The European Commission has approved, under EC Treaty State aid rules, a state guarantee underwriting a €450 million loan granted to Banco Privado Português by six Portuguese banks. The guarantee was issued on 5 December 2008, but complete information was only provided to the Commission on 20 February 2009. The loan has a duration of six months and can only be used by Banco Privado Português to face its liabilities as registered in the balance sheet on 24 November 2008. The Commission found the temporary rescue measure to be in line with its Guidance Communication on State aid to overcome the financial crisis and Portugal has committed to provide a restructuring plan for Banco Privado Português within six months of the state intervention.