Brussels, 27/03/2009 (Agence Europe) - On Thursday 26 March, the European Commission approved an Austrian framework measure which will temporarily modify the existing risk capital investment scheme (Eigenkapitalgarantien), previously approved by the Commission on 18 October 2007. The Commission found the proposed modifications to be in line with its Temporary Framework for state aid measures to support access to finance in the current financial and economic crisis. In particular, the measure is limited in time and meets the investment thresholds. It is, therefore, compatible with the relevant provisions of the EC Treaty, that permit aid to remedy a serious disturbance in the economy of a member state.
In a press release, the Commission says that this modification of the Austrian scheme allows an increase of the maximum investment tranches from €1.5 million to €2.5 million over each 12 month period until 31 December 2010. The minimum private participation for risk capital investments is temporarily reduced from 50% to 30%. The Austrian authorities expect that around €25 million will be disbursed on the basis of these modifications in 2009 and 2010, to facilitate access to risk capital. The measure will be applicable until 31 December 2010. (O.L./transl.rt)