BANIF BANCO INTERNACIONAL DO FUNCHAL SA Banif - Banco Internacional do Funchal, S.A. informs about in- depth investigation open into its restructuring by the European Commission
According to a press release disclosed today, the European Commission has opened an in-depth investigation to assess whether State aid granted by the Portuguese Government to Banif - Banco Internacional do Funchal S.A. ('Banif') of 1,100 million euros, related to its 2013 recapitalisation process, was compatible with EU State aid rules.
In order to allow the European Commission to reach a final decision on the compatibility of this aid, the Portuguese State submitted a restructuring plan for Banif, which was amended several times, most recently in October 2014. The European Commission is assessing the proposed measures under the EU rules on state aid for the restructuring of banks during the crisis.
According to this announcement, the European Commission is currently assessing if the proposed measures are in accordance with these rules, which aim to restore the long-term viability of the bank without the state aid, ensure that the use of taxpayer money is limited to the minimum necessary to achieve this result, that the bank and its owners contribute sufficiently to the cost of the restructuring and that distortions of competition brought about by the subsidies are limited.
The Commission will proceed with the above mentioned in depth-investigation process, taking into account any views submitted by stakeholders, and working together with Portuguese authorities to ensure compliance with EU State aid rules.
Banif - Banco Internacional do Funchal, SA Limited Liability Company
Registered Office: Rua de João Tavira, 30 - 9004-509 Funchal
Share Capital: 1,720,700,000.00 euros
Single Registration and Corporate Taxpayer Number: 511 202 008
The full version of this notice is available on the European Commission website
http://europa.eu/rapid/press-release_IP-15-5439_en.htm
Lisbon, 24 July 2015
The Issuer
Banif - Banco Internacional do Funchal, SA Limited Liability Company
Registered Office: Rua de João Tavira, 30 - 9004-509 Funchal
Share Capital: 1,720,700,000.00 euros
Single Registration and Corporate Taxpayer Number: 511 202 008
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