Brussels, 13/10/2008 (Agence Europe) - On Monday 13 October 2008, the European Commission published guidance on how Member States can best support financial institutions in the current crisis while respecting EU state aid rules and avoiding excessive distortion of competition. EU state aid rules require that measures taken do not give rise to disproportionate distortions of competition, for example by discriminating against financial institutions based on other Member States or allowing beneficiary banks to unfairly attract new additional business solely as a result of the government support. The measures must be limited in time and foresee adequate contributions from the private sector. A spokesperson for the EU Competition Commissioner said on Monday 13 October that the Commission aims to approve schemes as quickly as within 24 hours 'on condition that Member States take due notice of the guidance laid down.' Support measures will be assessed in the light of Article 87.3.b of the EC Treaty allowing for 'aid to remedy a serious disturbance in the economy of a Member State' to ensure the measures can be considered compatible with the Common Market. Details of the guidance can be accessed at the European Commission's website at: http://www.ec.europa.eu/comm/competition/state_aid/legislation/banking_crisis_paper.pdf (C.D. trans fl)