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The purpose of the present paper is not to review the rules applicable whenever a member state wishes, in a straightforward manner, to grant financial aid to a credit institution which has run into difficulties. Its ambition is, instead, to draw attention to the impact of European Community law whenever a credit institution loans money to, or underwrites bonds issued by, a client which benefits from irregular state aid.

This paper is a text of the report which the author presented on 6 November 1996, as Reporter for the Financial Services Industry, on the occasion of the hearing organised by the European Commission in respect of the Green Paper.