The European Commission has authorised, under EU State aid rules, the prolongation until 31 December 2013 of a guarantee scheme for credit institutions in Portugal.
The Portuguese guarantee scheme was initially approved on 29 October 2008 (see IP/08/1601) and prolonged in February 2010, in July 2010, in January 2011, in June 2011, in December 2011, in June 2012 and in December 2012.
The Commission found the prolongation of the measures 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 extended measures is well targeted, proportionate and limited in time and scope. The Commission therefore concluded that it represents an appropriate means of remedying a serious disturbance in the Portuguese economy and is as such compatible with the internal market pursuant to Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU).
Source: MEX/13/0801
© European Commission
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