The European Commission has authorised, until 31 December 2012, the extension of a support scheme for credit institutions in Greece which includes a recapitalisation, guarantee and bond loan scheme.
The scheme was initially approved on 19 November 2008 (see IP/08/1742), and prolonged several times, the last one being on 6 February, 2012 (see MEX/12/0206).
The Commission found the prolongation of the measure to be in line with its guidance on state aid to banks during the crisis (see IP/08/1495 and IP/11/1488). In particular, the measure is well targeted, proportionate and limited in time and scope.
The Commission has therefore concluded that the scheme represents an appropriate means of remedying a serious disturbance in the Greek economy and as such is compatible with Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU).
Reference: MEX/12/0710
© European Council
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