EU Bank State Aid Framework and Recapitalization

December 21, 2011

On December 1, 2011, the European Commission adopted a communication extending and updating the temporary State aid crisis rules for banks adopted in 2008-2009. On December 8, the President of the Economic and Financial Affairs Council and the Chairperson of the European Banking Authority (“EBA”) issued a joint statement and the EBA published a formal recommendation on EU bank recapitalizations.