19 Dec 2016
EUROPEAN COMMISSION DAILY NEWS – 19 DECEMBERBrussels Daily
Commission publishes Public Finances Report 2016
The European Commission’s Directorate General for Economic and Financial Affairs (EFCIN) is publishing its annual Report on Public Finances in Economic and Monetary Union today. It provides an overview of key policy developments and contains some of the analysis underpinning the Commission Opinions on Member States’ Draft Budgetary Plans. In particular, the report focuses on recent trends in public finances in the EU. The report analyses the factors behind the investment gap in the EU and the criteria for an appropriate fiscal stance for the euro area. The Commission proposed a positive fiscal stance in its Communication Towards a Positive Euro Area Fiscal Stance, to promote growth in the context of a slow recovery while maintaining the sustainability of public finances. The Report on Public Finances in EMU 2016 will be available on the website of DG ECFIN together with an infographic and a Q&A.
State aid: Commission publishes the non-confidential version of the final negative decision concluding that Ireland granted undue tax benefits of up to €13 billion to Apple
Today, the Commission has published the non-confidential version of the final negative decision adopted on 30 August 2016 concluding that Ireland gave illegal tax benefits to Apple worth up to €13 billion. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. The decision is available under the case number SA.38373 on the competition website.
State aid: Commission approves prolongation of Irish credit union resolution scheme
The European Commission has found the prolongation of an Irish scheme for the orderly winding-up of credit unions to be in line with EU state aid rules, and in particular with the 2013 Banking Communication (see also MEMO). The objective of the scheme is to safeguard financial stability when a credit union becomes unable to meet regulatory requirements. It allows Ireland to provide aid for transferring the assets and liabilities of a failing credit union to an acquirer through a competitive process. This will help to achieve the maximum value for the assets and liabilities, ensuring that the aid is limited to the minimum necessary for an orderly winding-up and that no buyer gains an undue economic advantage through the acquisition of under-priced assets and liabilities. The scheme is valid until 30 June 2017. The Commission initially approved the scheme in December 2011. It was prolonged several times, the last time in June 2016. More information will be available on the Commission’s competition website, in the public case register under the reference SA.46951.
NEWS IN FULL