Press Release: State aid: Commission approves Spanish fund for acquisition of financial assets from financial institutions

The European Commission approved, under EC Treaty state aid rules, a Spanish scheme intended to stabilise financial markets by providing liquidity to eligible financial institutions. Following close cooperation with the Spanish authorities and the submission of a comprehensive set of commitments to ring-fence the application of the measures, the Commission found the scheme to be in line with its Guidance Communication on state aid to overcome the current financial crisis. The measure constitutes an adequate means to remedy a serious disturbance in the Spanish economy while avoiding undue distortions of competition and is therefore compatible with Article 87.3.b. of the EC Treaty. In particular, the package provides for non-discriminatory access, is limited in time and scope and foresees adequate safeguards to minimise distortions of competition.