Press Release: State aid: European Commission opens in-depth investigation into Portuguese short-term trade insurance scheme

The European Commission has opened a formal investigation under EU state aid rules into an export-credit and domestic trade insurance scheme put in place by Portugal in the context of the current financial crisis. The Commission has doubts whether the scheme is in line with its Temporary Framework for State aid to the economy during the crisis. In particular, the Commission needs to verify whether the pricing of the scheme which offers cover for export-credit and domestic transactions at below market prices is justified. The opening of the in-depth inquiry gives interested third parties an opportunity to comment on the measure. It does not prejudge the outcome of the investigation.