Archive for the ‘Europa news’ Category

European economic crisis, Osborne says get your act in order

Wednesday, January 15th, 2014

Chancellor; Osborne’s speech European economic crisis,

& European union reform.

 

While Mr Osborne bleats on about European Union failures and it’s economic crisis and China and India beating the EU area countries with state of the art innovation and new technologies.  That once Great Britain was leading the world in. Mr Osborne forgot to mention why Britain is in this mess.

 

Can it possible be that the corrupt bleeding hearts of the British Government have spent so much taxpayer money on looking after too big to fail banks and bankers and their buddy insurance giants?  They forgot to look after the SME small and medium businesses.

 

These are the true innovators that take the risks and spend their own money setting up the new businesses that produce technical excellence.

 

So Mr Osborne until you realise that small businesses are much more important than the corrupt gangsters that have for years been the paymasters to the rule makers who produce laws to suit the bankers.

 

Small businesses are the backbone of Great Britain’s Future.

 

Spend your time Mr Osborne investing money where it produces results, put money where it’s required.

NOT WITH BANKS.

HE TOLD THE TRUTH.

Thursday, April 18th, 2013

 

 

 

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Speech: Meeting the challenge of Europe’s long-term financing needs: a pre-requisite for jobs and growth

Reference: SPEECH/13/308 Event Date: 11/04/2013

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European Commission

Michel BARNIER

Member of the European Commission, responsible for Internal Market and Services

Meeting the challenge of Europe’s long-term financing needs: a pre-requisite for jobs and growth

Eurofi High Level Seminar

Dublin, 11 April 2013

Ladies and gentlemen,

It is always a pleasure to participate in this annual conference on the eve of the Informal Ecofin Council. I would like to thank Eurofi and its president, Jacques de Larosière, for inviting me.

Tonight, I wish to talk about a consultation I recently launched on meeting the long term financing needs of the European economy.

But let me first spend a couple of minutes on our financial regulatory agenda.

Financial regulation and long term investments are linked.

Only a well-regulated financial system will inspire confidence and trust. And provide the right incentives for long-term investments.

When I was appointed Commissioner three years ago, Europe was facing the worst financial crisis the world had seen for over fifty years.

The crisis was largely caused by the absence of proper financial regulation and supervision.

Leaders called for global action.

Europe has acted on its global commitments.

Together with the European Parliament and the Council, we have agreed new rules to make the financial markets safer, more transparent and more stable.

A final agreement was recently found on our CRD IV package for banks.

This is no small step.

It means that Europe is one of the first regions in the world to fully implement the Basel 3 agreement.

And this major milestone came just one day after another breakthrough: the agreement on a Single supervisory mechanism for banks.

Of course, the final agreement departed from the Commission’s proposal in a number of ways.

Those are the rules of the game.

But the agreement delivers on the mandate of the European Council from June last year. It also preserves the Single Market.

This was crucial for the Commission.

So being here in Dublin, I want to take the opportunity to congratulate the Irish Presidency for the excellent work done so far.

However, the Single Supervisor cannot be a stand-alone piece of legislation.

As we have witnessed in Cyprus – transparent and clearly defined resolution procedures for banks are paramount.

Most European banks, like Cypriot banks, have branches and subsidiaries in other European countries.

So we need common rules.

It is becoming truly urgent to adopt, within the next few weeks, our Directive on Bank recovery and resolution.

Some Member States argue that we need much more flexibility and national discretion in the rules.

We disagree.

Yes, every bank and every crisis is different.

But we need to have one set of common, predictable rules.

National authorities need some flexibility. But national discretion must be limited and properly framed.

One word on bail-in in this context: —- This also means they can steal depositers money

Deposits under 100.000 Euros will always be protected. Would not believe the striked out comment.   ? Ltd Company

But shareholders, creditors and all other parties need to know in advance what to expect in case of resolution.

So we need to establish a clear order of claims.————— This means they will be allowed to steal your money after all the banks are just Ltd companies.

 

The Commission proposed that the bail-in tool would be applicable from 2018.

The ECB and others have recently called for an earlier application.

Let me be clear on this point: We are not against an application from an earlier date.

But the bail-in tool cannot be seen in isolation.

In order to avoid fragmentation in the Single Market, all parts of the banking union must be in place.

This includes agreement on the complete tool-kit of resolution tools.

And most importantly, common financial back-stops.

We need to find a swift agreement on all these subjects. I look forward to the discussion tomorrow with ministers and central bank governors.

We will also touch on the second element of the Banking Union – the Single Resolution Mechanism.

The Commission will make proposals this summer.

I believe we need one centralised resolution authority.

It should have a light but efficient and credible structure.

And from a European perspective, it would make sense and be both more coherent and effective, for those countries which belong to the Banking Union to establish a common resolution fund.

As was the case for the Single Supervisory Mechanism, we need to ensure that Member States outside the Euro zone can join the system if they so wish.

I am convinced that we can do this under the current Treaty.

Ladies and Gentlemen,

Let me now turn to long term financing.

New capital requirements, supervision and resolution will bring back financial stability.

But this is not sufficient to restore what Europe needs most: growth and jobs.

Europe’s economy faces massive long-term investment needs. As recognised by the G20, these are essential for innovation, competitive industries, modern infrastructures and green growth.

They require long-term financing. We need to make supply and demand meet.

Europe has strong assets for long-term investment: We have high levels of private savings and foreign investment.

Yet many factors are holding back long-term investment in Europe:

·         general risk aversion in companies

·         lack of confidence of both savers and investors

·         and banks are scaling back on their lending to the real economy.

We need to change this situation.

Banks will continue to play an important financing role in Europe.

But we need to ensure a more diversified system. With higher shares of direct capital market financing. And greater involvement of institutional investors.

Our recent Green Paper on long-term financing launches a public debate in four important areas:

First, the capacity of financial institutions to direct savings towards long-term investment projects

We must seek a good balance between prudential requirements and long-term investment incentives for banks.

We need to reflect on how institutional investors can complement commercial banks in the long-term financing process.

I am thinking about insurance companies and pension funds, as well as national and multilateral development banks.

Second, the effectiveness of financial markets

Corporate bond, equity and securitisation markets in Europe remain relatively under-developed compared to other economies.

The revised MiFID Directive will, once adopted, strengthen capital markets. And reduce short-term and speculative trading activities.

Beyond this, we must think of other ways to develop bond markets in Europe as an alternative to bank loans.

And we must ask ourselves how to revive the securitisation market. without compromising financial stability. We must not repeat the mistakes of the past in this area.

