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State Aid

PR(09)34: Financial crisis : the EFTA Surveillance Authority adopts new Guidelines on impaired assets and amends its Temporary Framework on access to finance

22.4.2009

The EFTA Surveillance Authority has today adopted new Guidelines on the treatment of impaired assets in the EEA Banking sector. Impaired assets correspond to categories of assets on which banks are likely to incur losses. The Guidelines outline several methods to deal with impaired assets, for example through asset purchase or asset insurance schemes. The Guidelines also provide methods for assessing the value of the impaired assets, the required level of remuneration of the State for the asset relief, the procedural steps that will be followed and the criteria that will be used to evaluate the aid given to the banks.

The design of the actual asset relief scheme is the responsibility of the EFTA State.

The Authority’s approval of assets relief measures will be granted for a period of six months and conditional on the commitment to present details of the valuation of the impaired assets as well as a viability assessment and restructuring plan for each beneficiary institution within 3 months from its accession to the asset relief programme.

Furthermore, the Authority today also adopted some amendments to the Guidelines on a Temporary Framework for state aid measures to support access to finance in the current financial and economic crisis which were adopted on 29 January 2009 (see PR(09)05). The amendments correspond to those made by the European Commission to its corresponding Communication on 25 February 2009.    

 

For further information, please contact:

Marianne Clayton,
Competition and State Aid Directorate
tel. (+32)(0)2 286 18 23

Tormod Moland,
Competition and State Aid Directorate
tel. (+32)(0)2 286 18 18

 

 

Brussels, 22 April 2009




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