For the record, from the EC press release: “The European Commission has found the resolution plan of the Portuguese Banco Espírito Santo S.A. (BES),including the creation of a Bridge Bank, to be in line with EU State aid rules. The measures notified by Portuguese authorities will allow the orderly resolution of the remaining bad bank and provide the bridge bank with the necessary means to maximise the value of its assets in the sale process, while limiting the distortions of competition created by the State aid granted.”

See the remainder of this press release here.