European Commission Extends Portugal, Spanish Bank Support Schemes
Written by Jessica Clark on July 23, 2010 – 9:59 am
() - The European Commission on Friday extended the bank support schemes of Portugal and Spain until the end of this year. The Commission has already extended its authorization of bank guarantee schemes in Sweden, Germany, Austria, Latvia, Ireland, Spain, Denmark, The Netherlands, Slovenia, Greece and Poland. The extended Portuguese guarantee scheme requires the banks to pay higher premiums for the guarantees granted by the state. This is to encourage banks to finance themselves without state support and to limit distortions of competition, the Commission said in a statement. A majority of support schemes for financial institutions, put in place in 2008 and 2009 to ensure financial stability, have been periodically extended, generally for six months, when requested by the member states concerned and justified.
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Tags: Bank Support, Bank Support Schemes, Schemes, Support Schemes
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