The European Commission has authorised, under EU state aid rules, the prolongation of a guarantee and a bond loan scheme for credit institutions in Greece until 31 December, 2013. The purpose of the schemes is to facilitate credit institutions' access to funding.
The Commission originally approved the schemes in November 2008 (see IP/08/1742). They were prolonged several times, last prolongation of the scheme was on 22 January, 2013 (see MEX/13/0122). The Commission found the prolongation of the measures to be in line with its guidance on support measures for banks during the financial crisis.
The prolonged measures are targeted, proportionate and limited in time and scope. The Commission has, therefore, concluded that they represent an appropriate means of remedying a serious disturbance in the Greek economy and are as such compatible with Article 107(3)(b) of the Treaty on the Functioning of the EU (TFEU). During the application of the extraordinary crisis rules for state aid to banks, the Commission is authorising guarantee schemes on banks’ liabilities for periods of six months in order to be able to monitor developments and adjust conditions accordingly.
Source: EXME 13 / 25.07
© European Commission
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