State Aid Law Blog

State Aid Uncovered Blog

In Lexxion’s State Aid Uncovered blog, Prof. Phedon Nicolaides publishes weekly critical analyses of recent State aid judgments and decisions. Each post presents the key points of a court judgment or EU Commission decision, places it in the context of similar case law or practice, assesses the underlying reasoning and highlights any inconsistencies or contradictions.

Guest contributions from other State aid experts will also be published on the blog at irregular intervals to complement the content of the blog posts.

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20. November 2023 | State Aid Uncovered by Phedon Nicolaides

State Guarantees

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Introduction Public authorities often grant guarantees to undertakings so that the latter can borrow commercial loans at lower rates of interest. The 2008 Commission Notice on guarantees sets out four cumulative conditions that create a presumption that a state guarantee is free of State aid: 1. The borrower is not in financial difficulty. 2. The guarantee must be linked to […]

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14. September 2021 | State Aid Uncovered by Phedon Nicolaides

Pricing of Guarantees

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A market guarantee premium must cover all costs assumed by the guarantor including the cost of possible default, cost of capital and the cost of administering the guarantee. Introduction Financial instruments are much in vogue. The Pan-European Guarantee Fund and to a smaller extent the Recovery and Resilience Fund are implemented through financial instruments that seek to leverage private participation. […]

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20. November 2023 | State Aid Uncovered by Phedon Nicolaides

State Guarantees

State Aid Blogs - Untitled design 14

Introduction Public authorities often grant guarantees to undertakings so that the latter can borrow commercial loans at lower rates of interest. The 2008 Commission Notice on guarantees sets out four cumulative conditions that create a presumption that a state guarantee is free of State aid: 1. The borrower is not in financial difficulty. 2. The guarantee must be linked to […]

No Comments

14. September 2021 | State Aid Uncovered by Phedon Nicolaides

Pricing of Guarantees

State Aid Blogs - 37 liam mckay VHWyqXsWHg0 unsplash

A market guarantee premium must cover all costs assumed by the guarantor including the cost of possible default, cost of capital and the cost of administering the guarantee. Introduction Financial instruments are much in vogue. The Pan-European Guarantee Fund and to a smaller extent the Recovery and Resilience Fund are implemented through financial instruments that seek to leverage private participation. […]

No Comments

- market premium ×

20. November 2023 | State Aid Uncovered by Phedon Nicolaides

State Guarantees

State Aid Blogs - Untitled design 14

Introduction Public authorities often grant guarantees to undertakings so that the latter can borrow commercial loans at lower rates of interest. The 2008 Commission Notice on guarantees sets out four cumulative conditions that create a presumption that a state guarantee is free of State aid: 1. The borrower is not in financial difficulty. 2. The guarantee must be linked to […]

No Comments

14. September 2021 | State Aid Uncovered by Phedon Nicolaides

Pricing of Guarantees

State Aid Blogs - 37 liam mckay VHWyqXsWHg0 unsplash

A market guarantee premium must cover all costs assumed by the guarantor including the cost of possible default, cost of capital and the cost of administering the guarantee. Introduction Financial instruments are much in vogue. The Pan-European Guarantee Fund and to a smaller extent the Recovery and Resilience Fund are implemented through financial instruments that seek to leverage private participation. […]

No Comments

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