8.4.3 Concluding remarks

The present section has shown that the Commission consistently assessed whether the guarantee was limited in time and scope. For instance, in most cases, the Commission welcomed the fact that the guarantee did not include existing debt (but only newly issued debt). In the cases where the guarantee did cover existing debt, the Commission noted that the extended scope of the guarantee was justified. Thus, in either case, the relevant characteristic was taken into account by the Commission.