In a judgement delivered on Friday 7 December, the Court of First Instance of the European Union has annulled the prohibition imposed on Belgium by the European Commission to make any payment under the Belgian State guarantee granted to three ARCO financial cooperative companies in order to protect the savings of their 800,000 shareholders, (Case T-664/14).
In 2014, the Commission considered the 'ARCO guarantee' to be illegal State aid that was incompatible with the internal market....