Press Release: State aid: Commission temporarily approves aid to Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece; opens in-depth investigations

The European Commission has temporarily approved, under EU state aid rules, a bridge recapitalisation provided by the Hellenic Financial Stability Fund (HFSF) in favour of Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece, for reasons of financial stability. At the same time, the Commission has opened four in-depth investigations to examine whether the measure is in line with its rules on state aid for banks during the crisis. The opening of an in-depth investigation is common for large amounts of state aid granted through atypical instruments. It gives interested third parties an occasion to submit comments on the measures and increases legal certainty for the beneficiaries. It does not prejudge in any way the outcome of the investigation.