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Press conference by Joaquín Almunia on restructuring plans of Spanish banks BFA/Bankia, NCG Banco, Catalunya Banc and Banco de Valencia approved by the EC
On 28 November 2012, Joaquín Almunia, Vice-President of the EC in charge of Competition, stated that European Commission approves restructuring plans of Spanish banks BFA/Bankia, NCG Banco, Catalunya Banc and Banco de Valencia.
The European Commission concluded that the restructuring plans of the four Spanish banks BFA/Bankia, NCG Banco, Catalunya Banc and Banco de Valencia were in line with EU state aid rules. The in-depth restructuring undergone by BFA/Bankia, NCG Banco, Catalunya Banc will allow them to become viable in the long-term without continued state support. Moreover, the banks and their stakeholders adequately contribute to the costs of restructuring. Finally, the plans foresee sufficient safeguards to limit the distortions of competition induced by the state support. PHOTO