The European Commission has authorised under EC Treaty State aid rules a Hungarian scheme aimed at providing relief to companies encountering financing difficulties as a result of the credit squeeze in the current economic crisis. The scheme allows authorities to grant aid in the form of subsidised guarantees for investment and working capital loans concluded by 31 December 2010. The scheme meets the conditions of the Commission’s Temporary Framework for State aid measures to support access to finance in the current financial and economic crisis, as amended on 25 February 2009, because it is limited in time, respects the relevant thresholds and applies only to companies that were not in difficulty on 1 July 2008. The Commision concluded that the scheme is therefore compatible with Article 87(3)(b) of the EC Treaty, which permits aid to remedy a serious disturbance in the economy of a Member State.
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Commission authorises temporary Hungarian scheme for subsidised state guarantees to boost real economy
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