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France won a battle yesterday with the European Commission over state aid. The European Court of First Instance (the second most powerful in Europe) overturned a ruling by Brussels.

The ruling ordered, Credit Mutuel, a French mutual bank to repay alleged illegal government subsidies. The bank appealed against the ruling which would have coste 164m Euros or $214m.

The subsidies in question were for managing the livret bleu, a tax-free savings product between 1991 and 1998.

Before it releases a 164m Euro provision, Credit Mutuel would consider its right to appeal.

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