09 Apr 2015
EUROPEAN COMMISSION DAILY NEWS – 08 APRILBrussels Daily
Eurostat: EU28 current account surplus €38.7 billion; €37.0 bn surplus for trade in services
The EU28 seasonally adjusted external current account recorded a surplus of €38.7 billion (1.1% of GDP) in the fourth quarter of 2014, up from a surplus of €29.9 bn (0.9% of GDP) in the third quarter of 2014 and down from a surplus of €43.0 bn (1.3% of GDP) in the fourth quarter of 2013, according to a second estimate released by Eurostat, the statistical office of the European Union. In the fourth quarter of 2014 compared with the third quarter of 2014, based on seasonally adjusted data, the surpluses of the goods account (from +€10.9 bn to +€25.1 bn) and services account (from +€35.7 bn to +€37.0 bn) both increased. The surplus of the primary income account moved into deficit (from +€1.3 bn to -€4.1 bn) and the deficit of the secondary income account increased (from -€18.0 bn to -€19.3 bn). Eurostat press release is available here.
State aid: Commission approves restructuring aid in favour of Irish bank Permanent TSB
The European Commission has found that restructuring aid granted by Ireland to Permanent TSB (PTSB) is in line with EU state aid rules. The restructuring plan sets out the path for PTSB to become viable in the long-term without further state support, while ensuring that the bank and its owners contribute to the cost of restructuring and limiting the distortions of competition created by the aid. Commissioner Margrethe Vestager said: “Today, we close the book on open restructuring cases of banks in Ireland by approving the state aid to Permanent TSB. The restructuring plan sets out a clear path for the bank’s long-term viability without further state support. It also confirms the effectiveness of EU state aid rules, which allowed the Commission and Irish authorities to work together successfully to strengthen confidence in the Irish banking sector in order to return it to normality.” A press release is available here.
Read full edition: Daily News 09 – 04 – 2015