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The Commission has approved the state guarantee underwriting a €450 million loan granted to Banco Privado Português by six Portuguese banks.
On 5 December 2008 Portugal issued a guarantee, assisted by collaterals, on a €450 million loan granted by six Portuguese banks to Banco Privado Português.
The loan has a duration of six months and can only be used by Banco Privado Português to face its liabilities as registered in the balance sheet on 24 November 2008.
The aid is approved as a temporary rescue measure and Portugal has committed to provide a restructuring plan for Banco Privado Português within six months of the state intervention.