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Saturday, June 15, 2024 | Back issues
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Deposit Guarantees

Belgium’s deposit guarantees for members of ARCO financial cooperatives – while not contrary to EU law – amounted to illegal state aid because the European Commission wasn’t notified promptly and could have distorted the internal market, the European Court of Justice ruled Wednesday.

LUXEMBOURG – Belgium’s deposit guarantees for members of ARCO financial cooperatives – while not contrary to EU law – amounted to illegal state aid because the European Commission wasn’t notified promptly and could have distorted the internal market, the European Court of Justice ruled Wednesday.

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