European Commission extends bank recapitalisation scheme in Hungary

The scheme was extended on the conditions that the fee charged by the government be raised and banks that rely heavily on the loan guarantees and recapitalisation undergo a viability review. The recapitalisation scheme makes available new capital to credit institutions in exchange for preference shares to enable them to strengthen their capital base against potential losses. The Commission found the extension of the scheme, initially approved on 12 February, 2009 to be in line with its guidance on state aid to banks during the crisis. “The extended measures are well targeted, proportionate and limited in time and scope,” the Commission said.

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