The European Commission approved Poland's scheme for the restructuring of small commercial and cooperative banks, saying the proposal does not infringe EU state aid rules, Rzeczpospolita reported Dec. 20.

The scheme refers to banks whose total value of assets does not exceed €3 billion and lists measures that Polish authorities could take in the event of financial problems identified at one of the lenders.

The EC's approval is valid until June 20, 2017, and could be prolonged at Poland's request, according to the report.