EU Approves Creation Of UK's Green Investment Bank

Law360, New York (October 17, 2012, 1:58 PM EDT) -- The U.K.'s plan to launch a £3 billion ($4.9 billion) bank to fund clean energy received antitrust clearance from the European Commission on Wednesday, though loan recipients will have to show they couldn't get private financing for their projects.

The Green Investment Bank does not violate European Union state aid rules, which ensure that government interventions do not dampen competition within the eurozone, the commission said. But to ensure that the bank doesn't crowd out the private market, the bank can only lend to projects that...
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