Press Release: State aid: Commission authorises French scheme for refinancing credit institutions

In accordance with the state aid rules of the EC Treaty, the European Commission gave the go-ahead to France's debt-refinancing scheme for credit institutions that aims to stabilise the financial markets. In particular, the scheme provides for non-discriminatory access, is limited in time and scope, and introduces proper safeguards for limiting distortions of competition. The Commission decided that the scheme is an appropriate, necessary and proportionate means of remedying a serious disturbance in the French economy and is, therefore, compatible with the EU rules on state aid (Article 87(3)(b) of the EC Treaty), as explained in the Communication on how these rules apply to banks during the crisis.