The European Commission has granted temporary approval of state aid to Latvia for its support for Latvian Mortgage and Land Bank (MLB). MLB was established as a state-owned bank in 1993. It is phasing out commercial activities in its transformation from a mixed development and commercial bank into a pure development bank.
The EC is also opening an in-depth investigation to determine whether aid to MLB is in line with EU state aid rules.
Source: EC Press Release
Related content: Stability and Competition in EU Banking During the Financial Crisis: The Role of State Aid Control (Gert-Jan Koopman, European Commission)
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