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|Subject: EU Extends Bank Support Schemes For Ireland, Spain Thu Jun 02, 2011 6:05 am|| |
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<br /> [center]EU Extends Bank Support Schemes For Ireland, Spain
The European Commission has approved the extension of Bank Support Schemes in Ireland and Spain by an additional six-month period under the European Union state aid rules.
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The commission said Wednesday that it considers the extension of the Schemes till the end of December, to be in line with its guidance on Bank Support measures during the financial crisis.
The EU said that the extended measures are well targeted,
proportionate and limited in time and scope. Further, the measures are
appropriate means of remedying a "serious disturbance" in the Irish and
Spanish economies, it noted.
The number of guarantee and liquidity Schemes
decreased to 9 in the first half of 2011 from 16 at the end of 2010.
The use of state guarantees also decreased, as the financial situation
improved somewhat, banks are being restructured and the conditions of
the guarantees themselves were tightened in July 2010.
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