The European Commission has authorised until 30 June 2013 the extension of a support scheme for credit institutions in Greece, which includes a guarantee scheme and a bond loan scheme.
The scheme was initially approved in November 2008 (see IP/08/1742), and prolonged several times, the last one being in July 2012. The Commission found the prolongation of the guarantee and the bond loan scheme 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 measures are well targeted, proportionate and limited in time and scope.
The Commission has therefore concluded that the schemes represent an appropriate means of remedying a serious disturbance in the Greek economy and as such are compatible with Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU).
Midday Express, 22.1.13
© European Commission
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