05/07/2017 (Agence Europe) – On Wednesday 5 July, the European Commission approved the extension, until 30 November of this year, of the Irish credit establishment resolution scheme, allowing their orderly liquidation. This plan aims to safeguard the financial stability of the country when a bank is no longer able to meet its obligations. In such cases, the Irish authorities may assist it by transferring its assets and liabilities to a purchaser selected following an open competitive procedure. The support is limited to the minimum necessary to ensure orderly liquidation and the purchaser does not receive an undue economic advantage through the acquisition of undervalued assets and liabilities. The Commission approved the scheme for the first time in December 2011 and has extended it several times since then. (LT)