Italian loans breached EU rules

Author (Person) ,
Series Title
Series Details 12.3.08
Publication Date 12/03/2008
Content Type

The European Commission formally requested Italy, March 2008 under EC Treaty state aid rules, to ensure that loans granted under Law 808/85 in favour of R&D activities in the aeronautical sector are fully reimbursed. The Commission's in-depth investigation, opened in 2003 following a complaint (see IP/03/1319), concluded that loans worth more than €450 million granted to 17 individual research and development (R&D) projects are not in line with the applicable EU rules on state aid to research and development and need to be modified. The conditions imposed by the Commission and accepted by Italy will ensure that the loans are fully reimbursed within two months of the decision date. The main beneficiaries of the loans are the group Finmeccanica and the Italian company Avio.
Related Links
European Commission: Press Release: IP/08/417: State aid: Commission orders reimbursement of loans for 17 R&D projects in the aeronautical sector in Italy http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/417&format=HTML&aged=0&language=EN&guiLanguage=en
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