Brussels, 21/10/2004 (Agence Europe) - On Wednesday, the European Commission authorised a series of restructuring measures taken in the past by the Hungarian authorities in favour of Postabank és Takarékpénztar. These measures had been taken between 1995 and 2003 (i.e. before the country joined the EU) to help restructure Postabank and facilitate its privatisation, which finally took place in October 2003. Measures especially included capital injection of 152 billion forints (around EUR 600 million) in December 1998.
According to the terms of Hungary's Accession Treaty (and the treaties of any other new Member State), full subsidies granted before the country's EU membership could not be brought into question. The Commission, however, concluded that another measure notified, namely "indemnity for unknown claims" may lead to further claims beyond what was clearly defined by the date of accession. It therefore decided to open a formal investigation procedure. The opening of formal proceedings does not prejudge the final outcome of an investigation. The Hungarian government has a month in which to comment on the Commission's doubts and to answer its questions. The Commission will also publish a summary in the EU's Official Journal giving interested third parties the opportunity to forward their views.