11.8.4 Concluding remarks

Most restructuring plans of banks (in the C-context) include a re-focus on the bank’s core activities. This refocus on the bank’s core activities – and the subsequent disposal of the bank’s non-core activities – is always viewed positively by the Commission, because it contributes to the restoration of long-term viability.

The present section has shown that there is no uniform definition of ‘non-core activities’. The exact interpretation of ‘core’ and ‘non-core’ is different for each bank. Apart from the fact that it usually treats proprietary trading as a non-core activity, the Commission does not impose a uniform business model on the banks. In other words: banks and Member States have some flexibility in designing the business model of the bank. I welcome the fact that the Commission does not dictate which bank activities should be labelled as core and non- core. Indeed, it is not for the Commission – as a State aid control authority – to determine the business model of the bank.