Romanian authorities did not inform the European Commission on the intent to recapitalize CEC Bank. On Brussels' urging in mid-March, Romania sent in the information but the Commission was not satisfied with their quality.
"The quality of the information so far provided by the Romanian authorities is insufficient to allow the Commission to make an assessment on whether the recapitalisation of CEC constitutes aid (let alone, if constituting aid, whether such aid would be compatible with the Treaty)", a DG Competition statement for HotNews.ro shows. The Competition Council explained that "We wish to convince them that this measure should not be considered state aid. Otherwise, it would be difficult to justify such money sum".
The Competition Policy statement for HotNews.ro:
The Romanian authorities did not inform the Commission that they were about to recapitalise CEC Bank.The Commission discovered this on its own and it was the Commission services which informally contacted the Romanian authorities in mid March, not the other way around. The quality of the information so far provided by the Romanian authorities is insufficient to allow the Commission to make an assessment on whether the recapitalisation of CEC constitutes aid (let alone, if constituting aid, whether such aid would be compatible with the Treaty). Nevertheless, the Commission has been very open and cooperative vis-à-vis the Romanian authorities, explaining what were the options open to them. Member States can get a swift reply from the Commission allowing them to implement recapitalisations knowing that they comply with the EC Treaty, on the condition that they are cooperative and comply with their obligation under the Treaty to give the Commission all relevant information on future possible State aid.
Authorities in Bucharest sent Brussels a notification on M
