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

The European Commission approved on 28 January 2010 until 30 June 2010 a Spanish recapitalisation scheme for banks aimed at enhancing the strength and solvency of credit institutions so that they are able to provide credit normally and that confidence in the national financial system can be maintained. The Commission found the scheme to be in line with its Guidance Communications on state aid to overcome the financial crisis (see IP/08/1495 and IP/08/1901 ). In particular, the measures approved are limited in time and scope, require market-oriented remuneration and contain enough incentives to redeem the state participation over time. The Commission, therefore, concluded that the scheme is an adequate means to remedy a serious disturbance of the Spanish economy and as such compatible with Article 107.3.b of the Treaty on the Functioning of the European Union (TFEU).