Press Release: State Aid: Commission approves restructuring of ABN AMRO Group, subject to conditions

The European Commission has approved under EU state aid rules a support package and restructuring plan for the ABN AMRO Group, subject to certain conditions designed to consolidate the viability of the group. It will ensure an appropriate own contribution to the cost of restructuring and prevent that the public funds are used to finance an aggressive business strategy to the detriment of competitors, who have to operate without state aid. After an in-depth investigation and a temporary approval of additional recapitalisation measures the Commission concluded that, subject to these conditions, the total aid package is in line with EU rules that allow aid to remedy a serious disturbance in a member state's economy (Article 107(3)(b) of the Treaty on the Functioning of the European Union). The restructuring package has been implemented since October 2008, when the Dutch State purchased Fortis Bank Nederland and the Dutch activities of the then existing ABN AMRO Bank, which then merged to form ABN AMRO Group.