According to the Commission, it will ensure an appropriate own contribution to the cost of restructuring and prevent that the public funds are used to finance an aggressive business strategy to the detriment of competitors, who have to operate without state aid.
The Commission said that after an in-depth investigation and a temporary approval of additional recapitalization measures it concluded that, subject to these conditions, the total aid package is in line with EU rules that allow aid to remedy a serious disturbance in a member state’s economy.
The restructuring package has been implemented since October 2008, when the Dutch State purchased Fortis Bank Nederland and the Dutch activities of the then existing ABN Amro Bank, which then merged to form ABN Amro Group.
Commission vice president in charge of competition policy Almunia said the conditions set by the Commission to accompany the restructuring plan shall effectively ensure that the aid is used to make the ABN Amro Group viable in the long term and prevent that the aid finances competition distorting initiatives.
