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EU Commission clears $24bn state guarantee for ailing French real estate bank

EU Commission clears $ 24bn state guarantee for ailing French real estate bank
News from Fox News:

The European Union has approved state guarantees worth €18 billion ($ 24 billion) for an ailing French real estate bank on condition Paris presents a plan to restructure or close it within six months.

The EU Commission’s anti-trust regulator said Thursday the guarantee for Credit Immobilier de France is necessary to avoid major disruption in the French banking system as a whole.

It said the state guarantee is necessary to cover the real estate lender’s urgent liquidity needs and to give it time to draw up a restructuring or orderly resolution plan.

French authorities bailed out CIF after it ran into a funding crunch following rating downgrades last year.

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Related News:

Russian Lawmaker Quits After Real Estate Disclosure
News from New York Times:

MOSCOW — A senior lawmaker from Russia’s governing party, who was also the chairman of Parliament’s ethics committee, resigned from the legislature on Wednesday over revelations that he owned more than $ 1.3 million worth of luxury real estate in Florida that he did not list on required disclosure forms.

The lawmaker, Vladimir A. Pekhtin, said that he did not want the matter to taint colleagues in his party, United Russia, and announced his departure at a morning parliamentary session.

Mr. Pekhtin said he had not broken any law. But “there are very controversial documents that have been made public on the Internet,” he said, and it was necessary to clear up “obvious legal misunderstandings.”

“I will give up my mandate, which I always achieved in honest political battle, and my rival…………… continues on New York Times

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