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European Commission approves extension of Hungarian bank support scheme

The European Commission on Thursday said it approved the extension of a Hungarian bank support scheme for six months until the end of 2011.

The scheme, involving recapitalization measures, was initially approved in February 2009. The Commission found it to be in line with its guidance on state aid to banks during the crisis. The measures are "well targeted, proportionate and limited in time and scope", and they "represent an appropriate means of remedying a serious disturbance in the Hungarian economy," the Commission said.