An extension to the UK bank lending support schemes (guarantee and recapitalisation schemes) was approved by the European Commission on 15 April 2009. In October 2008, the Commission cleared the initial proposal as part of Government scheme to stabilise the financial sector by stimulating bank lending. In December 2008, the scheme was modified slightly to bring it into line with measures approved across EU Member States. In view of the fact that the UK economy remains under a serious credit crisis, the Commission has approved an extension of the arrangement until 13 October 2009. In giving its approval, the Commissioner for Competition, commented that the speed of the decision-making process was due to the "excellent cooperation" with the UK authorities.