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Trajan Shipley
19th November 2021
Banking & Finance Competition & State Aid

ESA: Iceland’s State-owned banks did not receive State aid

The EFTA Surveillance Authority (ESA) closed a complaint finding that Iceland’s two State-owned banks (Landsbankinn and Íslandsbanki) did not receive State aid in the form of lower profitability requirements than privately owned banks in Iceland. 

The complaint was brought by Arion Banki, a privately owned bank, that essentially alleged that Iceland was granting advantages to Landsbankinn and Íslandsbanki by accepting standards not available to other market participants, specifically by not requiring them to generate a rate of return on equity (ROE) in accordance with market standards.

Following a preliminary examination, ESA has not found indications that the ROE ratio required for the two banks by the Iceland’sholding com


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