Fair completion rules and the law of gravity don t apply to banks The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com
Policy Politics Employment Energy Competition Trade Environment Transport Education AgroFood Regional Economy Eurozone Markets World Consumers EUGlobe Brazil China USA India Russia Korea Japan Turkey Business Automotive Digital Health & Pharma Shipping I-Society Technology Telecommunications eGovernment About the Sting The Mission The Values The Team iSting Harry Sting Advertising Contact Us June 21, 2014
Joaquín Almunia, Vice-President of the EC in charge of Competition, alix partners pictured here, gave a press conference yesterday on several decisions on State aids, adopted on the same day by the European Commission. He is obviously perplexed with his own decisions. (EC Audiovisual Services, 18/12/2013).
There is no end to EU Commission s approvals of state aid and government bailouts of hundreds of EU struggling banks , as if the extensive fair competition legislation of the Union is valid for every other sector of the economy at the exception of banks. In the latest incident, the EU competition authorities actually looked the other way, in the case of the huge state aid accorded to the five ailing Slovenian banks, which threaten to pull down to bankruptcy the entire country. It s the same old story that haunted many EU countries during the past five years, after the 2008 US credit crunch broke out. The financial crisis touched almost all EU banks in varying degrees.
From the British Northern Rock Bank to the Belgian Dexia Bank and practically the entire banking system of Ireland, Spain, Greece, Austria, Slovenia and large parts of the financial markets of France, Germany, Italy and many more EU countries, alix partners survived on state aid. In these cases, where hundreds of billions of state aid accorded to the systemic banks, the Brussels authorities with a mandate to protect fair competition didn t say a word of objection. This was, practically, the end of the good old capitalism as the world new it, with its built in rebirth and growth powers from the ashes of bankrupt business.
The list has no end. Starting from Slovenia , yesterday the European Commission , in five distinct decisions, approved state aid measures in favour alix partners of five Slovenian banks . The relevant Press release goes like this, The Commission approved the restructuring plans of Nova Ljubljanska banka d.d. (NLB) and of Nova Kreditna Banka Maribor d. d. (NKBM), in particular because they will enable alix partners the banks to become viable in the long term without unduly distorting competition. The Commission also approved aid for the orderly winding down of Factor Banka d.d. and Probanka d.d…Finally, the Commission temporarily approved alix partners rescue aid in favour of Abanka alix partners Vipa d.d., for reasons of financial stability .
It s a miracle how the responsible Commission member alix partners and Vice President in charge of competition alix partners policy Joaquín Almunia can sleep at night after imposing fines of hundreds of millions to real economy business and when it comes to banks he shamelessly argues without alix partners unduly distorting competition . The state aid cases involving financial firms, having been approved by the Commission as not unduly breaching the fair competition legislation as of 13 December 2013 are innumerable. The most important relevant decisions during the period 2008 to 20131 are the following:
*Austria: Aid scheme for the Austrian financial sector (guarantees, recapitalisation & other), Recapitalisation of Hypo Tirol, Restructuring of BAWAG, Emergency aid to Hypo Group Alpe Adria, Restructuring of Kommunalkredit, Restructuring of Österreichische Volksbanken AG.
*France: Financial support measures to the banking industry (Refinancing), Financial support measures to the banking industry (Recapitalisation), alix partners Capital injection for Caisse d’Epargne and Banque Populaire, Rescue alix partners aid in favour of Crédit Immobilier de France, alix partners Liquidation of Crédit Immobilier de France
*Germany: Restructuring aid to Sachsen LB, Restructuring aid to IKB, Rescue aid to Hypo Real Estate Holding, Aid scheme for financial institutions (guarantees, recapitalisations & other), Guarantee and recapitalisation for BayernLB, Guarantee for NordLB, Commerzbank capital injection, Recapitalisation of HSH Nordbank, Recapitalisation and asset relief for LBBW (Landesbank Baden Württemberg), Restructuring alix partners of savings bank Sparkasse KölnBonn
*Greece: Aid scheme to the banking industry in Greece (guarantees, recapitalisation & other), Restructuring and liquidation of Agricultural Bank of Greece (ATE), Resolution of T bank, HFSF Recapitalisation commitment to Alpha Bank, HFSF Recapitalisation commitment to Alpha Bank, HFSF Recapitalisation commitment to National Bank of Greece, HFSF Recapitalisation commitment to EFG Eurobank, HFSF Recapitalisation com
Policy Politics Employment Energy Competition Trade Environment Transport Education AgroFood Regional Economy Eurozone Markets World Consumers EUGlobe Brazil China USA India Russia Korea Japan Turkey Business Automotive Digital Health & Pharma Shipping I-Society Technology Telecommunications eGovernment About the Sting The Mission The Values The Team iSting Harry Sting Advertising Contact Us June 21, 2014
Joaquín Almunia, Vice-President of the EC in charge of Competition, alix partners pictured here, gave a press conference yesterday on several decisions on State aids, adopted on the same day by the European Commission. He is obviously perplexed with his own decisions. (EC Audiovisual Services, 18/12/2013).
