Extracts from the press briefing by Jonathan Todd, spokesperson of Neelie Kroes, on State aid and EC's approval of French and Dutch guarantee schemes for financial institutions
Jonathan Todd, Spokesperson of Neelie Kroes, Member of the EC in charge of Competition, announced that France and the Netherlands received the EC's approval for both guarantee schemes to protect their financial institutions from the world credit crunch.
The EC found both plans to be in line with its Guidance Communication on state aid to overcome the current financial crisis. They constitute an adequate means to remedy a serious disturbance in the French and Dutch economies while avoiding undue distortions of competition and are therefore compatible with Article 87.3.b. of the EC Treaty. SHOTLIST