Com­mis­sion: Athens has amended un­fair guar­an­tee

Kathimerini English - - Focus -

BRUS­SELS (Reuters) – Greece, Italy, Spain and Por­tu­gal have mod­i­fied state guar­an­tees on de­ferred tax as­sets cre­ated by banks fol­low­ing dis­cus­sions with Euro­pean Union reg­u­la­tors con­cerned that these may give the lenders an un­fair ad­van­tage, the bloc’s state aid chief said yes­ter­day. The Euro­pean Com­mis­sion said the so-called de­ferred tax as­sets (DTAs) set up by the banks had started to de­vi­ate from their orig­i­nal goal, which meant author­i­ties in the four coun­tries re­paid the banks for their DTAs even dur­ing their loss-mak­ing years. “All four mem­ber-states have now changed their regimes. They have put an end to cre­at­ing new state-guar­an­teed DTAs, which do not cor­re­spond to an an­tic­i­pated pay­ment of in­come taxes,” Euro­pean Com­pe­ti­tion Com­mis­sioner Mar­grethe Vestager said in a state­ment. “In ad­di­tion, re­gard­ing the ex­ist­ing stock of state-guar­an­teed DTAs, all the mem­ber-states have in­tro­duced a sys­tem to ad­e­quately re­mu­ner­ate the state for the guar­an­tee.”

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.