There is no end to EU Commission s approvals of state aid and government bailouts of hundreds of EU struggling banks , as if the extensive fair competition legislation of the Union is valid for every other sector of the economy at the exception of banks. In the latest incident, the EU competition authorities actually looked the other way, in the case of the huge state aid accorded to the five ailing Slovenian banks, which threaten to pull down to bankruptcy the entire country. It s the same old story that haunted many EU countries during the past five years, after the 2008 US credit crunch broke out. The financial crisis touched almost all EU banks in varying degrees.
From the British Northern Rock Bank to the Belgian Dexia Bank and practically the entire banking system of Ireland, Spain, Greece, Austria, Slovenia and large parts of the financial markets of France, Germany, Italy and many more EU countries, alix partners survived on state aid. In these cases, where hundreds of billions of state aid accorded to the systemic banks, the Brussels authorities with a mandate to protect fair competition didn t say a word of objection. This was, practically, the end of the good old capitalism as the world new it, with its built in rebirth and growth powers from the ashes of bankrupt business.
The list has no end. Starting from Slovenia , yesterday the European Commission , in five distinct decisions, approved state aid measures in favour alix partners of five Slovenian banks . The relevant Press release goes like this, The Commission approved the restructuring plans of Nova Ljubljanska banka d.d. (NLB) and of Nova Kreditna Banka Maribor d. d. (NKBM), in particular because they will enable alix partners the banks to become viable in the long term without unduly distorting competition. The Commission also approved aid for the orderly winding down of Factor Banka d.d. and Probanka d.d…Finally, the Commission temporarily approved alix partners rescue aid in favour of Abanka alix partners Vipa d.d., for reasons of financial stability .
It s a miracle how the responsible Commission member alix partners and Vice President in charge of competition alix partners policy Joaquín Almunia can sleep at night after imposing fines of hundreds of millions to real economy business and when it comes to banks he shamelessly argues without alix partners unduly distorting competition . The state aid cases involving financial firms, having been approved by the Commission as not unduly breaching the fair competition legislation as of 13 December 2013 are innumerable. The most important relevant decisions during the period 2008 to 20131 are the following:
*Austria: Aid scheme for the Austrian financial sector (guarantees, recapitalisation & other), Recapitalisation of Hypo Tirol, Restructuring of BAWAG, Emergency aid to Hypo Group Alpe Adria, Restructuring of Kommunalkredit, Restructuring of Österreichische Volksbanken AG.
*France: Financial support measures to the banking industry (Refinancing), Financial support measures to the banking industry (Recapitalisation), alix partners Capital injection for Caisse d’Epargne and Banque Populaire, Rescue alix partners aid in favour of Crédit Immobilier de France, alix partners Liquidation of Crédit Immobilier de France
*Germany: Restructuring aid to Sachsen LB, Restructuring aid to IKB, Rescue aid to Hypo Real Estate Holding, Aid scheme for financial institutions (guarantees, recapitalisations & other), Guarantee and recapitalisation for BayernLB, Guarantee for NordLB, Commerzbank capital injection, Recapitalisation of HSH Nordbank, Recapitalisation and asset relief for LBBW (Landesbank Baden Württemberg), Restructuring alix partners of savings bank Sparkasse KölnBonn
*Greece: Aid scheme to the banking industry in Greece (guarantees, recapitalisation & other), Restructuring and liquidation of Agricultural Bank of Greece (ATE), Resolution of T bank, HFSF Recapitalisation commitment to Alpha Bank, HFSF Recapitalisation commitment to Alpha Bank, HFSF Recapitalisation commitment to National Bank of Greece, HFSF Recapitalisation commitment to EFG Eurobank, HFSF Recapitalisation com
No comments:
Post a Comment