The solvency support fund for strategic Spanish undertakings experiencing temporary difficulties due to the impact of the Covid-19 pandemic is compatible with EU law

(Source: Court of Justice of the EU)

The measure at issue, intended for the adoption of recapitalisation measures with a budget of €10 billion, constitutes a State aid scheme but is proportionate and non-discriminatory.

In July 2020, Spain notified the European Commission of an aid scheme to establish a solvency support fund for strategic Spanish undertakings which are experiencing temporary difficulties due to the impact of the Covid-19 pandemic. That support fund is authorised to adopt various recapitalisation measures in favour of non-financial undertakings that are established in Spain and have their principal places of business there, which are considered systemic or strategic for the Spanish economy. The budget for that aid scheme, financed by the State budget, was fixed at €10 billion until 30 June 2021.

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