European Commission Adopts Guidance on State Aids to the Financial Sector

Following a flurry of rescue measures put in place by many European Union Member States in recent weeks to support the banking sector, the European Commission (the Commission) issued, on October 13, a Communication to clarify the types of measures which it considers will be compatible with state aid rules - although any state aid provided to the banks will still require Commission approval. The Communication focuses on guarantee schemes, recapitalisation schemes, and complementary forms of liquidity support.

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