Third, we have to look at cross-cutting factors:

Potential ideas include developing specific saving tools at EU level. To mobilise longer-term savings.

But also tax incentives for long-term investment.

Last but not least, we need to facilitate SMEs’ access to financing

Not all SMEs are destined to become global players.

But all SMEs are important for Europe’s recovery and competitiveness. They are the backbone of the real economy.

The CRD 4 package keeps the current preferential treatment for lending to SMEs.

And the European Parliament and the Council have recently reached an agreement on rules on European venture capital funds.

Such funds will now be able to raise capital from investors and support start-ups all over Europe, based on a single set of rules.

But we need to continue and look for new ideas.

This is why I encourage all of you to participate in our public consultation.

It is by working together that we will find the best ways of encouraging long-term investment.

Laying the groundwork for stronger growth and more jobs in Europe.

Thank you.

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Reference : SPEECH/13/308 Event Date : 11/04/2013

Keywords

INTMARSER, BARNIER, SPEECH, COMDOC

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EC

Publication date

12/04/2013 09:18

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SOMEONE TOLD THE TRUTH,

Monday, April 15th, 2013

SPEECH-13-309_EN

State aid for Italian bank Monte dei Paschi

Saturday, January 5th, 2013

 

 

EXME 12 / 17.12

Midday Express of 2012-12-17

News from the European Commission’s Midday Briefing

Nouvelles du rendez-vous de midi de la Commission européenne

Supporting growth and jobs in Greece – Task Force for Greece quarterly report December 2012

The Commission’s Task Force for Greece has presented its third quarterly report on technical assistance for Greece. The report describes the assistance provided by the Task Force, the Member States, international organisations and other specialist bodies to support Greece in the implementation of its ambitious reform agenda.

Fighting tax evasion: stronger EU rules enter into force on 1st January

New EU rules which will improve Member States’ ability to assess and collect the taxes that they are due will enter into force on 1 January 2013. The Directive on Administrative Cooperation in the field of taxation lays the basis for stronger cooperation and greater information exchange between tax authorities in the EU. One of the key aspects of the Directive is that it brings an end to bank secrecy: one Member State cannot refuse to give information to another just because it is held by a financial institution.

New VAT rules to make life easier for businesses from 1st January 2013

From 1st January 2013, new EU VAT rules enter into effect, which will make life much simpler for businesses across Europe.

First, electronic invoicing will have to be treated the same as paper invoicing, enabling companies to choose the VAT invoicing solution that works best for them. This has the potential to save businesses up to €18 billion a year in reduced administration costs.

Transport: Commission reinforces safety for EU ships

The European Commission today adopted a proposal for a new directive on marine equipment (the “MED”). Marine equipment represents a significant fraction of the value of a ship, and its quality and good operation are critical for the safety of the ship and its crew, as well as for the prevention of maritime accidents and pollution of the marine environment. The marine equipment industry is a high added-value sector with high levels of investment in research and development.

Environment: New rules on cleaner fuels for shipping will deliver benefits for people’s health

New environmental rules on marine fuels, entering into force today, will substantially reduce air pollution and its impacts on human health. Air pollutants from maritime shipping are transported over long distances and as a result contribute increasingly to the air quality problems in many European cities. Without any action, sulphur emissions from shipping in EU sea areas would exceed those from all land-based sources by 2020. The revised legislation will put an end to this trend reducing not only sulphur emissions but more importantly particulate matter, marking a clear step forward in protection of people’s health and the environment.

State aid: Commission temporarily approves rescue aid for Italian bank Monte dei Paschi

The European Commission has temporarily approved, under EU State aid rules, a €3.9 billion recapitalisation of Italy’s third largest bank Monte dei Paschi di Siena S.p.A (“MPS”) for reasons of financial stability. The measure will enable the bank to comply with recommendations from the European Banking Authority. The approval is conditional upon the submission of a restructuring plan within six months from today’s decision.

New ranking targets 500 universities

Five hundred universities from across Europe and the world are expected to take part in a new international university ranking initiated by the European Commission, it was announced today. The new listing, U-Multirank, will differ from existing rankings by rating universities according to a broader range of performance factors, aimed at providing a more realistic and user-friendly guide to what they offer. The new ‘multi-dimensional’ ranking will rate universities in five separate areas: reputation for research, quality of teaching and learning, international orientation, success in knowledge transfer (eg partnerships with business and start-ups), and regional engagement. Universities are being invited to sign up for the new ranking in the first half of 2013, and the first results are due in early 2014. U-Multirank will be formally launched at a major conference on 30-31 January in Dublin under the Irish Presidency of the European Union.

Commission to fund top research chairs in less-developed regions

Grants of up to €2.4 million will be awarded to universities or research institutions in less developed regions in Europe, under a pilot programme of the European Commission. The aim of the so-called ERA Chairs initiative is to attract outstanding academics to places that want to be on the international map for top research.

150 million people benefitted from EU Food Facility, new report shows

A new report on the EU’s Food Facility, set up in 2008 to counter the negative effects of the food crisis, show that in three years, the EU has improved the lives of over 59 million people in 49 countries, and provided indirect support for 93 million others (by for instance enabling people to benefit from increased opportunities for trade in the area, and to learn improved skills from neighbouring farmers).

October 2012 – Euro area international trade in goods surplus of 10.2 bn euro – 9.4 bn euro deficit for EU27

The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in October 2012 gave a 10.2 bn euro surplus, compared with -0.7 bn in October 2011. The September 2012 balance was +9.5 bn, compared with +0.8 bn in September 2011. In October 2012 compared with September 2012, seasonally adjusted exports fell by 1.4% while imports increased by 0.6%. These data are released by Eurostat, the statistical office of the European Union. The first estimate for the October 2012 extra-EU27 trade in goods balance was a 9.4 bn euro deficit, compared with -11.3 bn in October 2011. The September 20122 balance was -12.5 bn, compared with -11.4 bn in September 2011. In October 2012 compared with September 2012, seasonally adjusted exports decreased by 1.7% while imports rose by 0.3%.

Third quarter 2012 compared with third quarter 2011 – Euro area hourly labour costs rose by 2.0% – Up by 1.9% in EU27

Hourly labour costs in the euro area (EA17) rose by 2.0% in the year up to the third quarter of 2012, compared with 1.9% for the second quarter of 2012. In the EU27, the annual rise was 1.9% up to the third quarter of 2012, the same as the previous quarter. These figures are published by Eurostat, the statistical office of the European Union. The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 2.0% and the non-wage component by 1.7% in the year up to the third quarter of 2012, compared with 2.1% and 1.4% respectively for the previous quarter. In the EU27, hourly wages & salaries rose by 2.0% and the non-wage component by 1.9% in the year up to the third quarter of 2012, compared with 2.0% and 1.6% respectively for the second quarter of 2012.

