ARCO also argued that the Commission concluded that a guarantee scheme for branch 21 products of insurance companies did not entail State aid, because it was open to all insurance companies and therefore not selective [46].
Ensuite, la Belgique a fait valoir que la mesure n'apportait aucun avantage sélectif aux coopératives financières et, enfin, elle a soutenu que la mesure ne provoquait aucune distorsion.