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State Aid and Fiscal Costs

In: European Bank Restructuring During the Global Financial Crisis

Author

Listed:
  • Małgorzata Iwanicz-Drozdowska
  • Elżbieta Malinowska-Misiąg
  • Bartosz Witkowski

Abstract

This chapter presents overall rules for the provision of state aid and the fiscal burden related to that aid. Soon after the collapse of Lehman Brothers, in October 2008, the European Commission issued the so-called ‘first banking communication’ to facilitate the financial support for banks. In 2010, it became necessary to provide financial support to countries. In 2012, the European Stability Mechanism was established. All in all, the net state aid (state aid less repayments) provided to banks in the form of recapitalization and capital provided for asset management companies from 2008 to 2013 equalled EUR 535.6 billion. The state aid imposed a heavy burden on public finance in some EU countries, with Ireland presenting the heaviest.

Suggested Citation

  • Małgorzata Iwanicz-Drozdowska & Elżbieta Malinowska-Misiąg & Bartosz Witkowski, 2016. "State Aid and Fiscal Costs," Palgrave Macmillan Studies in Banking and Financial Institutions, in: European Bank Restructuring During the Global Financial Crisis, chapter 3, pages 31-55, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-56024-7_3
    DOI: 10.1057/9781137560247_3
    as

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