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EU authorizes extension of state guarantee for French bank CIF
The European Commission authorized an increase in state aid to French bank Credit Immobilier de France (CIF) to 19 billion euros ($25.15 billion) and its extension until the end of November at the latest, it said on Wednesday.
CIF, a lender to low-income borrowers, was bailed out by French authorities after it ran into a funding crunch following rating downgrades.
In February, EU competition regulators temporarily cleared an 18-billion-euro state guarantee for CIF provided the French authorities present a plan to overhaul or close down the mortgage bank within six months.
The Commission said on Wednesday it had authorized an increase in the state guarantee to 19 billion euros and extra time to allow CIF to finalize plans for the bank in line with state aid rules. The bank must notify the Commission of its plans before November 28.
[Source: Reuters, Brussels, 14Aug13]
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