Press Release: State aid: Commission opens in-depth investigation into alleged aids to Fortis Bank Nederland and Dutch activities of ABN Amro

The European Commission opened an in-depth investigation under EC Treaty state aid rules to establish whether state measures in favour of Fortis Bank Nederland (FBN) and the activities of ABN Amro which were acquired by Fortis ('the ABN activities') were in line with EU state aid rules. On 3 October 2008, the Dutch state purchased FBN and provided it with loans amounting to tens of billion of euros. On 24 December 2008, the Dutch state purchased the ABN activities from FBN. At this stage, the Commission had reason to believe that the measures may not be in line with its Communications on state aid to banks during the crisis. In particular, the temporal scope and remuneration of the loan facilities and the purchase price of the ABN activities did not seem to meet the criteria set by the Commission. The opening of an in-depth investigation gives interested parties an opportunity to comment on the proposed measure. It does not in any way prejudge the outcome of the procedure.