Italian Banks Pay Back Aid EC Deemed Illegal

Law360, New York (June 21, 2007, 12:00 AM EDT) -- Italian banks have paid back the money they saved from tax breaks they were granted in the late 1990s, after the European Commission rebuked Italy's government for passing a law that violated the EC's state aid rules.

The Commission received a letter from Italian Minister of the Economy Tommaso Padoa-Schioppa earlier this month informing it that the government had recovered the aid it had granted, said Linda Cain, a spokesperson for Competition Commissioner Neelie Kroes.

Cain could not say which banks, or how many, were ordered...
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