Press Release: State aid: Commission approves Spanish guarantee scheme for credit institutions

The European Commission approved under EC Treaty State aid rules a Spanish scheme to support the financial sector by providing guarantees to eligible financial institutions. The Commission found the measure to be in line with its Guidance Communication on State aid to overcome the financial crisis. In particular, the scheme is non-discriminatory, limited in time and scope, provides for behavioural constraints to avoid abuses and is subject to a market-oriented remuneration from the beneficiaries. The Commission therefore concluded that the scheme was an adequate means to remedy a serious disturbance of the Spanish economy and as such in line with Article 87.3.b of the EC Treaty.