Brussels, 10/02/2012 (Agence Europe) - On Thursday 9 February, the European Commission gave the go-ahead to the reintroduction of a Spanish state guarantee system for banks that will run until 30 June 2012. The aid system was initially approved in December 2008, and has already been extended twice. It provides state guarantees (at a price) for solvent banks to help them raise short-term finance through bonds and other securities on the Spanish secondary market for between three months and three years, but the guarantees can be extended to emissions lasting up to five years if necessary. An upper limit of €100 billion has been set for the system, but this can be raised to €200bn if the market deteriorates. The Commission says that the reintroduction of the measure complies with its state aid rules in times of crisis. (FG/transl.fl)