Medical research in EU gets boost through 8th IMI call for proposals

The European Union’s Innovative Medicines Initiative, a partnership between the public and private sectors to develop new treatments for patients, has today launched new calls for research projects to tackle antimicrobial resistance (AMR), explore better ways to classify diseases and create a European pluripotent stem cell bank. The AMR calls aim at developing new drugs targeting Staphylococcus aureus, the leading cause of antibiotic-resistant healthcare-associated infections worldwide, and Gram-negative bacteria (e.g. E-coli), which are responsible for two thirds of the 25,000 annual AMR-related deaths reported in Europe. With cases on the rise, new antibiotics are urgently needed to treat these infections. The total budget of the calls is €242.7 million. For more details, visit: http://www.imi.europa.eu/content/8th-call-2012

Commission approves extension of Portuguese guarantee scheme for credit institutions

The European Commission has authorised, under EU State aid rules, the extension until 30 June 2013 of a guarantee scheme for credit institutions in Portugal. The Portuguese guarantee scheme was initially approved on 29 October 2008 (see IP/08/1601) and prolonged on 22 February 2010 (see MEX/10/0222), on 23 July 2010 (see IP/10/997), on 21 January 2011 (see MEX/11/0121), on 30 June 2011 ( MEX/11/0630), on 21 December 2011 (see MEX/11/1221) and on 27 June 2012 (see MEX/12/0627). The Commission found the extension of the measures to be in line with its guidance on state aid to banks during the crisis (see IP/08/1495 and IP/11/1488). In particular, the extended measures are well targeted, proportionate and limited in time and scope. The Commission therefore concluded that they represent an appropriate means of remedying a serious disturbance in the Portuguese economy and as such are compatible with the internal market pursuant to Article 107(3)(b) of the Treaty on the Functioning of the European Union.

Commission approves prolongation of Portuguese recapitalisation scheme for credit institutions

The European Commission has authorised, under EU state aid rules, the prolongation of a Portuguese recapitalisation scheme for credit institutions until 30 June 2013. The scheme aims at strengthening financial stability in Portugal and to ensure banks’ compliance with regulatory capital requirements. The Commission acknowledged the problems Portuguese banks experience in accessing market funding in the persisting difficulties on the financial markets in Portugal. The Commission concluded that the scheme constitutes an appropriate and necessary response, in line with Article 107(3)(b) of the Treaty on the Functioning of the European Union that allows to grant aid to remedy a serious disturbance in the economy of a Member State. The Commission initially approved the Portuguese recapitalisation scheme in May 2012 (see MEX/12/0530).

Commission clears acquisition by Mittal Investments of certain UK assets of Anglo American and Lafarge

The European Commission has granted clearance under the EU Merger Regulation to the acquisition by Mittal Investments of a package of assets to be divested by Anglo American and Lafarge as a condition of clearance by the UK Competition Commission of the companies’ proposed construction materials joint venture in the UK. Mittal Investments is an investment company affiliated with ArcelorMittal SA, a globally active steel and mining company. The assets sold by Anglo American and Lafarge are involved in the production and supply of aggregates, high purity limestone, cement, ready-mixed concrete and asphalt in the UK. The operation was examined under the simplified merger review procedure.

L’UE lutte contre la malnutrition des enfants au Niger et contribue à un meilleur accès à l’eau potable

Dans le cadre de l’Initiative d’accélération des Objectifs du Millénaire pour le Développement (OMD) au Niger, l’UE va mettre en œuvre de nouvelles actions pour réduire la malnutrition chez les enfants de moins de 5 ans, accroître l’accès à l’eau potable, et sensibiliser la population aux pratiques d’hygiène et d’assainissement dans les régions de Maradi, Zinder et Tahoua. Un second projet visera à accroître les capacités locales de gestion administratives et financières en vue d’assurer une mise en œuvre efficace de l’aide communautaire. Entre autres, 618 points d’eau seront construits ou réhabilités. Les conditions d’hygiène et d’assainissement seront aussi améliorées par la réalisation de 1.910 latrines familiales, 32 latrines publiques ainsi que 180 systèmes d’évacuation des eaux grises. http://ec.europa.eu/europeaid/documents/aap/2012/pr_aap_2012_ner.pdf

Rediffusion

High Level Group on Wine formulates its conclusions

The High Level Group on wine planting rights, established last April at the request of European Commissioner for Agriculture and Rural Development Dacian Cioloş, has finished its work today. This group of experts, comprising representatives from the 27 Member States, from the sector, as well as observers from the Council, from the European Parliament and from Croatia, has drafted a report accompanied by conclusions. These conclusions will be presented to the Council and the European Parliament. They will feed into the on-going debate on this point within the framework of the reform of the Common Agricultural Policy.

EU and Singapore agree on landmark trade deal

EU Trade Commissioner Karel De Gucht and Singapore’s Minister of Trade and Industry Lim Hng Kiang, today completed final negotiations on a free trade agreement (FTA) between the European Union and Singapore. The agreement reached today is one of the most comprehensive the EU has ever negotiated and will create new opportunities for companies from Europe and Singapore to do business together. The growing Singaporean market offers export potential for EU, industrial, agricultural and services businesses. An EU-Singapore FTA will be the EU’s second ambitious agreement with a key Asian trading partner, after the EU-Korea FTA, which is in operation since July 2011.

Autre matériel diffusé :

Statement by President José Manuel Barroso on the tragic events in Connecticut (USA) – rediffusion

Statement by President Barroso following the second day of the European Council, 13-14 December 2012 – rediffusion

Statement from President Barroso following the publication of the official results of the Romanian elections of 9th December 2012 – rediffusion

Memo “Questions and Answers on the Task Force for Greece”

Memo “Commission proposes a new framework for marine equipment”

Memo “Preparation Agriculture and Fisheries Council, 18 and 19 December 2012”

Memo “Frequently Asked Questions on European Research Area (ERA) Chairs”

Memo “Manifesto for a resource efficiency Europe”

Memo ” No change to telecoms and internet governance – EU Member States amongst dozens not signing proposed new International Telecommunications Regulations (ITR) Treaty, remain 100% committed to open internet” – rediffusion

Memo “Facts and figures: EU trade deal with Singapore” – rediffusion

Show additional information

 

European Commission state aid to spanish banks,

Saturday, January 5th, 2013

European Commission

Press release

Brussels, 20 December 2012

State aid: Commission approves restructuring plans of Spanish banks Liberbank, Caja3, Banco Mare Nostrum and Banco CEISS

The European Commission has concluded that the restructuring plans of four Spanish banks, Liberbank, Caja3, Banco Mare Nostrum (BMN) and Banco CEISS, are in line with EU state aid rules. The in-depth restructuring undergone by the four banks will allow them to become viable in the long-term without continued state support. Moreover, the banks and their stakeholders adequately contribute to the costs of restructuring. Finally, the plans foresee sufficient safeguards to limit the distortions of competition induced by the state support. The restructuring plans were submitted to the Commission for approval as foreseen by the Memorandum of Understanding (MoU) agreed between Spain and the Eurogroup in July 2012. Today’s decisions will allow the banks to receive aid from the European Stability Mechanism (ESM) in the context of the financial assistance programme to recapitalise the Spanish banking sector.

