Press Release: State aid: Commission approves temporary modification of Austrian risk-capital scheme to boost real economy

The European Commission approved, under EC Treaty state aid rules, an Austrian framework measure which will temporarily modify the existing risk capital investment scheme 'Eigenkapitalgarantien', previously approved by the Commission on 18th October 2007 (see case number N 160/2007). The Commission found the proposed modifications to be in line with its Temporary Framework for state aid measures to support access to finance in the current financial and economic crisis. In particular, the measure was limited in time and meets the investment thresholds. It was therefore compatible with Article 87(3) (b) of the EC Treaty, that permits aid to remedy a serious disturbance in the economy of a Member State. The measure will be applicable until 31st December 2010.