Press Release: State aid: Commission approves Latvian state support for JSC Parex Banka

The European Commission approved, under EC Treaty state aid rules, the emergency support intended to facilitate the financing of JSC Parex Banka. The Commission found the aid to be in line with its guidance Communication on state aid to overcome the current financial crisis. The aid was necessary to avoid a serious disturbance in the Latvian economy. The measures were limited in time and scope to the minimum necessary to restore the financing, require an adequate fee level and provide safeguards to minimise distortions of competition. They were therefore compatible with Article 87.3.b. of the EC Treaty.