Skip to main content
Advertising

Originally published Thursday, February 21, 2013 at 3:45 AM

  • Share:
           
  • Comments (0)
  • Print

EU clears $24bn state guarantee for French bank

The European Union has approved state guarantees worth (EURO)18 billion ($24 billion) for an ailing French real estate bank on condition Paris presents a plan to restructure or close it within six months.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

BRUSSELS —

The European Union has approved state guarantees worth (EURO)18 billion ($24 billion) for an ailing French real estate bank on condition Paris presents a plan to restructure or close it within six months.

The EU Commission's anti-trust regulator said Thursday the guarantee for Credit Immobilier de France is necessary to avoid major disruption in the French banking system as a whole.

It said the state guarantee is necessary to cover the real estate lender's urgent liquidity needs and to give it time to draw up a restructuring or orderly resolution plan.

French authorities bailed out CIF after it ran into a funding crunch following rating downgrades last year.

News where, when and how you want it

Email Icon

The Seattle Times photographs

Seattle space needle and mountains

Purchase The Seattle Times images


Advertising