State aid: Commission approves prolongation of Portuguese Guarantee Scheme on EIB lending
The European Commission has approved, under EU State aid rules, a prolongation of a Portuguese guarantee scheme on European Investment Bank (EIB) lending until 7 May 2018. The scheme covers State guarantees to banks that guarantee EIB loans granted to companies in Portugal. The Commission found the prolongation of the scheme to be in line with its 2013 Banking Communication because it is well targeted, proportionate and limited in time and scope. It was initially approved on 27 June 2013 and prolonged several times, the last time in February 2017.The prolonged scheme will allow the continuation of funding provided by the EIB to the real economy and prevent the disruption of the credit granted by the EIB through the banks participating in the scheme. More information will be available on the Commission’s competitionwebsite, in the public case register under the reference SA.48549.