Press Release: State aid: Commission approves Latvian support scheme for banks

The European Commission approved under EC Treaty state aid rules a Latvian support scheme to stabilise financial markets by providing guarantees to eligible banks to ensure their access to financing. The Commission found the measure to be in line with its Guidance Communication on state aid to overcome the financial crisis. In particular, the scheme ensures non-discriminatory access, is limited in time and scope, requires market oriented remuneration and contains sufficient safeguards to avoid abuses. The Commission therefore concluded that the scheme was an adequate means to remedy a serious disturbance of the Latvian economy and as such in line with Article 87.3.b of the EC Treaty.