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Commission approves extension of Hungarian liquidity scheme for banks

The European Commission on Wednesday said it authorized an extension until June 30, 2012, of a Hungarian liquidity scheme for credit institutions.

The Commission initially approved the scheme - launched by the Hungarian government in March 2009 - in January 2010. The Commission has authorized its extension several times.

The Commission found the extension of the scheme to be in line with its guidance on state aid to banks during the 2008 crisis. In particular, the prolonged measures are proportionate, well targeted and limited in time and scope, it noted.

The Commission concluded that the scheme represents an appropriate means of remedying a serious disturbance in the Hungarian economy and is compatible with the Treaty.