26/03/2009 (Agence Europe) - On Tuesday 24 March, the European Commission approved the takeover of loans covered by state guarantee by MÁV-Trakció Zrt, provider of traction services for the Hungarian State Railways. The loans in question, which were to be used to modernise the rolling stock inherited by MÁV-Trakció Zrt following the restructuring of Hungarian railways in 2006, amount to nearly 38 billion Hungarian forints (about €150 million). The aid equivalent of the guarantees is below 2%. The Commission found the aid to be compatible with Article 73 of the Treaty of the European Communities, which states that aid is allowed if it meets the needs of coordination of transport. (A.By./transl.rt)