Brussels, 14 June 2022
The European Commission has approved a €92 million Maltese scheme to support the liquidity of companies in the context of Russia’s invasion of Ukraine. The scheme was approved under the State Aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022, based on Article 107(3)(b) TFEU, recognising that the EU economy is experiencing a serious disturbance. Under the scheme, the aid will take form of guarantees on new loans and subsidised interest rates on the guaranteed loans.
The Commission found that the Maltese scheme is in line with the conditions set out in the Temporary Crisis Framework. In particular, (i) 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; (ii) the subsidised interest rates cannot exceed €35,000 per beneficiary active in the primary production of agricultural products, fishery and aquaculture sectors and €400,000 per company active in any other sector; and (iii) the aid will be granted by 31 December 2022 at the latest.
The Commission concluded that the 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. On this basis, the Commission approved the scheme under EU State aid rules.
More information on the Temporary Crisis Framework and other actions taken by the Commission to address the economic impact of Russia’s invasion of Ukraine can be found here. The non-confidential version of the decision will be made available under the number SA.102970 in the State aid register on the Commission’s competition website once any confidentiality issues have been resolved.
Source – European Commission