The European Commission has authorised, under EC Treaty State aid rules, an Irish measure to help businesses to deal with the current economic crisis. Irish authorities may grant aid of up to €500 000 per firm in 2009 and 2010 to businesses facing funding problems because of the current credit crunch. The aid will be granted in the form of direct grants, reimbursable grants, interest rate subsidies, and subsidised public loans. The scheme meets the conditions of the Commission’s Temporary Framework giving Member States additional scope to facilitate access to financing in the present economic and financial crisis. The Commission found the scheme to be limited in time and scope and 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 Irish temporary scheme to grant aid of up to €500,000
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