“As planned in the Memorandum of Understanding concluded in July between euro area countries and Spain, we have managed to bring underway a thorough restructuring of eight banks in a matter of just a few months. The restructuring plans of BMN, Caja3, Banco CEISS and Liberbank will make these banks viable again, thereby contributing to restoring a healthy financial sector in Spain, while minimising the burden for the taxpayer” said Commission Vice-President in charge of competition policy Joaquín Almunia.

The proposed restructuring measures will ensure that Liberbank, BMN and Banco CEISS return to long-term viability as sound credit institutions in Spain. By 2017, the balance sheet of each of the three banks will be reduced. As compared to 2010, the reduction will reach more than 40% for BMN, about 30% for CEISS and approximately 25% for Liberbank. Caja3 will be fully integrated into Ibercaja, which will ensure its return to viability within the five-year restructuring period.

In particular, the banks will refocus their business model on retail and SME lending in their historical core regions. They will exit from lending to real estate development – or will only maintain a marginal activity in this field – and they will limit their presence in wholesale business. This will contribute to reinforcing their capital and liquidity positions and reduce their reliance on wholesale and central bank funding. Asset transfers to the asset management company SAREB will further limit the impact of additional impairments on the riskier assets and help to restore confidence.

Spain committed to sell Banco CEISS and to have BMN and Liberbank listed before the end of the restructuring period. Caja3 will cease to exist as a stand-alone entity.

 

Moreover, the absorption of losses borne by the four banks and their stakeholders (i.e. holders of shares and hybrid capital) will ensure, together with the restructuring measures, a satisfactory burden-sharing and an adequate own contribution to the financing of the significant restructuring costs. This reduces the state aid needed by over
€2 billion for the four banks.

All banks committed to divest a number of industrial equity stakes and subsidiaries, the proceeds of which will contribute to finance the restructuring and thus limit the need for further aid. The divestments will further limit the distortions of competition brought about by the aid.

Finally, all banks committed to the following measures:  limitations on remuneration for State-owned credit institutions; a ban on coupon payments until the burden sharing measures on hybrid instruments have been fully implemented; not advertising the state support nor using it for commercially aggressive practises. An acquisition ban will also apply for Liberbank, Banco CEISS and BMN.

Background

According to the MoU, banks revealing a capital shortfall according to the bottom-up stress test conducted by Oliver Wyman in September 2012 and unable to meet those capital shortfalls privately without having recourse to state aid (“Group 2 banks”) needed to submit restructuring or resolution plans, to be approved by the Commission by the end of December 2012. The restructuring plans foresee a series of subordinated liabilities exercises, the transfer of some impaired assets and loans to an asset management company (SAREB) and other management actions, which reduce the banks’ capital needs and bring them in line with new regulatory solvency requirements in Spain as of 1 January 2013.

The final capital needs to be covered by public funds from the programme will be €124 million for Liberbank (from €1198 million identified in the stress test), €407 million for Caja3 (from €779 million), €730 million for BMN (from €2 208 million) and €604 million for Banco CEISS (from €2 063 million).

Altogether, the programme funds for these four banks will amount to €1 865 million, representing less than 30% of the € 6 248 million capital shortfall identified in the stress test. The rest will be covered by the burden sharing exercise (which will provide more than €2 billion in capital), asset sales and other management actions (more than €1 billion) and the transfer of impaired assets and loans to the asset management company SAREB (around €1 billion).

The MoU foresees that ESM resources are paid out to the Spanish Found for Orderly Bank Restructuring (FROB) for the recapitalisation of the banks only after the Commission has approved their restructuring or resolution plans.


Liberbank

Liberbank is a regional Spanish commercial bank operating mainly in Asturias, Cantabria, Extremadura and Castilla La Mancha. It was created in 2011 as the result of the integration of three local saving banks, with total assets in 2011 of €50.7 billion. Liberbank’s focus is on retail banking for individuals and SMEs. However, in the expansion period it broadened its business areas, in particular by investing in the real estate and development sector. Liberbank has not needed state aid in the form of capital in the past. It will benefit from a recapitalisation of €124 million in the form of contingent convertible bonds (CoCos) subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of around €1 000 million. Additionally, it has benefitted from State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €3 875 million.

Caja3

Caja3 is a regional bank mainly present in Aragón, Burgos and Badajoz, resulting from the integration of three local savings banks in 2010, with total assets of €20.7 billion in 2011. Caja3 was traditionally focused on retail banking for individuals and SMEs. However, in its expansion period it broadened its business areas, in particular by investing in the real estate and development sector. Caja3 will merge with a bank that has received no state aid, Ibercaja, and will be fully integrated. Caja 3 has not previously benefitted from any public recapitalisation. Caja 3 will benefit from a recapitalisation of €407 million in the form of contingent convertible bonds (CoCos) subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of around €770 million. Additionally, it has benefitted from State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €654 million.

BMN

Banco Mare Nostrum is a multi-regional Spanish commercial bank, resulting from the integration of four saving banks in 2010. It operates mainly on the Spanish Mediterranean coast. Traditionally, the bank focused on retail banking for individuals and SMEs. However, in recent years it went through a period of geographical expansion and broadening of its business areas, in particular in the area of real estate development. As from 2010 BMN has benefited from several state aid measures: (i) a recapitalisation of €915 million in the form of convertible preference shares subscribed by the FROB and (ii) State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €4 424 million. BMN will benefit now from an additional recapitalisation of €730 million in the form of ordinary shares subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of approximately €2 100 million.

