Press Release: State aid: Commission authorises support package for Hungarian financial institutions

The European Commission approved under EC Treaty state aid rules a Hungarian package intended to stabilise the markets as a response to the global financial crisis. The package will provide eligible credit institutions with new capital and guarantees on short and medium term newly issued debt, under strict conditions. The Commission found the measures to be in line with its guidance Communications on state aid to overcome the financial crisis. In particular, the package ensured non discriminatory access, was limited in time and scope, provided for a market-oriented remuneration and foresaw adequate safeguards to minimise potential distortions of competition. The Commission therefore concluded that the scheme was an adequate means to remedy a serious disturbance in the Hungarian economy and is as such compatible with Article 87.3.b of the EC Treaty.

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