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State aid: Commission endorses aid for Czech banks Agrobanka and GE Capital

( July 18, 2007, 09:45 GMT | Official Statement) -- ****************************************The European Commission has decided that the guarantee measures and a so-called “Put Option” in favour of the Czech Agrobanka Praha a.s. and GE Money Bank a.s. (former GE Capital Bank a.s.) are compatible with EC Treaty state aid rules and has closed its formal investigation procedure. Although the measures were granted before the Czech accession to the EU, the Commission has jurisdiction to rule on them as the potential financial exposure of the Czech State was not sufficiently defined at the date of accession (1st May 2004)....

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