The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
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The Impaired Assets Communication is one of the suite of Crisis Communications from the European Commission (the Commission) setting out the requirements for aid to be compatible with State aid principles:
the 2013 Banking Communication (which replaces the 2008 Banking Communication)
the Recapitalisation Communication
the Impaired Assets Communication
the Restructuring Communication
the 2010 Prolongation Communication
the 2011 Prolongation Communication
These special rules were introduced under article 107(3)(b) of the Treaty on the Functioning of The European Union (TFEU), which allows the Commission to approve state support to remedy a serious disturbance in the economy of a Member State. These rules have been updated where necessary to adapt to the evolution of the crisis.
The Impaired Assets Communication is effective from 25 February 2009 and was extended beyond 31 December 2011 under the 2011 Prolongation Communication on the basis that the conditions under art 107(3)(b) of the TFEU, still applied (ie a serious disturbance in the economy of the Member State).
Impaired asset measures are usually of a permanent nature and can’t be easily undone, so there is
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