The European Commission has found recapitalisation and restructuring aid measures of the Cooperatives Credit Institutions and their central body, the Cooperative Central Bank Ltd. in Cyprus to be in line with EU state aid rules. In particular, the measures will enable the cooperative banking sector to become viable in the long term without continued state support, while limiting the distortions of competition.
As Commission Vice President in charge of competition policy Joaquín Almunia said: ...
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