EU clears 2.4 bln eur aid for Poste Italiane, but opens new inquiry

The European Commission has cleared 2.4 bln eur in aid given by the Italian government to postal service provider Poste Italiane between 2000 and 2005, but simultaneously opened a new inquiry into interest rates applied to current accounts from 2005.

Commenting on the aid, the EU executive said the government was ‘fulfilling its public service obligations’.

However, the commission also opened an investigation into the high level of interest rates, financed by the government, applied to customers’ current account funds from 2005.

Funds collected from the current accounts are deposited with the Italian treasury.

The commission said the higher interest rates give Poste Italiane an economic advantage and so potentially distort competition and trade.