Press Release: State aid: Commission approves Dutch recapitalisation of SNS REAAL

The European Commission approved on 28 January 2010, under EU state aid rules for restructuring of banks, the recapitalisation of the Dutch bancassurance company SNS REAAL after a detailed assessment of the company's viability plan submitted by the Dutch authorities on 16 October 2009. On 10 December 2008, the Commission had approved the recapitalisation on a temporary basis as a rescue measure (see IP/08/1951 ). The plan confirms that SNS has a viable business model, while ensuring a sufficient own contribution of the company to the restructuring costs and limiting undue distortions of competition. The Commission therefore concluded that the aid was in line with its bank restructuring Communication (see IP/09/1180 ) and as such compatible with Article 107.3.b of the Treaty on the Functioning of the European Union (TFEU) that allows aid to remedy a serious disruption of a Member State's economy.