March 26, 2018 / 9:53 AM / 6 months ago

EU Commission clears Dutch support scheme for fast-growing companies

BRUSSELS (Reuters) - The European Commission on Monday said a Dutch scheme to support fast-growing medium and large companies did not constitute state aid and therefore was in line with EU rules.

Under the scheme, the Netherlands guarantee 50 percent of new loans to companies for up to eight years. The program will run until the end of 2023 and will guarantee loans of up to 400 million euros ($495.96 million) per year.

“The Commission found that the guarantees give the Dutch State an appropriate remuneration level, ensuring that the scheme is self-financing,” the Commission, which oversees competition rules in the European Union, said.

“Therefore, the Commission concluded that the Dutch state guarantee scheme does not constitute state aid to the banks, nor to the borrowing companies,” it said.

($1 = 0.8065 euros)

Reporting by Robert-Jan Bartunek; editing by Jason Neely

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