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

The European Commission approved, under EC Treaty state aid rules, an emergency recapitalisation worth €750 million that the Dutch authorities intend to grant to SNS REAAL N.V. The Commission found the measure to be in line with its Guidance Communications on state aid to overcome the current financial crisis and on the recapitalisation of financial institutions in the current financial crisis. The measure constitutes an adequate means to remedy a serious disturbance in the Dutch economy while avoiding undue distortions of competition and is therefore compatible with Article 87.3.b. of the EC Treaty. In particular, the measure is limited in time and scope, requires an adequate remuneration and provides safeguards to minimise distortions of competition.