Commission requests Hungary to end indemnity in favour of Postabank's buyer, Erste Bank
22 October 2008
The Commission concluded that the measure was in breach of the state aid rules because a prudent private investor would not have granted an unlimited indemnity to Postabank's buyer.
The Commission requested that Hungary terminate the indemnity for unknown claims that it provided to the buyer, Erste Bank, when Postabank was privatised. The Commission concluded that the measure was in breach of the state aid rules because a prudent private investor would not have granted an unlimited indemnity to Postabank's buyer.
However, the Commission considers that the letters sent by its services at the time were ambiguous as regards the obligation to itemise the contingent indemnity, and Erste Bank does not have to reimburse the aid.
Press release
© European Commission
