Press Release: State aid: Commission orders partial recovery of state aid granted to short-term export-credit insurance companies Ducroire of Belgium and SACE BT of Italy

The European Commission has concluded two separate in-depth investigations into support measures granted to Ducroire of Belgium and to SACE BT of Italy by their respective state-owned parent entities, Office National du Ducroire (ONDD) and SACE. In the case of SACE BT, the Commission found part of the aid to be in line with EU state aid rules, because it was granted on market terms. For Ducroire, the Commission found that part of the measure supported activities that were not open to competition and therefore did not constitute state aid.

However, in both cases part of the state support was granted in breach of EU state aid rules because it subsidised insurance products that were readily available from private operators on the market. This procured an undue economic advantage to the beneficiaries, which they now have to pay back to the Italian and Belgian States.

• Primary Source

European Commission, Rapid: Press Release IP/11/213: State aid: Commission opens in-depth investigations into support for short‑term export-credit companies Ducroire and SACE BT http://europa.eu/rapid/press-release_IP-11-213_en.pdf

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