Press Release: State aid: Commission orders recovery of illegal aid granted under Portuguese short-term export-credit scheme

The European Commission has concluded that a Portuguese scheme providing short-term credit insurance, including export credit insurance, to certain companies significantly below market price was in breach of EU rules as it distorted competition with rivals in Portugal and exporters elsewhere in the EU.

This means Portugal needs to recover from the beneficiaries the difference between the premium level charged under the scheme and the market price between the beginning of 2009 and the end of 2010. It shows once again the importance of obtaining clearance under the EU state aid rules prior to implementation.