Brussels, 17/12/2013 (Agence Europe) - On 17 December, the European Commission authorised the extension until 30 June 2014 of a €20 billion guarantee scheme for credit institutions in Portugal. The scheme was initially approved in October 2008 and prolonged several times, most recently in August 2013. The Commission found the extension of the measures to be in line with its guidance on state aid to banks during the crisis. In particular, the extended measure is well targeted, proportionate and limited in time and scope. It will provide guarantees for up to three years, or exceptionally for five years if the Portuguese central bank gives its approval. The guarantees will be issued for short- and medium-sized bonds issued by solvent banks registered in Portugal. The Commission therefore concluded that it is an appropriate means of remedying a serious disturbance in the Portuguese economy. (FG/transl.fl)