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German bank IKB Deutsche Industrie bank AG secured clearance on Monday from European Union regulators for state aid of up to 7 billion euros($9.90 billion), the EU's executive Commission said in astatement.
Additional financial support had become necessary to protect IKB's liquidity and financial stability in Germany, it said,adding that it had obtained a commitment from Germany to providea revised restructuring plan within three months.
"This aid would grant liquidity to the bank for the coming months, allowing it to sustain lending to the real economy" EU Competition Commissioner Neelie Kroes said in the statement.
"The German authorities committed themselves to notify a revised restructuring plan, taking into account the changes in the economic climate, which the Commission will assess carefully and swiftly" Kroes added.
A medium-sized private German bank with a business focus on midsize companies, IKB was the first bank in Germany to receiveaid to offset the damage caused by bad investments in structured securities in 2007.
