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Italian Bank Rescue Plan Upheld by Top EU Court


(AP Photo/Mindaugas Kulbis, File)
(CN) The European Court of Justice on Tuesday found that Italy’s rescue plan for a failing bank was legal and did not break European rules limiting government aid to private businesses.
Sitting as the grand chamber, the European Union’s top court dismissed the European Commission’s contention that the rescue plan for the Banca Tercas violated EU rules over state aid.
The high court upheld a 2019 ruling by the lower European General Court that overturned the commission’s finding that the bank scheme constituted unfair government aid.
In 2014, the bank was saved by relying on Italy’s deposit guarantee fund, the Fondo Interbancario di Tutela dei Depositi (FITD), a private consortium of banks that acts as a mutual benefit body. The rescue plan was devised after the Banca Popolare di Bari said it wanted to buy Tercas. ....

Mindaugas Kulbis , Banca Tercas , European Union , European Commission , European Court , European General Court , Fondo Interbancario , Banca Popolare , General Court , ஐரோப்பிய தொழிற்சங்கம் , ஐரோப்பிய தரகு , ஐரோப்பிய நீதிமன்றம் , ஐரோப்பிய ஜநரல் நீதிமன்றம் , ஜநரல் நீதிமன்றம் ,