Press Release: State aid: Commission approves Cypriot bank guarantee scheme

The European Commission has authorised, under EU State aid rules, a Cypriot state guarantee scheme for credit institutions until 31 December 2012. The purpose of the scheme is to facilitate the access of eligible credit institutions to medium-term funding. This will help maintaining stability in the Cyprus financial sector without creating undue distortions of competition, in line with EU state aid rules.

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