The European Commission has found that a loan of EUR 166 million granted by Slovakia to the freight railway operator Železničná Spoločnosť Cargo Slovakia (ZSSK Cargo) does not involve State aid within the meaning of EU rules. The Commission concluded that the Slovak State behaved like a market investor would have in similar circumstances, and thus provided no selective economic advantage to ZSSK Cargo.
In particular, the Commission found that:
-there were similar indicative bank offers made at the same time as the granting of the public loan
-based on a benchmarking exercise conducted by the Commission, the interest charged was broadly in line with interest rates paid by companies in a comparable financial situation
-the loan was granted based on a study showing that ZSSK Cargo would be able to reimburse the loan, and proposing restructuring measures that would restore the viability of the company. The Commission concluded that a private shareholder would have granted a similar loan to increase or maintain the value of its holding.
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