Rescue of the German bank NordLb and unequal treatment of European savers
19.11.2019
Priority question for written answer P-003887/2019
to the Commission
Rule 138
Carlo Fidanza (ECR), Raffaele Fitto (ECR), Pietro Fiocchi (ECR), Nicola Procaccini (ECR), Raffaele Stancanelli (ECR)
According to recent press reports, the Commission - and specifically DG COMP - has issued a favourable opinion on a EUR 3.6 billion rescue package for the German bank Hannover Norddeutsche Landesbank (NordLb) through the input of public funds by Lower Saxony and Saxony-Anhalt, together with the savings banks. From the Commission’s point of view, this rescue should not be considered as State aid or even a breach of competition law. Assuming this information to be correct, it highlights the different attitude taken by the Commission towards German and Italian savers, who seem to be judged differently. It should be recalled that in the recent past the Commission has rejected the rescue of some Italian banks, such as Tercas, through the Interbank Fund, as well as Banca Etruria, Banca Marche, CariChieti and CariFerrara; the application of ‘burden sharing’ in these cases resulted in serious losses for Italian shareholders and bondholders, as well as the loss of numerous jobs.
In view of the above, can the Commission say:
How can it justify giving a green light to the rescue of the NordLb, given that it is clearly a case of State intervention?
Assuming this information to be correct, is it aware that it is adopting a clearly discriminatory attitude towards some European citizens compared to others?