Press Release: State aid: European Commission approves Danish State support for the liquidation of Fionia Bank

The European Commission has approved under EU state aid rules a package of Danish measures to liquidate Fionia Bank, a small bank that became insolvent in the wake of the financial crisis. The bank was initially rescued by the Danish government, a rescue that was temporarily approved by the Commission in May 2009. But as the rescue failed, Denmark sold a significant portion of Fionia to Nordea after an open tender. The bank's high-risk assets have been put in a winding-up facility. The Commission found the liquidation to be in line with its Communication on the restructuring of the financial sector during the crisis as the measures are both appropriate and proportionate and address a serious disturbance of the market while keeping the potential distortions of competition to the minimum.

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