EU Audit Watchdog Wants Revised Bank Bailout Rules

Law360 (October 1, 2020, 1:43 PM EDT) -- Europe's budget regulator said Thursday that European Union oversight of state aid to banks needs a fitness check and asked the European Commission to assess the compatibility of such aid with the bloc's state aid rules.

The rules on offering banks financial support have not been examined since 2013 despite a radically different economic context, the European Court of Auditors said, and the commission needs to assess whether the current rules are still suitable.

Public financial support to companies is generally prohibited under EU law, but in the wake of the 2008 financial crisis, it was deemed necessary to support the...

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