EFTA Surveillance Authority Prolongs Financial Crisis Aid Rules

The European Free Trade Association’s Surveillance Authority has extended rules to allow governments to support their financial industries.

The ESA said it tightened conditions for granting state guarantees and added a “new requirement of a viability plan,” according to a statement on its website today.

“In addition, recapitalization and impaired assets measures will now be matched for all banks with an obligation to present a restructuring plan,” it said.

ESA monitors the compliance of European Economic Area rules in Iceland, Norway and Liechtenstein.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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