Press Release: State aid: Commission approves amendments to Swedish bank guarantee

The European Commission approved under EC Treaty state aid rules a package of amendments to the Swedish state guarantee scheme for financial institutions, initially approved on 30 October 2008 and 29 January 2009. The changes concern the prolongation of the scheme's validity until 31 October 2009 and the extension of its scope. The Commission found that the amendments were in line with its guidance on state aid to banks during the crisis. In particular, they are well targeted, proportionate and limited in time and scope. The amended Swedish guarantee scheme is therefore compatible with Article 87.3.b of the EC Treaty, which permits aid to remedy a serious disturbance in the economy of a Member State.