Press Release: State aid: Commission approves revised Irish guarantee scheme for financial institutions

The European Commission approved, under EC Treaty state aid rules, an Irish measure aimed at stabilising financial markets by providing guarantees on deposits and debt to eligible banks active on the Irish market. The Commission found the revised scheme, originally approved on 13 October 2008, to be in line with its Guidance Communication on state aid to overcome the financial crisis. In particular, the measure as amended was limited in time and scope. The Commission therefore concluded that the measure was an adequate means to remedy a serious disturbance of the Irish economy and as such was in line with Article 87.3.b of the EC Treaty.

Ireland: Department of Finance: Press Release, 20.11.09: Minister for Finance welcomes European Commission approval for revised state guarantee http://www.finance.gov.ie/viewdoc.asp?DocID=6089&CatID=1&StartDate=1+January+2009&m=n

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