On Friday 18 December, the European Commission concluded that the support to the resolution of the Cooperative Bank of Peloponnese did not include any state aid within the meaning of the EU rules. The Bank of Greece decided to place this bank, which holds 0.1% of the market share in Greece, under a resolution procedure, as it has not succeeded in covering its capital requirements from private investors.
The existing entity will therefore be placed into liquidation, along with all of its activities with the exception of deposits, which will be transferred to the National Bank of Greece (NBG). NBG purchased these deposits at market value in the framework of a tendering procedure. This transfer will be financed by the Greek resolution fund, but the Commission finds that this support from the resolution fund does not constitute state aid, as the deposits will be transferred at market value and the liquidation of the bank's other activities will be carried out with no state support. The Commission also notes that the acquisition of these deposits strengthens the cash position of NBG and therefore does not contradict its restructuring plan, which was approved on 4 December of this year (see EUROPE 11447). (Original version in French by Elodie Lamer)