12/12/2014 (Agence Europe) - Portugal must recover state aid granted to Banco Privado Português. The European Commission was right to consider that the guarantee offered by the Portuguese state in 2008 to the financial institution Banco Privado Português (BPP) to cover a loan of €450 million (EUROPE 10185) was illegal state aid and incompatible with the single market, the General Court of the EU declared in its verdict (case T-487/11) returned on Friday 12 December. The General Court found that the order to recover the aid was justified by the need to re-establish the situation on the market prior to the granting of the guarantee, which gave BPP an economic advantage likely to affect trade between member states and distort competition. (JK)