EU Commission approves Greece's 'Hercules' plan for non-performing loans
The European Commission has approved Greek government's plans to support the reduction of non-performing loans (NPLs) of Greek banks, finding that these "are free of state aid".
The Commission found that, under the asset protection scheme (known by the name of “Hercules”), the Greek state will be remunerated in line with market conditions for the risk it will assume by granting a guarantee on securitised non-performing loans.
"If a Member State intervenes as a private investor would do, and is remunerated for the risk assumed in a way a private investor would accept, such interventions do not constitute State aid," the Commission said, adding that it has "concluded that the Greek measure does not involve State aid within the meaning of the EU rules."
Source: ana-mpa
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