Brussels, 20/11/2008 (Agence Europe) - ON Thursday 20 November, the European Commission approved the state guarantee mechanism intended to facilitate the financing of Fortis Bank of Belgium. “The aid is necessary to ensure the viability of Fortis Bank and thereby avoid a serious disturbance in the Belgian economy,” the spokesman for the Competition Commissioner told press. The decision does not cover the measures implemented in favour of Fortis Bank from 29 September to 6 October 2008 (capital injection and sale to BNP Paribas), which are assessed separately. Also on Thursday, the Commission announced that it had approved a state guarantee for the Dexia financial group. The aid, to be provided jointly by Belgium, France and Luxembourg, can be justified, the Commission says, by Dexia's size: had the group collapsed it would have given rise to a systemic risk. The Commission approved the aid as an emergency rescue measure for a period of six months which may be extended if the crisis continues. The three member states have undertaken to submit plans for the future of the group within six months of aid being provided for the first time. (C.D./transl.rt)