The EU Commission approves prolongation of market conform asset protection scheme for banks in Greece

State aid: Commission approves prolongation of market conform asset protection scheme for banks in Greece* The European Commission has approved the prolongation of an existing Greek scheme aiming at supporting the reduction of non-performing loans of Greek banks on the basis that it remains free of any State aid. The existing asset protection scheme (known by the name of ‘Hercules'), was approved by the Commission in October 2019, for an initial duration of 18 months. Greece notified the Commission of its plan to prolong the scheme for another 18 months, until October 2022. The Commission found that, under the prolonged scheme, the Greek State will continue to be remunerated in line with market conditions for the risk it will assume by granting a guarantee on the senior tranche of

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European Commission, The EU Commission approves prolongation of market conform asset protection scheme for banks in Greece, 9 April 2021, e-Competitions April 2021 - II, Art. N° 100079

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