Brussels - The European Union's executive is to approve Monday French and Austrian schemes to recapitalize troubled banks after it updated its own rules on state aid, a top official said.
The European Commission has adopted a new set of guidelines on how EU member states should be allowed to rescue banks hit by the credit crunch, and following the move, "the commission will adopt the French recapitalization scheme today ... and will shortly approve the Austrian scheme," EU Competition Commissioner Neelie Kroes said.