Brussels, 05/11/2008 (Agence Europe) - On Tuesday 4 November, the European Commission approved a Spanish scheme intended to stabilise financial markets by providing liquidity to eligible financial institutions. Following close cooperation with the Spanish authorities, the Commission found the scheme to be in line with its Guidance Communication on state aid to overcome the current financial crisis. In a press release, the Commission explained: “The measure constitutes an adequate means to remedy a serious disturbance in the Spanish economy while avoiding undue distortions of competition, and is therefore compatible with Article 87.3.b. of the EC Treaty. In particular, the package provides for non-discriminatory access, is limited in time and scope, and foresees adequate safeguards to minimise distortions of competition”. According to Neelie Kroes, the European commissioner for competition: “The Spanish fund for acquisition of financial assets has been properly designed to boost market confidence and avoid distortions of competition”. (O.L./transl.rh)