Bank guarantee scheme extended

THE European Commission has approved the extension of the Government bank guarantee scheme for short-term liabilities until the end of this year.

It said the scheme for liabilities with maturity of less than three months issued between the end of this month until the end of December, contained sufficient safeguards to ease competition concerns.

The commission said the scheme features higher premiums to be paid by the banks for the guarantees and foresees adequate measures to minimise potential distortions of competition.