Following a flurry of rescue measures put in place by European Union (EU) member states to support the banking sector, on 13 October the European Commission (EC) issued a communication to clarify the types of measures which it considers will be compatible with state aid rules. The communication focuses on guarantee schemes, recapitalisation schemes and complementary forms of liquidity support.The Commission specifies that in view of the seriousness of the situation, member states may ground the provision of state aid to financial institutions on Article 87(3) (b) of the EC Treaty. This provision allows 'aid to remedy a serious disturbance in the economy of a member state'. The Commission has put in place a fast track procedure for state aids which comply with the guidance set out in the communication. It aims to approve such measures within 24 hours.
November 19, 2008 at 08:23 PM
1 minute read
The original version of this story was published on Legalweek
European Commission issues guidance on state aid to banks
Following a flurry of rescue measures put in place by European Union (EU) member states to support the banking sector, on 13 October the European Commission (EC) issued a communication to clarify the types of measures which it considers will be compatible with state aid rules. The communication focuses on guarantee schemes, recapitalisation schemes and complementary forms of liquidity support.
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