Banco CEISS

Banco CEISS is a large regional bank with national presence in Spain resulting from a merger of two savings banks in 2010. It is present in all main business segments, with total assets of about €42.3 billion in 2011. As from 2010, Banco CEISS benefited from two state aid measures: (i) a recapitalisation of €525 million in the form of convertible preference shares subscribed by the FROB and (ii) State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €3 193 million. Banco CEISS will benefit now from an additional recapitalisation of €604 million in the form of ordinary shares subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of around €717 million.

 

The non-confidential version of the decisions will be made available under the case numbers SA.35490, SA.35489, SA.35488 and SA.34536 in the State Aid Register on the DG Competition website once any confidentiality issues have been resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News

 

 

Contacts :Antoine Colombani  (+32 2 297 45 13)

Maria Madrid Pina  (+32 2 295 45 30)

 

European Commission press release state aid.

Saturday, January 5th, 2013

European Commission

Press release

Brussels, 21 December 2012

State aid: crisis-related aid aside, Scoreboard shows continued trend towards less and better targeted aid

The European Commission’s 2012 State Aid Scoreboard revealed that the volume of national support to the financial sector actually taken by banks between October 2008 and 31 December 2011 amounted to around €1.6 trillion (13 % of EU GDP). The bulk (67 %) came in the form of State guarantees on banks’ wholesale funding. Support to the real economy on the basis of temporary crisis rules dropped to € 4.8 billion in 2011, a fall of more than 50% compared with 2010, reflecting both a low uptake by companies and the budgetary constraints of most EU Member States.

Total non-crisis aid decreased and stood at €64.3 billion in 2011 or 0.5% of EU GDP and continued to re-focus on less distortive horizontal objectives such as aid for research and innovation, protection of the environment and providing risk capital to SMEs. The Scoreboard also shows Member States recovering illegal aid much faster, with 85% (around €13.5 billion) clawed back at the end of June 2012 thanks to the Commission’s action, probably facilitated by the pressure to consolidate public finances.

Support to banks

Between 2008 and 31 December 2011, €1 616 billion, was actually used to support financial institutions. This was composed of

  • liquidity support: €1 174 billion (9.3 % of EU GDP) average outstanding State guarantees on banks’ funding and other (short-term) liquidity support measures; and
  • measures to support bank solvency: €442 billion (3.5 % of EU GDP) in recapitalisation measures and treatment of impaired assets.

Three Member States accounted for nearly 60% of the total aid used; those are the United Kingdom (19 %), Ireland (16 %) and Germany (16 %).

Aid granted to the real economy – Temporary Framework

To minimise the impact of the tightening in credit conditions, Member States also granted aid to the real economy under a temporary framework adopted by the Commission at the end of 2008. The main support measure used was a one-off subsidy of up to €500 000 per company, which was replaced in 2011 by the normal €200 000 amount that can be granted to a company over three years without prior clearance by the Commission. This was followed by subsidised loan interests or guarantees, reduced interests for environmentally-friendly investments and risk capital aid. The temporary framework expired on 31 December 2011.

 

Between December 2008 and 1 October 2011, Member States made available €82.9 billion under the temporary framework. The amount taken up in 2011 was €4.8 billion, while it was €11.7 billion in 2010 and €21 billion in 2009. This indicates that market funding became more available over that period.

Long-term trends in non-crisis aid

Non-crisis aid decreased and was at €64.3 billion or 0.5% of EU GDP. Aid to industry and services amounted to €52.9 billion or 0.42% of EU GDP of which almost 90% was earmarked for horizontal objectives of common interest. Most notably, the Commission observed a greater focus on aid measures for regional development, research, and environmental protection, all of which contribute to the Europe 2020 strategic objectives of smart, sustainable and inclusive growth.

Almost 90% of total aid is granted through block exemptions or schemes (see IP/06/1765 and IP/08/1110). Once approved by the Commission, such procedures allow Member States to grant aid to individual companies without prior Commission scrutiny, offering Member States a high degree of flexibility and low administrative burden, while compatibility criteria safeguard a level playing field in the internal market. Only 12.5% of the total aid was assessed individually.

The Scoreboard further shows that more than €13.5 billion, representing about 85% of the total amount of illegal and incompatible aid, had been repaid by beneficiaries to the granting authority at the end of June 2012. This marks a further improvement as compared to previous years. 

The Scoreboard including annexes, statistics and indicators for all Member States is available at:

http://ec.europa.eu/comm/competition/state_aid/studies_reports/studies_reports.html

 

 

Contacts :Antoine Colombani  (+32 2 297 45 13)Maria Madrid Pina  (+32 2 295 45 30)

 

If you oppose dictatorship control and domination then you need to reconsider your Countries membership of the EU.

Saturday, January 5th, 2013

The EU, the tax machine that dominates the cost of everything you own have use or eat.

EU transport costs more in fuel alone — than it doe’s to manufacture many goods.

Can you afford to pay even more EU taxes because the intention is to tax you for driving on all roads. See electronic toll charges, very sinister in its intention and note: European toll booths have no operators, just a machine. Try getting help when machine fails at 3am.

Below are some of the details of legislative EU documents

Framework for future EU ports’ policy including legislative proposals

Legislative/ Nonlegislative: is    Where your taxes go.

 

This initiative will better enable ports to efficiently handle the increasing freight volumes to enable

seamless logistics chains; review the restrictions on provision for port services and enhance the

transparency on ports’ financing, clarifying the destination of public funding to the different ports

activities with a view to avoid any distortion of competition; and establish a mutually recognisable

framework on the training of port workers in different fields of port activities.

 

Internal Road Market Package:

(1) Report on the road freight market situation

Non-legislative

The report analyses the road freight market situation and evaluates the effectiveness of controls and the

evolution of employment conditions in the profession. It will also assess the extent to which harmonisation

of the rules in the fields, inter alia, of enforcement and road user charges, as well as social and safety

legislation, has progressed and what remains to be done. It will determine how and with which calendar

the further opening of cabotage can be pursued.

Cabotage, meaning the national carriage of goods for hire or reward carried out by non resident hauliers on a temporary basis in a host Member State, is governed by Regulation (EC) 1072/2009 as of 14 May 2010. This regulation replaced Regulations (EEC) No 881/92 and (EEC) No 3118/93, as well as Directive 2006/94/EC. The aim of the new Regulations is to improve the efficiency of road freight transport by reducing empty trips after the unloading of international transport operations.

What this means is that the EU has made transport operations so expensive with the added burden of Toll Roads, Vat, Fuel cost, Taxes licensing and regulation. That now it costs more to transport some goods than it does to manufacture them.

 

This has increased the cost of everything and has destroyed manufacturing in every EU Country where these costs were imposed.

