CELEX: E1995C0309(02)
Language: en
Date: 1994-12-07 00:00:00
Title: Authorization of State aid pursuant to Article 61 of the EEA Agreement and Article 1 (3) of Protocol 3 to the Surveillance and Court Agreement EFTA Surveillance Authority decision not to raise objections

Avis juridique important

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E1995C0309(02)

Authorization of State aid pursuant to Article 61 of the EEA Agreement and Article 1 (3) of Protocol 3 to the Surveillance and Court Agreement EFTA Surveillance Authority decision not to raise objections  

Official Journal C 060 , 09/03/1995 P. 0005 - 0005

Authorization of State aid pursuant to Article 61 of the EEA Agreement and Article 1 (3) of Protocol 3 to the Surveillance and Court Agreement EFTA Surveillance Authority decision not to raise objections (95/C 60/06)Date of adoption: 7. 12. 1994Member State: FinlandAid No: 94-037Title: consolidation guarantee scheme of the Finnish Guarantee BoardObjective: safeguarding the long-term economic viability of highly indebted SMEs by consolidating their bank credits and by granting a guarantee on the credit. During the consolidation period, which is at least five years, the bank commits itself to grant the company a grace period and to lower the interest of the credit. The financial situation and reorganization plan or the like of the company are carefully studied by the bank applying for the guarantee and by the Finnish Guarantee Board administering the scheme in order to ensure that eligible companies have the prerequisites for profitable operations in the long runLegal basis:- Act on State guarantees for consolidation of credits (Laki valtion vakauttamistakauksista, 529/93),- Government proposal on amending the act on State guarantee for consolidation of credits (Laki valtion vakauttamistakauksista annetun lain muuttamisesta (HE 265/94))Form of aid:- guarantee covers 50 % of consolidated credits of SMEs,- total amount of outstanding guarantees may not exceed FM 3 500 million at any one timeDuration: Until end of 1995Conditions: Simplified annual report