login
login
Image header Agence Europe
Europe Daily Bulletin No. 9554
Contents Publication in full By article 20 / 41
GENERAL NEWS / (eu) eu/state aid

Commission authorises rescue aid for Metronet companies

Brussels, 29/11/2007 (Agence Europe) - On Wednesday 28 November, the European Commission decided to authorise the rescue aid granted by the UK authorities to the Metronet Companies (Metronet Rail BCV Limited and Metronet Rail SSL Limited in administration). The aid amounts in total to £897 million (€1,329 million). The Metronet Companies have, since April 2003, been responsible, pursuant to long-term public-private partnership, for replacing and upgrading most of the infrastructure on 9 of 12 London Underground lines. On 18 July 2007, after they ran into serious financial difficulties, both Metronet Companies went to administration. On the same day the public authority 'Transport for London' (TfL) made an emergency funding available to the Metronet Companies in order to ensure the safe running of the London Underground. Following a detailed examination of the notification submitted by the UK authorities, the Commission has found that the aid designed to rescue the Metronet Companies is compatible with the Community state aid rules. (O.L.)

Contents

THE DAY IN POLITICS
GENERAL NEWS
SUPPLEMENT