English
The new regulations regarding state aid for EU banks will be approved by Christmas, according the EU Commissioner for Competition, Neelie Kroes, who has been under significant pressure from EU members lately to get the norms approved sooner. "It is my goal that the Commission will therefore approve before Christmas a series of additional aid possibilities to deal with the transmission of the financial crisis to the real economy," she said yesterday, after a meeting of EU Finance ministers.
She added that the Commission was expecting that the banks to receive state aid would resume lending to the real economy. France, Germany, the Netherlands and Sweden are some of the countries to have pressured the Commission to approve recapitalization or other forms of state aid for the banks. Kroes said that solid incentives were needed in order to disburse state aid to the banks as soon as possible. She emphasized that banks should not be prevented from disbursing dividends, even though they were about to receive public money. In her opinion, precautions are necessary in order to contain the effects of such aid on free competition.
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