Press Release: State aid: Commission approves asset relief and restructuring package for KBC

The European Commission approved under EC Treaty state aid rules an asset relief and restructuring package for the Belgian KBC Group. The restructuring package foresees structural and financial restructuring through the divestment, run-down and listing of various businesses. The Commission was satisfied that the package of measures ensures that KBC will pay a significant proportion of the restructuring costs, will restore the long-term commercial viability of KBC, and tackles the distortions of competition that result from the state aid. Furthermore, following an in-depth investigation, the Commission concluded that the asset relief measure launched on 30 June 2009, is in line with state aid rules and no doubts remain concerning the valuation and remuneration of the measure. The Commission therefore concluded that both measures are compatible with the EU rules on state aid to remedy a serious disturbance in a Member State's economy (Article 87(3)(b) of the EC Treaty).