Brussels, 26/02/2009 (Agence Europe) - On Wednesday 25 February, the European Commission authorised two aid measures for businesses planned by Hungary to deal with the current economic crisis. The first measure will enable aid of up to €500,000 to be granted in 2009 and 2010 to businesses facing funding problems because of the credit squeeze. The second scheme allows granting aid in the form of reduced interest rates on loans of any duration concluded by 31 December 2010. Both schemes meet the conditions of the Commission's temporary framework for state aid measures, which gives member states additional scope to facilitate access to financing in the present economic and financial crisis. They are, therefore, compatible with Article 87(3)(b) of the EC Treaty, which permits aid “to remedy a serious disturbance in the economy of a member state”.
“These schemes will help alleviate the difficulties faced by Hungarian businesses affected by the current situation without giving rise to any undue distortions of competition”, said Competition Commissioner Neelie Kroes. (L.C./transl.rt)