EU rules no illegal state aid for France's Banque Postale
No breach of EU rules as a result of financing of retirement pensions.
La Banque Postale of France received no illegal state aid as part of retirement pension financing reform for French mail firm La Poste’s state-payroll employees, the European Commission said on Wednesday (12th November) .
“La Banque Postale did not gain any advantage from the breakdown between La Poste and itself of the 2 billion euros (USD 2.5 billion) paid by La Poste in 2006 to the national public body responsible for financing retirement pensions,” the EU executive said in a statement.
EU Competition Commissioner Neelie Kroes said: “The customers of La Poste can rest assured that its costs have not increased unduly, while, for the competitors of La Banque Postale, there is the guarantee that it has not received any indirect aid that might distort competition.”
