FRANCE: EC grants PSA bank temporary guarantee to "avoid contagion" effect
PSA Peugeot Citroen's banking division has received temporary authorisation from the European Commission (EC) for France to guarantee EUR1.2bn (US$1.6bn) to avoid any "contagion" to the country's banking system.
Approval of the short-term measure is subject however, to PSA presenting a restructuring plan to the Commission, which includes the viability of Banque PSA Finance.
"The Commission considered granting of this guarantee was necessary to allow Banque PSA access to the market and to avoid any contagion effect on the French banking system, which would affect the cost of bank financing," said an EC statement.
"Commission guidelines concerning State aid given to banks during the crisis, mean the Commission can authorise rescue help for a six-month period in order to preserve financial stability."
The EC adds this aid will benefit not only Banque PSA Finance, but also the PSA Group as a whole.
Based on PSA's restructuring plan, the EC will issue a final decision on the aid granted.
This report analyzes the worldwide markets for Electric Vehicles (EVs) in Units by the following Product Segments: Battery Powered Electric Vehicles (BPEVs), Hybrid Electric Vehicles (HEVs), and Fuel ...
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
The analysts writing this report forecast the Global Automotive Camera Module market to reach US$1,554.72 million by 2016....
Iran Khodro (IKCO) says it is hopeful Iran's recent election of a new President will allow more partners - as well as its old Renault and Peugeot business allies - to have full operations in the count...
The analysts writing this report forecast Global Automotive Head-up Display market to grow at a CAGR of 28.61 percent over the period 2012-2016....
As widely rumoured, Paul Willcox has been confirmed as managing director of Volkswagen Group (UK), taking over from Simon Thomas who leaves the UK on 1 September 2013 to take up a global marketing rol...
This report is based on an in-depth market analysis with inputs from industry experts. The report covers the Americas and the APAC and EMEA regions; it also covers the Global Advanced Driver Assistanc...
- COMMENT: 'Showing instruments' in West stand off?
- COMMENT: Foreign OEMs chose appeasement in China
- Briefing: Emerging markets in trouble (2)
- VEHICLE ANALYSIS: Citroën DS4
- Briefing: Emerging markets in trouble (3)
- Volvo finally takes covers off redesigned XC90
- SWEDEN: NEVS/Saab enters administration
- Volvo to skip all-aluminium for carbon fibre
- Kia to build new plant for American markets
- SWEDEN: Redesign moves XC90 up market in UK
- New Engines Aiming for 60% Thermal Efficiency Japanese Automobile Manufacturers Rising to the Post-HEV Challenge
- Jaguar Land Rover: Providing remarkable growth throughout the economic downturn
- Tesla: The Californian start-up that made head way on the automotive giants
- Global Charging Equipment for EV Market 2014-2018
- Global light vehicle OE exhaust & emissions aftertreatment systems - forecasts to 2029