The European Commission has granted temporary approval, under EU state aid rules, to the recapitalisations of NCG Banco, Catalunya Banc and Unnim Banc by the Fondo de Reestructuración Ordenada Bancaria (“FROB”). All three banks were created this year as part of the restructuring of the Spanish savings banks system. Final approval of the recapitalisations is conditional […]
The Memorandum of Understanding entered into between the Portuguese State and the International Monetary Fund, the European Central Bank and the European Commission (the troika) sets forth a range of goals and measures that must be implemented by the Portuguese State in order to promote competition in the markets as a means of improving economic […]
The enforcement of competition law in Spain has experienced important changes during the last two and a half years. A new Act (Act 15/2007, on Defence of Competition, ADC) entered into force, creating a new Competition Administrative Authority (Comision Nacional de la Competencia, CNC). In line with the EU experience, a leniency programme has been […]
