Question:

Northern Rock and the EU?

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Somewhere in the back of my mind there’s this nagging memory.

I thought that it was against EU competition laws for a government to use funds to aid a private company – this is why the European airlines are in such a state – or if they did there was a time limit (6 months?) before the money had to repaid otherwise the government could be fined by the EU commission.

(This isn’t meant to promote a discussion about the EU rule).

Isn’t it just about six months since we all became phantom share-holders (courtesy of Mr Darling) of Northern Rock?

So what’s happened so the government (actually us, the country as we pay the taxes) doesn’t get fined?

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3 ANSWERS


  1. I think you are correct however the French seem to just turn a blind eye to this sort of thing as do the Dutch and Belgians.  Our govt seems to be making a special case out of Northern Rock because it's a bank.  I don't see them offering financial support or guaranteeing the obligations of construction firms, estate agents or any other business that is having financial difficulties at the present.


  2. Its the same old story, if its anything to do with banking or the financial City Of London it gets all the help (our tax) it needs.

    But if industry any needs help it has to jump through hoops just to get the attention of some low ranking government department.

  3. Good point dont know the answer, but why should we care what the EU thinks, no one else does

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