ANNOUNCED AS TEMPORARYNo
On 30 March 2010, the European Commission announced the Spanish guarantee scheme to be compatible with the TFEU. The programme will entail the distribution of subsidised guarantees for new initial investment and working capital loans with a maximum coverage ratio of 90%.
The planned budget is 800 million EUR and it is open to all industries and companies - SMEs as well as large entities - until 31 December 2010. The maximum duration of the public guarantee is 9 years.
In its first letter to the Spanish government on this matter, the European Commission noted "The measure affects trade between MemberStates since the scheme is not limited to beneficiaries which are active in sectors where no intra-Union trade exists."
On 24 June 2010, the EC announced the approval of the amendment to the original guarantee scheme allowing the guarantees to be issued also at the regional level.
On 31 May 2011, the measure was prolonged until 31 December 2011.
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