 

 

(2) Access to the road haulage market

and access to the occupation of road

transport operator

Legislative

 

The package will further open the cabotage market. Such an opening could achieve important efficiency

improvements by reducing unnecessary empty running of the vehicles. It may include rules on the mobile

workers engaged in cabotage in order to ensure fair competition. It may also extend the existing rules on

the admission to the occupation (e.g. extension to freight forwarders) and further harmonise them (e.g. on

establishment and financial capacity). The proposal will modify Regulation 1072/2009 on the access to the

market and Regulation 1071/2009 on the admission to the occupation.

 

What this means is low paid non EU transport operators can compete with EU Hauliers who are being taxed to oblivion.

 

 

(3) Minimal rules on sanctions and

their enforcement in commercial road

transport

Legislative

 

The Directive will establish common minimal rules with regard to the definition of offences and sanctions,

including criminal offences, in the field of commercial road transport. Such a harmonisation will contribute to reduce distortions of competition and the unequal treatments when committing infringements.

 

This means the EU can collect more taxes in Fines.

 

 

European Commission

The European Electronic Toll Service (EETS)    

 

Comment: This is an explosive issue since the intention is to charge for all road use. This will affect us all and force millions into a life of poverty.

 

If you appose dictatorship control and domination then you need to reconsider your Countries membership of the EU.

 

(4) Charging systems for road vehicles Legislative

 

The initiative will promote a more systematic use of distance related road charging reflecting

Infrastructure and external costs based on the polluter-pays and user-pays principles. It will explore

Phasing in a harmonised charging system for lorries which could replace across the EU existing time based charges (Euro vignette and national vignettes) and possibly other charges (such as vehicle taxes).

The initiative may include a legal framework on charging passenger.

 

It may also include provisions on electronic tolls if their full interoperability has not been achieved on time under Directive 2004/52/EC.

 

 

Taxation and Customs Union

Laying down the definitive system of

Taxation of intra-EU trade

Legislative

 

The proposal will define the new VAT definitive system of taxation at destination of intra-EU trade and

Put an end to the transitional nature of the current arrangements. The proposal is linked to the reform of

The EU VAT system leading to a more efficient and robust tax system in the Single Market.

 

 

Freight costs are affected by the vehicles’ economic life.

 

The costs for EU transport operations changes retrospectively, with enforced taxes especially Fuel cost and VAT,

This forces up the cost of freight and increases the cost of goods and services for everyone. Goods become more expensive and the consumer has to foot the bill even so, the cost of freight will further increase as a result of wage demands, rising fuel and road tolls etc.

 

Note: there is not a single item, that we have use or eat that does not arrive by lorry (think about it ). But the wise men in the EU think its ok to increase the cost of everything. If the EU wise men wants more taxes from us.

 

If you are concerned about the costs being dictated and enforced by the EU you need to act, since failure to act will cost you everything you have, use, hold, own or eat .

 

Source extracts European Commission, see example of regulations and directives below

 

 

European Commission
Transport

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Transport directives: Road transport

