Press Release: State aid: Commission approves modifications to UK financial support measures to the banking industry

The European Commission approved, under EC Treaty state aid rules, modifications to the UK support measures to the banking industry, initially approved by the Commission on 13 October 2008. The amendments mainly concerned the fee payable on guaranteed liabilities and the widening of the range of currencies in which the guaranteed instruments can be issued. The modifications will bring the UK scheme in line with those in other Member States and support the provision of credit to the UK economy. The Commission therefore concluded that the UK support measures, as amended, were compatible with the common market.