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Spanish Professional Football Clubs: How Salient Is the Exact Nature of the Aid? · Cases T-865/16 FC Barcelona v Commission, C-362/19 P Commission v FC Barcelona, T-791/16 Real Madrid CF v Commission, T-766/16 Hércules CF v Commission, T-732/16 Valencia journal article

Annotation on the Judgments of the General Court and the Court of Justice of the European Union in Case T-865/16 FC Barcelona v Commission (GC, 26 February 2019), C-362/19 P Commission v FC Barcelona (CJEU, 4 March 2021), T-791/16 Real Madrid CF v Commission (GC, 22 May 2019), T-766/16 Hércules CF v Commission (GC, 20 March 2019), T-732/16 Valencia CF v Commission (GC, 12 March 2020), T-901/16 Elche CF v Commission (GC, 12 March 2020)

Jacob Kornbeck

European State Aid Law Quarterly, Volume 20 (2021), Issue 1, Page 120 - 138

Five judgments handed down by the General Court (GC), in 2019-20, and by the Court of Justice, in 2021, have clarified aspects of three Commission State aid decisions regarding Spanish professional football clubs, through preferential tax rates applicable to non-profit organisations (Real Madrid, FC Barcelona, Athletic Bilbao, Atletico Osasuna) and land transactions between municipal and regional authorities and private entities (Real Madrid) and financial guarantees offered by public authorities to private entities (Hércules CF, Valencia CF, Elche CF). Not only questions of substance were clarified but also procedural ones. Two GC rulings were appealed to the Court. The specificity of sport (Article 165 TFEU) does not appear to have been instrumental in shaping any of the judgments annotated.


State Aid Tools to Tackle the Impact of COVID-19: journal article

What Is the Role of Economic and Financial Analysis?

Nicole Robins, Laura Puglisi, Ling Yang

European State Aid Law Quarterly, Volume 19 (2020), Issue 2, Page 137 - 149

In response to the COVID-19 pandemic, the European Commission quickly provided guidance on how Member States can support companies during the crisis in a manner that is in line with State aid rules. With the Commission having approved €2.6 trillion of aid notified by Member States since the start of the pandemic, State aid rules have come under the spotlight more than ever before. Some argue that the different approaches adopted by Member States to deal with the crisis create significant competitive distortions between Member States, while others argue that State aid rules should be made more lenient. This article discusses the State aid tools that Member States can use to deal with the effects of the pandemic, focusing on the role of economic and financial analysis to support the application of these tools. The article examines how Member States can provide liquidity support to companies in compliance with State aid rules, before looking at how Member States could provide more longer-term funding solutions to companies to deal with the effects of the pandemic without breaching State aid rules. Keywords: COVID-19, liquidity support, compensation for damages, rescue aid, restructuring aid, economic and financial analysis, recapitalisations


Learnings from the Commission’s Initial State Aid Response to the COVID-19 Outbreak journal article

Paula Riedel, Thomas Wilson, Shane Cranley

European State Aid Law Quarterly, Volume 19 (2020), Issue 2, Page 115 - 126

Against the background of the COVID-19 outbreak and the effects of public health measures on Member State economies, the Commission has acted impressively quickly to prevent State aid rules becoming a block to necessary interventions. The Commission has published a Temporary Framework under Article 107(3)(b) TFEU, which has been amended twice including to allow for recapitalisation of firms in return for State participation. Aid under this Temporary Framework along with a wide range of measures approved under Article 107 TFEU has allowed billions in aid to be granted, ensuring that liquidity is available to companies. This liquidity has avoided mass bankruptcies but comes with the risk of distortions of competition across the internal market; a risk augmented by the differences in approach of the Member States. As Member States exit the initial phase of the response to the crisis focused on liquidity, and move to more structural measures such as recapitalisations, we can expect the design of aid to be monitored even more closely to minimise market distortions. The Commission’s initial response has been flexible, swift and pragmatic and is to be lauded but many potential pitfalls remain as the crisis moves to the next phase.  Keywords: COVID-19, Temporary Framework, recapitalisation, distortion of competition


State Aid for the Banking Sector: journal article

What has Changed After the New BRRD and SRM Regulation?

Maria Rosaria Miserendino

European State Aid Law Quarterly, Volume 17 (2018), Issue 2, Page 204 - 211

The object of this work is the analysis of the issues which arose after the coming into force of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRM); in particular, the (new) role of the European Commission (EC) on State aid for the Banking Sector. This work analyses the complex procedure of resolution created after the Single Resolution Mechanism Regulation and the cooperation between the Commission and the SRB on State Aid in that procedure, with a focus on precautionary recapitalisation.Keywords: State aid; Single Resolution Mechanism Regulation; BRRD; Resolution procedure; Precautionary recapitalisation.

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