6. Highlights the importance of strengthening the local banking system; underlines the responsibility and the functions of banks, ranging from European- to local-scale banks, in terms of investing wisely in the economy and more specifically in SMEs; notes the differences between Member States in the cost of borrowing for SMEs and in access to financing for SMEs resulting from the adverse macroeconomic context, which might have negative competitive implications in border areas; points out that, even though SMEs‘ problems in accessing credit still vary among Member States, the results of the October 2011 ECB Bank Lending Survey show a s ...[+++]ignificant overall tightening of credit standards for loans to SMEs and demonstrate that reducing investments to a minimum can lead to a credit crunch; acknowledges, in addition, that there is a significant demand for micro-credits in the EU;

6. Highlights the importance of strengthening the local banking system; underlines the responsibility and the functions of banks, ranging from European- to local-scale banks, in terms of investing wisely in the economy and more specifically in SMEs; notes the differences between Member States in the cost of borrowing for SMEs and in access to financing for SMEs resulting from the adverse macroeconomic context, which might have negative competitive implications in border areas; points out that, even though SMEs‘ problems in accessing credit still vary among Member States, the results of the October 2011 ECB Bank Lending Survey show a s ...[+++]ignificant overall tightening of credit standards for loans to SMEs and demonstrate that reducing investments to a minimum can lead to a credit crunch; acknowledges, in addition, that there is a significant demand for micro-credits in the EU;

It should also be borne in mind that, despite the fact that accruals accounting is a more elaborate system than pure cash accounting, the multitude of different accounting standards, charts of accounts, booking processes and IT systems, as well as auditing standards and practices that often co-exist, even within one sub-sector of general government in a single Member State, suggests that harmonisation will bring about a reduction in bureaucracy and costs which in the medium to longer term would far outweigh the expected investment.

The Commission finds that the Czech plans are in line with the EU environmental guidelines , in that the scheme ensures that aid will be granted only for the additional investment costs needed to achieve a higher level of environmental protection than the one resulting from the application of mandatory standards.

So you wrap up all the operating costs and all the capital costs over a 30-year period and the costs of borrowing, and you find the capital costs are usually more than three-quarters of the total.

After conducting the formal investigation procedure the Commission found that aid amounting to around € 57 million for a total eligible investment of around € 185 is compatible with the Community rules for State aid and the framework for aid to the motor vehicle industry in particular.