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

The European Commission authorised under EC Treaty state aid rules Italy's liabilities' guarantee and swaps scheme for credit institutions aimed at stabilising financial markets. The Commission concluded that the scheme is an appropriate, necessary and proportionate means to remedy a serious disturbance in the Italian economy, in line with the criteria set out in the Commission's Communication on support for banks during the financial crisis, and is, therefore, compatible with Article 87(3)(b) of the EC Treaty). In particular, the scheme provided for non-discriminatory access, is limited in time and scope, and introduces proper safeguards for limiting distortions of competition. The recapitalisation measures notified by Italy will be the dealt with in a separate decision.