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State Aid

PR(09)81: The EFTA Surveillance authority has today adopted new Guidelines on restructuring aid to banks in Norway, Iceland and Liechtenstein

25.11.2009

The Authority has today adopted Guidelines on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the state aid rules.

In the context of the financial crisis, banks have benefited from rescue aid measures on the condition that they would, within six months, submit a restructuring plan. The Guidelines provide guidance regarding the approach the Authority will follow when assessing the restructuring plans submitted by the financial institutions.

The approach is based on the three following fundamental principles:

  • aided banks must be made viable in the long term without further state support,
  • aided banks and their owners must carry a fair burden of the restructuring costs, and
  • measures must be taken to limit distortions of competition within the European Economic Area.

The State Aid Guidelines can be consulted on the Authority's website:

http://www.eftasurv.int/fieldsofwork/fieldstateaid/state_aid_guidelines/

The Guidelines will apply as from today and until 31 December 2010.

 

For further information, please contact:

Ms Marianne Clayton
Competition and State aid Directorate
tel. (+32)(0)2 286 18 23

Mr Bjørnar Alterskjær
Deputy Director
Legal & Executive Affairs
tel. (+32)(0)2 286 18 98

 

Brussels, 25 November 2009




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