On Monday 21 November, the European Commission confirmed its green light to the support provided by Portugal in 2015 for the resolution of the bank Banco Internacional do Funchal SA (Banif).
In December 2015, the European institution approved aid of €422 million to cover the transfer of impaired assets from Banif to Oitante, a special-purpose asset management vehicle owned by the Portuguese Resolution Fund (see EUROPE 11458).
However, the decision was made temporarily in view of the...