Clifford Chance
ING's landmark victory brightens the outlook for State aid recipients
15 March 2012
On 2 March 2012, the General Court in Luxembourg handed down its judgment in relation to the classification of State aid provided to ING by the Dutch State in the context of the financial crisis. Proceedings were brought by the Dutch State and ING against the European Commission, disputing the level of aid received and (as far as ING's appeal was concerned) the restructuring measures required from ING to class the aid as compatible with the common market. The Dutch Central Bank acted as intervener in ING's appeal.
Michel Petite (Clifford Chance Paris), Steven Verschuur, Helen Gornall and Pier Posthuma de Boer (Clifford Chance Amsterdam) acted for the Dutch Central Bank. The case is highly significant as it is the first time that a central bank has intervened in proceedings before the European courts, providing expert evidence relating to matters of financial stability and the viability of ING during the crisis. Clifford Chance was and is involved in a number of high profile state aid cases in the financial sector.
