Brussels, 09/02/2006 (Agence Europe) - The Commission concluded on Thursday that public participation of Austria Wirtschaftsservice GmbH in a bond portfolio set up by Investkreditbank AG is not state aid. AWS public participation will correspond to 10% of a million bond portfolio set up by Investkreditbank. The Commission found that AWS' participation is made on market terms and is based on conditions a private investor would have accepted (“the private market investor principle”) and should be seen in the context of the entry into force of the capital requirements known as Basel II agreement. Securisation operations could provide a possible answer to the potential problem for SME lending that may derive from the new capital requirements which will be in place as of 2008. It would contribute to reduce the risk of the lenders, who would be able to share part of it with other investors.