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EU Opens Probe Into Overhaul of Latvia’s Mortgage and Land Bank

Jan. 26 (Bloomberg) -- The European Commission today gave temporary approval to state aid for Latvia’s Mortgage and Land Bank, while also opening an in-depth probe into whether the support is in line with antitrust rules.

The aid includes a $132.4 million recapitalization of the lender in March 2010, as well as guarantees and a “standby liquidity facility” to aid the bank if it has problems with cash flow, the regulator said in an e-mailed statement.

The EU “needs to gather all the necessary information to ensure that the aid granted to MLB’s commercial activities is compatible with the Commission’s state-aid rules on restructuring aid,” the regulator said.

To contact the reporters on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net;

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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