Press Release: State aid: Commission authorises Portuguese scheme for aid of up to €500 000

The European Commission authorised, under the state aid rules of the EC Treaty, the first in a series of aid measures for businesses planned by Portugal to deal with the current economic crisis. This measure will enable aid of up to €500 000 to be granted in 2009 and 2010 to businesses in difficulty as a consequence of the current economy crisis or facing funding problems because of the credit crunch. The scheme met the conditions imposed by the Commission’s temporary framework giving Member States additional possibilities for providing businesses with improved access to financing during the economic and financial crisis. It was therefore compatible with Article 87(3)(b) of the EC Treaty, which permits aid intended to remedy a serious disturbance in the economy of a Member State.