EU banks must disclose toxic assets to receive aid

Banks must disclose their problem assets if they want to avoid lengthy wrangling with the European Commission over aid schemes, EU Competition Commissioner Neelie Kroes warned on the 14 March 2009. In a tough-talking speech, she told bank executives that she would not sign off on restructuring schemes under European Union state aid rules if banks continued to conceal their troubled assets.

European Commission: Press Release, IP/08/399: State aid: Commission opens in-depth investigation into restructuring of Dexia; authorises certain urgent measures http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/399&format=PDF&aged=0&language=EN&guiLanguage=en

European Parliament: Press Release: IP/09/322: State aid: Commission provides guidance for the treatment of impaired assets in the EU banking sector http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/322&format=PDF&aged=0&language=EN&guiLanguage=en

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