( December 21, 2016, 09:30 GMT | Official Statement) -- MLex Summary: Belgium broke EU rules on state aid when offering deposit guarantees to shareholders in the Arco Group of financial cooperatives, without notifying the European Commission, the EU's top court ruled. The EU's law on deposit insurance doesn't preclude covering shares, the Court of Justice found, while saying that it's for the Belgian constitutional court to decide if extending the guarantee would unduly water down the protection to other depositors. The Belgian court must take account of the fact that Arco didn't pay into the system, and the guarantee was invoked for a large number of people soon after the group was included, judges said.The following is the text of the statement. Click the attachments at bottom for the full judgment* in Dutch and French. ...
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