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Article: BANKING: COMMISSION APPROVES TRANSFER OF LA POSTE'S BANKING BUSINESS TO SUBSIDIARY.(Ministere des Postes des Telecommunications et de l'Espace)(Brief Article)
- Article from:
- European Report
- Article date:
- December 23, 2005
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The Commission's investigation focused on three measures that could have conferred an advantage on Banque Postale:
* Transfer of La Poste's own funds to the subsidiary: Banque Postale will initially be wholly owned by La Poste. The Commission confirmed that the funds transferred to Banque Postale correspond to those currently assigned to La Poste's financial services business, and do not include additional capital from the French state that would constitute unfair public aid.
* State guarantee on savings products: Funds deposited in accounts transferred to Banque Postale will be covered by a French state guarantee until December 31, 2006. Banque Postale ...