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06 October 2010

Competition Commissioner Almunia defends the extension of temporary state aids to the banking sector


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He highlighted that in 2011 the Commission will look very carefully at how far we can go with the phasing-out provisions in the temporary framework. It can’t continue to the same extent as before, but must nonetheless remain in place.


Speaking in the ECON committee at a hearing, Almunia presented views on how and why certain exceptions to regular state aid rules should be extended.
Commissioner Almunia reaffirmed that “we are not in position to simply eliminate the temporary framework."
Members of parliament were particularly concerned about the costs of the crisis for the taxpayer, perceived to be at risk of footing an unfair bill at the end of the process.
“It is still too early to calculate [the cost of the crisis]” the Commissioner replied, only to highlight some of the ways in which the regulator's performance in dealing with the crisis could be evaluated.
 


© European Commission


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