Press conference by Joaquín Almunia, Vice-President of the EC, on the prolongation of Temporary State Aid Framework until 2011
Joaquín Almunia, Vice-President of the EC in charge of Competition, announced that the EC agreed to prolong into 2011 its state aid crisis framework subject to modified conditions to continue with a gradual phasing-out. The Temporary framework to support businesses access to finance maintains those measures that address ongoing market failures. But firms in difficulty are from now on excluded from the scope of the Temporary Framework to ensure an appropriate restructuring of the economy. As to the financial sector, as of 1st January 2011, every bank requiring state support in the form of capital or impaired asset measures will have to submit a restructuring plan. The crisis support frameworks were introduced at the end of 2008 in response to the financial and economic crisis. Some adaptations were already made in July this year.
Joaquín Almunia at the podium Reference:P-018005 Date:01/12/2010