Press Release: State aid: Commission welcomes further restructuring and approves prolongation of liquidity measures for Portuguese bank Novo Banco to facilitate its sale process

The European Commission approved on the 21 December 2015 under European Union State aid rules a prolongation of Portuguese state guarantees on bonds in the nominal amount of €3.5 billion, issued by Portuguese bank Novo Banco. In particular, the Commission found that the prolongation should contribute to ensuring the maintenance of adequate liquidity for Novo Banco. It also welcomed that Portuguese authorities had committed to additional restructuring measures to improve the bank’s viability and efficiency.