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EU competition law update, 17 April 2024: General Court confirms no State aid in Swedish bank risk tax; merger clearances and policy brief; CJEU Air Freight appeals.

Published on: 17 April 2024

Published by a LexisNexis Competition expert

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Article summary

State aid General Court dismisses appeal regarding Commission’s decision on Sweden’s decision to introduce a risk tax on large credit institutions

The General Court delivered its judgment in Case T-112/22, Svenska Bankföreningen and Länsförsäkringar Bank v Commission, concerning a challenge to the Commission’s 2021 decision. That decision held that Sweden’s proposal to introduce a risk tax on large credit institutions did not constitute State aid, since it would not confer a selective advantage on entities to which the tax would not apply (SA.56348). In line with that assessment, the General Court dismissed the appeal.

The Swedish regime imposes a tax on large credit institutions, namely those with liabilities exceeding SEK150,000m. The purpose of the levy is to reinforce public finances and create capacity to deal with future financial crises by requiring payment from major credit institutions, whose failure or serious disruption—on an individual basis and, given their size and importance for the functioning of the financial system—would pose a systemic risk and have a very negative effect on that system and on the economy in general, thereby generating substantial indirect costs for society. Its stated objective is to strengthen public finances so that Sweden has room to cope with future financial crises...

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