2012/269/EU: Commission Decision of 29 June 2011 on the State aid No SA.32504 (20... (32012D0269)
2012/269/EU: Commission Decision of 29 June 2011 on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society (notified under document C(2011) 4432) Text with EEA relevance
- COMMISSION DECISION
- of 29 June 2011
- on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society
- (notified under document C(2011) 4432)
- (Only the English text is authentic)
- (Text with EEA relevance)
- (2012/269/EU)
- 1.
- PROCEDURE
- 1.1.
- Anglo Irish Bank
- 1.2.
- Irish Nationwide Building Society
- 1.3.
- Joint procedure
- 2.
- DESCRIPTION OF THE AID
- 2.1.
- The beneficiaries and their difficulties
- 2.1.1.
- Anglo Irish Bank
- 2.1.2.
- INBS
- 2.2.
- The individual restructuring plans
- 2.2.1.
- The initial Anglo restructuring plan
- 2.2.2.
- The second Anglo restructuring plan
- 2.2.3.
- The third Anglo restructuring plan
- 2.2.4.
- The INBS restructuring plan
- 2.3.
- The joint restructuring plan for Anglo and INBS
- 2.3.1.
- Description of the joint restructuring plan
- 2.3.1.1.
- Deposits
- 2.3.1.2.
- Funding
- 2.3.1.3.
- Guarantees
- 2.3.1.4.
- Capital
- 2.3.1.5.
- Main additional risks associated with the joint restructuring plan
- 2.3.2.
- The Commitments
- 2.4.
- The State measures assessed in this Decision
- 2.4.1.
- Rescue measures approved by the Commission
- 2.4.2.
- Further rescue measures
- 2.4.3.
- Measures for the merged entity
- 3.
- GROUNDS FOR INITIATING THE PROCEDURE
- 3.1.
- The opening decision
- 4.
- COMMENTS FROM INTERESTED PARTIES
- 5.
- COMMENTS FROM IRELAND
- 6.
- ASSESSMENT
- 6.1.
- Existence of aid
- 6.1.1.
- Measures already temporarily approved
- 6.1.2.
- State resources
- 6.1.3.
- Selectivity
- 6.1.4.
- Advantage
- 6.1.5.
- Distortion of competition and effect on trade between Member State
- 6.1.6.
- Application of the market investor principle
- 6.1.7.
- Identification of the beneficiary of the aid
- 6.1.8.
- Conclusion
- 6.2.
- Amount of aid
- 6.2.1.
- Recapitalisations of Anglo and INBS
- 6.2.2.
- Impaired asset measure for Anglo and INBS
- 6.2.3.
- Guarantees for Anglo and INBS
- 6.2.4.
- Aid measures for the merged entity
- 6.2.5.
- Conclusion as regards the amount of aid
- 6.3.
- Compatibility of the aid
- 6.3.1.
- Legal basis for the compatibility assessment
- 6.3.2.
- Compatibility assessment
- 6.3.3.
- The application of the Banking and the Recapitalisation Communication to measures (p) to (v) referred to in recitals 68 and 69
- (i)
- Appropriateness of the Measures
- (ii)
- Necessity — limitation of the aid to the minimum
- (iii)
- Proportionality — measures limiting negative spill-over effects
- 6.3.4.
- The application of the Restructuring Communication
- 6.3.4.1.
- Orderly resolution of the merged entity
- 6.3.4.2.
- Own contribution/burden-sharing
- (a)
- Limitation of restructuring costs and of the amount of aid
- (b)
- Significant own contribution
- (i)
- Own contribution of the institutions concerned
- (ii)
- Burden-sharing by shareholders and subordinated creditors
- 6.3.4.3.
- Measures limiting the distortion of competition
- 6.3.4.4.
- Monitoring
- 6.3.4.5.
- Conclusion
- 7.
- CONCLUSION
- Article 1
- Article 2
- Article 3
- ANNEX I
- COMMITMENTS UNDERTAKEN BY IRELAND
- State aid case C 11/10 — restructuring of Anglo Irish Bank and INBS (together ‘the merged entity’)
- ANNEX II
- APPOINTMENT AND DUTIES OF THE MONITORING TRUSTEE
- I.
- The Monitoring Trustee
- II.
- Appointment of the Monitoring Trustee
- Proposal by the Irish authorities
- Approval or rejection by the Commission
- New proposal by the Irish authorities
- Monitoring Trustee nominated by the Commission
- III.
- The duties of the Monitoring Trustee
- Duties and obligations of the Monitoring Trustee
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