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In Ireland. Well, specifically, Vestager is correct - it's obviously state aid, and thus illegal under those directives, but both at the time, and for the entire duration, it was entirely unambiguous that those directives had the force of law in Ireland. You can't pass the bar to practice corporate law in Europe without knowing this, so if they asked their legal council, they'd have been told it'd get overturned if anyone ever cared to go over the books.
Which begs the question why they even tried it on in the first place, and .. well, at this point, it's pure guess work, but equal parts pure arrogance, "hey, a major loan we don't have to put on the books" and "if we get away with it long enough, some of the extra money will be shielded by statutes of limitation".

.. Getting the approval of the Irish for it doesn't change any of that, tough it probably does effectively shield them from punitive damages.

by Thomas on Fri Sep 2nd, 2016 at 01:40:39 PM EST
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