{"id":109217,"date":"2022-06-03T10:45:15","date_gmt":"2022-06-03T08:45:15","guid":{"rendered":"https:\/\/www.cde.ual.es\/?p=109217"},"modified":"2022-06-03T11:05:27","modified_gmt":"2022-06-03T09:05:27","slug":"commission-approves-10-billion-aid-scheme-for-spain","status":"publish","type":"post","link":"https:\/\/www.cde.ual.es\/en\/commission-approves-10-billion-aid-scheme-for-spain\/","title":{"rendered":"Commission approves 10 billion aid scheme for Spain"},"content":{"rendered":"

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The European Commission has approved an up to \u20ac10 billion Spanish scheme (\u201cNational Guarantee Scheme\u201d) to support self-employed and companies across sectors in the context of Russia’s invasion of Ukraine. The scheme was approved under the State aid\u00a0Temporary Crisis Framework<\/a>, adopted by the Commission on 23 March 2022,\u00a0based on Article 107(3)(b) of the Treaty on the Functioning of the European Union (\u2018TFEU’), recognising that the EU economy is experiencing a serious disturbance.<\/p>\n

Executive Vice-President Margrethe\u00a0Vestager<\/strong>, in charge of competition policy, said:\u00a0\u201cThis \u20ac10 billion scheme will enable Spain to mitigate the economic impact of Putin’s war in Ukraine and to further support companies across sectors affected by the current geopolitical crisis. We continue to stand with Ukraine and its people. At the same time, we continue working closely with Member States to ensure that national support measures can be put in place in a timely, coordinated and effective way, while protecting the level playing field in the Single Market.\u201d<\/em><\/p>\n

The Spanish measure<\/p>\n

Spain notified to the Commission under the Temporary Crisis Framework an up to \u20ac10 billion scheme to support self-employed and companies across sectors active in Spain in the context of Russia’s invasion of Ukraine.<\/p>\n

The measure will be open to companies active in all sectors affected by the crisis, except credit and financial institutions.<\/p>\n

The eligible beneficiaries will be entitled to receive limited amounts of aid and liquidity support in the form of guarantees on loans.<\/p>\n

The Commission found that the Spanish scheme is in line with the conditions set out in the Temporary Crisis Framework. In particular, in relation to the limited amounts of aid, (i) the support will not exceed \u20ac35,000 per company active in the agriculture, fisheries and aquaculture sectors and \u20ac400,000 per company active in all other sectors; and (ii) the guarantees will be granted by 31 December 2022 at the latest. In relation to liquidity support, (i) the maturity of the guarantees cannot exceed eight years; (ii) the guarantee premiums respect the minimum levels (modulated in order to reflect the guarantee coverage and the duration of the guaranteed loans) set out in the Temporary Crisis Framework; and (iii) the guarantees will be granted by 31 December 2022 at the latest.<\/p>\n

Furthermore, the public support will come subject to conditions to limit undue distortions of competition, including safeguards aimed at ensuring that the advantages of the measure are passed on to the largest extent possible to the final beneficiaries via the financial intermediaries.<\/p>\n

The Commission concluded that the Spanish scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Crisis Framework.<\/p>\n

On this basis, the Commission approved the aid measure under EU State aid rules.<\/p>\n\n\n\n
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Euro Banknotes \u2013 Our Money, Our Journey<\/a><\/h4>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Background<\/strong><\/p>\n

On\u00a023 March 2022<\/a>, the Commission adopted the State aid\u00a0Temporary Crisis Framework<\/a>\u00a0to enable Member States to use the flexibility foreseen under State aid rules to support the economy in the context of Russia’s invasion of Ukraine.<\/p>\n

The Temporary Crisis Framework provides for the following types of aid, which can be granted by Member States:<\/p>\n