Press Release: State aid: Commission approves extension of French scheme for refinancing credit institutions

In accordance with the state aid rules of the EC Treaty, the European Commission authorised the extension of the refinancing scheme for credit institutions in France. The Commission found the extension of the measures, initially approved on 31 October 2008, to be in line with its Communication on state aid to overcome the financial crisis. In particular, the extended measures are limited in time and scope. The Commission therefore concluded that they represent an appropriate means of remedying a serious disturbance in the French economy and as such are compatible with Article 87(3)(b) of the EC Treaty.