Reference Titres Date of publication Transposition
deadline
2006/0094 Directive 2006/94/EC of the European Parliament and of the Council of 12 December 2006 on the establishment of common rules for certain types of carriage of goods by road (codified version) (Text with EEA relevance) 27/12/2006 Codification
2006/0126 Directive 2006/126/EC of the European Parliament and of the Council of 20 December 2006 on driving licences (Recast) (Text with EEA relevance) 30/12/2006 19/01/2011
2006/0038 Directive 2006/38/EC of the European Parliament and of the Council of 17 May 2006 amending Directive 1999/62/EC on the charging of heavy goods vehicles for the use of certain infrastructures 17/05/2006 10/06/2008
2006/0022 Directive 2006/22/EC of the European Parliament and of the Council of 15 March 2006 on minimum conditions for the implementation of Council Regulations (EEC) No 3820/85 and (EEC) No 3821/85 concerning social legislation relating to road transport activities and repealing Council Directive 88/599/EEC (Text with EEA relevance) 11/04/2006 01/04/2007
2006/0001 Directive 2006/1/EC of the European Parliament and of the Council of 18 January 2006 on the use of vehicles hired without drivers for the carriage of goods by road (codified version) (Text with EEA relevance) 04/02/2006 Codification
2004/0054 Directive 2004/54/EC of the European Parliament and of the Council of 29 April 2004 on minimum safety requirements for tunnels in the Trans-European Road Network 30/04/2004 30/04/2006
2004/0052 Directive 2004/52/EC of the European Parliament and of the Council of 29 April 2004 on the interoperability of electronic road toll systems in the Community (Text with EEA relevance) 30/04/2004 20/11/2005
2004/0011 Directive 2004/11/EC of the European Parliament and of the Council of 11 February 2004 amending Council Directive 92/24/EEC relating to speed limitation devices or similar speed limitation on-board systems of certain categories of motor vehicles 14/02/2004 17/11/2004
2003/0127 Commission Directive 2003/127/EC of 23 December 2003 amending Council Directive 1999/37/EC on the registration documents for vehicles (Text with EEA relevance) 16/01/2004 15/01/2005
2003/0059 Directive 2003/59/EC of the European Parliament and of the Council of 15 July 2003 on the initial qualification and periodic training of drivers of certain road vehicles for the carriage of goods or passengers, amending Council Regulation (EEC) No 3820/85 and Council Directive 91/439/EEC and repealing Council Directive 76/914/EEC 10/09/2003 10/09/2006
2003/0027 Commission Directive 2003/27/EC of 3 April 2003 on adapting to technical progress Council Directive 96/96/EC as regards the testing of exhaust emissions from motor vehicles (Text with EEA relevance) 08/04/2003 01/01/2004
2003/0026 Commission Directive 2003/26/EC of 3 April 2003 adapting to technical progress Directive 2000/30/EC of the European Parliament and of the Council as regards speed limiters and exhaust emissions of commercial vehicles (Text with EEA relevance) 08/04/2003 01/01/2004
2003/0020 Directive 2003/20/EC of the European Parliament and of the Council of 8 April 2003 amending Council Directive 91/671/EEC on the approximation of the laws of the Member States relating to compulsory use of safety belts in vehicles of less than 3,5 tonnes 09/05/2003 09/05/2006
2002/0085 Directive 2002/85/EC of the European Parliament and of the Council of 5 November 2002 amending Council Directive 92/6/EEC on the installation and use of speed limitation devices for certain categories of motor vehicles in the Community 04/12/2002 01/01/2005
2002/0050 Commission Directive 2002/50/EC of 6 June 2002 adapting to technical progress Council Directive 1999/36/EC on transportable pressure equipment (Text with EEA relevance) 07/06/2002 01/01/2003
2002/0015 Directive 2002/15/EC of the European Parliament and of the Council of 11 March 2002 on the organisation of the working time of persons performing mobile road transport activities 23/03/2002 23/03/2005
2002/0007 Directive 2002/7/EC of the European Parliament and of the Council of 18 February 2002 amending Council Directive 96/53/EC laying down for certain road vehicles circulating within the Community the maximum authorised dimensions in national and international traffic and the maximum authorised weights in international traffic 09/03/2002 09/03/2004
2001/0011 Commission Directive 2001/11/EC of 14 February 2001 adapting to technical progress Council Directive 96/96/EC on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers — functional testing of commercial vehicles’ speed limitation device (Text with EEA relevance) 17/02/2001 09/03/2003
2001/0009 Commission Directive 2001/9/EC of 12 February 2001 adapting to technical progress Council Directive 96/96/EC on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers (Text with EEA relevance) 17/02/2001 09/03/2002
2001/0002 Commission Directive 2001/2/EC of 4 January 2001 adapting to technical progress Council Directive 1999/36/EC on transportable pressure equipment (Text with EEA relevance) 10/01/2001 01/07/2001
2000/0056 Commission Directive 2000/56/EC of 14 September 2000 amending Council Directive 91/439/EEC on driving licences (Text with EEA relevance) 21/09/2000 30/09/2003
2000/0030 Directive 2000/30/EC of the European Parliament and of the Council of 6 June 2000 on the technical roadside inspection of the roadworthiness of commercial vehicles circulating in the Community 10/08/2000 09/08/2002
1999/0062 Directive 1999/62/EC of the European Parliament and of the Council of 17 June 1999 on the charging of heavy goods vehicles for the use of certain infrastructures 20/07/1999 01/07/2000
1999/0052 Commission Directive 1999/52/EC of 26 May 1999 adapting to technical progress Council Directive 96/96/EC on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers (Text with EEA relevance) 05/06/1999 01/10/2000
1999/0037 Council Directive 1999/37/EC of 29 April 1999 on the registration documents for vehicles 01/06/1999 01/06/2004
1999/0036 Council Directive 1999/36/EC of 29 April 1999 on transportable pressure equipment 01/06/1999 01/07/2003 (decision of 25/01/2001)
1998/0076 Council Directive 98/76/EC of 1 October 1998 amending Directive 96/26/EC on admission to the occupation of road haulage operator and road passenger transport operator and mutual recognition of diplomas, certificates and other evidence of formal qualifications intended to facilitate for these operators the right to freedom of establishment in national and international transport operations 14/10/1998 01/10/1999
1997/0026 Council Directive 97/26/EC of 2 June 1997 amending Directive 91/439/EEC on driving licences 07/06/97 01/01/98
1996/0096 Council Directive 96/96/EC of 20 December 1996 on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers 17/02/97 09/03/98
1996/0053 Council Directive 96/53/EC of 25 July 1996 laying down for certain road vehicles circulating within the Community the maximum authorized dimensions in national and international traffic and the maximum authorized weights in international traffic 17/09/96 16/09/97
1996/0047 Council Directive 96/47/EC of 23 July 1996 amending Directive 91/439/EEC on driving licences 17/09/96 30/06/96
1996/0026 Council Directive 96/26/EC of 29 April 1996 on admission to the occupation of road haulage operator and road passenger transport operator and mutual recognition of diplomas, certificates and other evidence of formal qualifications intended to facilitate for these operators the right to freedom of establishment in national and international transport operations 23/05/96 Codification
1994/0072 Council Directive 94/72/EC of 19 December 1994 amending Directive 91/439/EEC on driving licences 24/12/94 01/01/95
1992/0106 Council Directive 92/106/EEC of 7 December 1992 on the establishment of common rules for certain types of combined transport of goods between Member States 17/12/92 01/07/93
1992/0006 Council Directive 92/6/EEC of 10 February 1992 on the installation and use of speed limitation devices for certain categories of motor vehicles in the Community 02/03/92 01/01/93
1991/0671 Council Directive 91/671/EEC of 16 December 1991 on the approximation of the laws of the Member States relating to compulsory use of safety belts in vehicles of less than 3,5 tonnes 31/12/91 01/01/93
1991/0439 Council Directive 91/439/EEC of 29 July 1991 on driving licences 24/08/91 01/07/94
1990/0398 Council Directive 90/398/EEC of 24 July 1990 amending Directive 84/647/EEC on the use of vehicles hired without drivers for the carriage of goods by road 31/07/90 31/12/90
1989/0459 Council Directive 89/459/EEC of 18 July 1989 on the approximation of the laws of the Member States relating to the tread depth of tyres of certain categories of motor vehicles and their trailers 03/08/89 01/01/92
1988/0599 Council Directive 88/599/EEC of 23 November 1988 on standard checking procedures for the implementation of Regulation (EEC) No 3820/85 on the harmonization of certain social legislation relating to road transport and Regulation (EEC) No 3821/85 on recording equipment in road transport 29/11/88 01/01/89
1984/0647 Council Directive 84/647/EEC of 19 December 1984 on the use of vehicles hired without drivers for the carriage of goods by road 22/12/84 30/06/86
1983/0572 Council Directive 83/572/EEC of 26 October 1983 amending Directive 65/269/EEC concerning the standardization of certain rules relating to authorizations for the carriage of goods by road between Member States and the First Council Directive of 23 July 1962 on the establishment of common rules for certain types of carriage of goods by road between Member States 28/11/83 01/01/84
1982/0050 Council Directive 82/50/EEC of 19 January 1982 amending the first Council Directive, of 23 July 1962, on the establishment of common rules for certain types of carriage of goods by road between Member States 04/02/82 01/01/83
1980/0049 Council Directive 80/49/EEC of 20 December 1979 amending the First Directive on the establishment of common rules for certain types of carriage of goods by road between Member States 24/01/80 01/07/80
1976/0914 Council Directive 76/914/EEC of 16 December 1976 on the minimum level of training for some road transport drivers 29/12/76 20/12/78
1974/0149 Council Directive 74/149/EEC of 4 March 1974 amending the first Directive on the establishment of certain common rules for international transport (carriage of goods by road for hire or reward) 04/03/74 01/07/74
1962/2005 EEC: First Council Directive on the establishment of certain common rules for international transport (carrying of goods by road for hire or reward) 06/08/62 31/12/62

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Another Bank Bites The Dust Dexia,

Wednesday, January 2nd, 2013

European Commission

Press release

Brussels, 28 December 2012

State aid: Commission approves resolution plan for the Dexia group and restructuring plan for Belfius subject to fulfilling certain commitments

The European Commission has authorised aid granted by Belgium, France and Luxemburg for the orderly resolution of the Dexia group, the sale of its subsidiary DMA (Dexia Municipal Agency) and the restructuring of Belfius (formerly Dexia Banque Belgique). The Commission has concluded that, provided all commitments concerning the orderly resolution of the group, the restructuring of Belfius and the new development bank created in France, are complied with, these transactions are in line with EU state aid rules, in particular because the residual group will exit from the market altogether.

