2014/341/EU: Commission Decision of 3 September 2013 — State aid SA.32554 (09/C) ... (32014D0341)
2014/341/EU: Commission Decision of 3 September 2013 — State aid SA.32554 (09/C) — Restructuring aid for Hypo Group Alpe Adria implemented by Austria (notified under document C(2013) 5648) Text with EEA relevance
- COMMISSION DECISION
- of 3 September 2013
- State aid SA.32554 (09/C)
- Restructuring aid for Hypo Group Alpe Adria implemented by Austria
- (notified under document C(2013) 5648)
- (Only the German text is authentic)
- (Text with EEA relevance)
- (2014/341/EU)
- 1.
- PROCEDURE
- 2.
- DESCRIPTION
- 2.1. THE BENEFICIARY
- 2.2. THE AID MEASURES
- 2.3. THE ADDITIONAL AID MEASURES NOT YET GRANTED
- 2.4. THE CONTRIBUTION OF THE FORMER SHAREHOLDERS OF HGAA
- 2.5. THE CAUSES OF HGAA’S PROBLEMS
- Table 2
- Expansion of HGAA, per country and business line
- 2.6. PARTIAL COMPLIANCE WITH COMMITMENTS
- 3.
- THE LIQUIDATION PLAN
- 4.
- GROUNDS FOR INITIATING THE PROCEDURE
- 5.
- COMMENTS FROM INTERESTED PARTIES
- 6.
- COMMENTS FROM AUSTRIA
- 7.
- ASSESSMENT
- 7.1. EXISTENCE OF AID
- a)
- The measures provided by Austria under the bank support scheme
- b)
- The further measures granted by Austria
- c)
- The recapitalisation by BayernLB
- d)
- The contingent aid measures
- 7.2. COMPATIBILITY OF THE AID
- 7.2.1.
- Application of Article 107(3)(b) TFEU
- 7.2.2.
- Compatibility of the aid measures
- Article 1
- Article 2
- Article 3
- ANNEX
- Preliminary remarks
- Commitments
- I.
- Implementation of the restructuring plan; Monitoring Trustee
- II.
- Definitions
- 1.
- Operational entities
- 1.1. HBA
- 1.2. SEE/SEE network
- 2.
- Wind-down part
- 2.1. Wind-down participations
- 2.2. Wind-down financials
- 2.3. HBI
- III.
- General commitments
- 1.
- Pursuit of a prudent, sound and sustainable business policy
- 2.
- Profit transfer
- 3.
- Own contribution
- 3.1. No dividend or coupon payments that are not required by law
- 3.2. No calling in or repurchase of capital instruments that are not required by law
- 4.
- Behavioural commitments/restrictions on new business
- 4.1. Replacement of the commitments dated 30 November 2013 (Annex to the Commission’s approval decision dated 5 December 2012, C(2012) 9255 final)
- 4.2. Scope of the commitments (‘Restrictions on new business’) pursuant to 4.1.1-4.1.6
- 4.2.1. Definition of the Corporate, Public Finance and Retail segments
- 4.2.2. New business within the Corporate and Public Finance segments
- 4.2.2.1. General definitions
- 4.2.2.2. Additional criteria
- 4.2.2.3. Limitations
- 4.2.3. New business in the Retail segment
- 4.2.3.1. Further definitions and considerations
- 4.2.3.2. Limitations/Exclusions
- IV.
- Reprivatisation of the operational entities
- 1.
- Reduction in balance sheet totals and market presence
- 2.
- Maintaining profitability until reprivatisation
- 3.
- Earliest possible reprivatisation
- 3.1. Reprivatisation
- 3.2. Date of reprivatisation
- 3.3. Reprivatisation deadline
- 3.4. Execution deadline
- 3.5. Extension of the execution deadlines
- 3.6. Change of purchaser
- 3.7. Failure to meet the reprivatisation or execution deadlines
- 4.
- Sale procedure
- V.
- Wind-down part
- 1.
- Wind-down of existing business that preserves capital and value
- 2.
- No new business in the wind-down part
- 3.
- Wind-down of HBI
- 2.
- Monitoring Trustee
- I.
- Appointment
- II.
- Duties and obligations of the Trustee
- III.
- Duties and obligations of Austria and HGAA
- IV.
- Replacement and discharge of the Trustee
- 2.
- Final provisions
- I.
- Reporting on further aid
- II.
- Settlement of legal disputes
- III.
- Consultation clause
Feedback