The Commission expressed serious reservations about the restructuring package for Northern Rock, including doubts whether the duration of the plan is as short as possible.
The Commission expressed serious reservations about the restructuring package for Northern Rock, including doubts whether the duration of the plan is as short as possible.
The Commission’s first assessment notes that it “doubts whether the aid is limited in size and in duration to the minimum necessary. In particular, it seems that a more rapid and more profound downsizing could be implemented.”
Furthermore, the Commission doubts that the State guarantees could not be lifted earlier than planned in the restructuring plan. Finally, the Commission doubts what price would need to be charged by the State for these facilities and guarantees in order to ensure that the aid and thereby the distortion of the competition is limited to the minimum.
Official Journal
© European Commission
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