Press Release: State aid: European Commission authorises guarantees for Irish financial institutions

The European Commission has approved until 31 December 2010 a guarantee scheme for credit institutions in Ireland, covering certain short-term liabilities. The scheme features higher premiums to be paid by the banks for the guarantees granted by the State and foresees adequate safeguards to minimise potential distortions of competition. The Commission therefore concluded that the scheme is an adequate means to remedy a serious disturbance in the Irish economy and is as such compatible with the special state aid rules put in place at the beginning of the global financial crisis.

• Primary Source

Ireland: Department of Finance: Press Release, 10.11.10: Minister welcomes approval for the bank guarantee http://www.finance.gov.ie/viewdoc.asp?DocID=6575&CatID=1&StartDate=01+January+2010

Ireland: Department of Finance: Press Release, 21.9.10: Minister welcomes European Commission approval for the continuation of the Bank Guarantee for short term deposits and liabilities http://www.finance.gov.ie/viewdoc.asp?DocID=6492

Ireland: Department of Finance: Information on the Bank Guarantee Scheme http://www.finance.gov.ie/viewdoc.asp?DocID=6474

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