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EU approves Portuguese support scheme for financial institutions |
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08:20, October 31, 2008 |
The European Commission said Thursday that it had approved a Portuguese rescue package aimed at stabilizing the nation's financial market by providing guarantees to financing operations of eligible credit institutions.
The Commission said in a statement it found that the 20-billion-euro (26 billion U.S. dollars) scheme complies with EU rules on state aid for overcoming the financial crisis.
"In particular, the guarantee is limited in time and scope, and is available on a non-discriminatory basis and beneficiaries will pay a market oriented premium," the Commission said.
The Portuguese government adopted a guarantee scheme earlier this month aimed at facilitating credit institutions' access to financing during the current financial crisis.
Source:Xinhua2
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