Assisting the Flemish government in developing a legal framework for granting guarantees to funds, as a result of which financial institutions can free up capital to continue lending to the market.
This involved drafting of all relevant legislation. Currently, the discussions with the European Commission on compatibility with state aid rules are on-going. This is one of the few cases in which a rating methodology will be presented to the Commission in a state aid proceeding. Also, the interplay of state aid rules needs to support banks and capital requirements for insurance companies and banks according to Basel III and Solvency II.