The European Commission has approved, until 30 June 2013, the prolongation of the Eligible Liabilities Guarantee scheme that allows the Irish authorities to grant state guarantees to credit institutions in Ireland.
This scheme was initially approved on 20 November 2009 and prolonged in May 2010, June 2010, September 2010, November 2010, June 2011, December 2011 and June 2012. The Commission found the prolongation of the measure to be in line with its guidance on state aid to banks during the crisis. In particular, the prolonged measure is well targeted, proportionate and limited in time and scope.
The Commission, therefore, concluded that the scheme is compatible with Article 107(3)(b) of the Treaty on the Functioning of the EU (TFEU), that allows to grant aid to remedy a serious disturbance in the economy of a Member State.
Press release (midday express 12/12/12)
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article