Joaquín Almunia, Commission Vice President in charge of competition policy, said: “I am happy to finally be in a position to approve the resolution plan of Dexia, which Belgium, France and Luxemburg have drawn up jointly. The plan will allow the orderly resolution of the group group. Belfius will refocus on its core banking and insurance business while DMA will be coupled to a new development bank structure in France, which will address market failures for the funding of the local public sector. As foreseen by our rules, the approved plan ensures that the continued market presence of some parts of the Dexia group is truly justified, without artificially keeping alive a failed business model, and that competition distortions resulting from the aid received are minimised. Finally, the plan brings the cost for the taxpayer down to the level strictly necessary to carry out the orderly resolution process”.

Since 2008, the Dexia group benefitted from significant public support measures, which were authorised by the Commission in February 2010 subject to implementation of a restructuring plan (see IP/10/201). Dexia later underwent new difficulties. When it turned out that Dexia was not able to comply with its commitments or to return to long-term viability, Belgium, France and Luxemburg acknowledged the necessity of an orderly resolution of the group.

The orderly resolution plan notified to the Commission by these three Member States includes the sale of many entities and businesses of the group as well as the winding down of the residual group. In particular, the Belfius entity was bought by the Belgian state and the DMA entity will be coupled with a new development bank in France, to which the French State, the Caisse des Dépôts et Consignations (CDC) and La Banque Postale will participate. These measures involve additional aid, consisting mainly of a final refinancing guarantee of EUR 85 bn and a recapitalisation of EUR 5.5 bn for Dexia SA and DCL.

The Commission concluded that these aid measures are compatible with EU state aid rules for banks during the financial crisis. This is because the residual group will exit from the market altogether and will no longer exercise any competitive activities.

Furthermore, the new development bank structure in France will exclusively grant loans in sectors where there is a well identified market failure, i.e. loans to French local authorities and public hospitals. The structure of the development bank foresees several safeguards to avoid the crowding out of private funding, ensuring a level playing field in the Single Market.

Finally, the aid to Belfius is limited to the minimum necessary to enable its return to long-term viability. The group will not distribute profits in order to reinforce its regulatory capital, it will reduce risky business lines and will refocus on its core markets of financial services to the public and quasi-public sector as well as retail and insurance businesses. The restructuring plan includes adequate commitments to limit competition distortions in the core markets of banking and insurance where it is active and to ensure that Belfius will adequately contribute to the costs of its own restructuring. In particular, Belfius will not be allowed to increase its market share in core activities during the entire restructuring period.

Background

The Dexia group was active in the financing of the local public sector in many countries, including mainly France, Belgium, Italy and Spain, as well as in retail banking, mainly in Belgium, Luxemburg and Turkey. The bank was set up in 1996 from the merger of the Crédit communal de Belgique group, the Banque internationale in Luxemburg and the Crédit local de France.

Dexia already benefitted from significant state aid measures from Belgium, France and Luxemburg in 2008-2009 in the form of recapitalisation (EUR 5.4 bn), refinancing guarantees (EUR 135 bn) and impaired asset measures (EUR 3.2 bn). The Commission authorised these aid measures subject to commitments in February 2010 based on a restructuring plan to be implemented until the end of 2014 (see IP/10/201).

Since then, the Commission opened and extended in-depth investigations concerning several additional measures granted to the Dexia group (see IP/11/1203, IP/11/1592, IP/12/523, IP/12/578 and MEX/12/0926). In March 2012, a first orderly resolution plan had been notified by Belgium, France and Luxemburg. The Commission had opened an investigation on this plan in June 2012, expressing doubts as to its compatibility with state aid rules (IP/12/578).

The current decision, taken on the basis of an amended resolution plan, allows the closing of all these investigations. It authorises new state aid to the Dexia group, under the form a refinancing guarantee of EUR 85 bn and a recapitalisation of EUR 5.5 bn.

The non-confidential version of the current decision will be made available under the case numbers SA.33760, SA.33763, SA.33764, SA.30521, SA.26653, SA.34925, SA.34927 and SA.34928 in the State Aid Register on the DG Competition website once any confidentiality issues have been resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News.

See the links above to European Commission sites.

 

 

 

 

Contacts :Antoine Colombani  (+32 2 297 45 13)Maria Madrid Pina  (+32 2 295 45 30)

Source Europa:

European Commission

Press release

Brussels, 28 December 2012

Itsfraud, Bank Fraud, and its Big Bank Fraud ?

Sunday, September 2nd, 2012


Federal Reserve Cash Bailout Givaway To Crooks In Suits

 

Bankers.

Looking at the huge sums of money here (Given) to banks it is clear they were all insolvent (Bankrupt?

If not then the financial reports of those below were concocted to get taxpayers money by fraud.

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)  Barclays : They did get bailout out money
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)

The list above of institutions who received money from the Federal Reserve

Can be found on page 131 of the GAO Audit, its fraud, bank fraud.

See the page ( Insurance companies still decieve you),  for pdf.  http://sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

Update 09 Sept 2012

Now we have European Banks being bailed out again by the ECB (European Central Bank) backdoor.

Business logic, if you go broke! you have to start again from scratch with new money and a new name.

Seems that banks can steal our money, use it to bet on the horses, lose it all, then just ask for more taxpayers money? again and again and again.

WHY NOT JUST TAKE OVER THE BANKS? and put Government accountants in charge. Instead of the DRAGHI CON-TRICK being played out to the Market and its traders/investors.

I wonder with 6000 banks in the EU and DRAGHI stating its up to Governments,,,,, to control the banks. Just who did he think controlled the banks when they screwed up the Worlds Economy.

Wait for the same mess to be recreated again mmm.

Update Britain,, Bank of England, says there is a case for breaking up the Royal Bank of Scotland ??? (Perhaps its costing the Government too much to keep afloat. After all anything of value was sold off before it failed.

Just how much more taxpayers money is going to be put into a bankrupt system of banks. The EU is copying Britain and bailing out banks by the back door, hopeing its citizens don’t notice.

Mmm that seems a bit short sighted.