# C_2005310EN.01001701.xml

| 8.12.2005 | EN | Official Journal of the European Union | C 310/17 |
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8.12.2005

EN

Official Journal of the European Union

C 310/17

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Authorisation for State aid pursuant to Article 61 of the EEA Agreement and Article 1(3) in Part I of Protocol 3 to the Surveillance and Court Agreement

EFTA Surveillance Authority decision to propose appropriate measures in relation to State Guarantee in favour of Liechtensteinische Landesbank. The proposal has been accepted by the Principality of Liechtenstein

(2005/C 310/11)

| Title | State guarantee in favour of Liechtensteinische Landesbank — Decision to propose appropriate measures to the Principality of Liechtenstein |
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| EFTA State | Liechtenstein |
| Date of adoption of the decision | 15 July 2005 |
| Acceptance of the appropriate measures by the EFTA State | 29 July 2005 |
| Number of aid | Case 48084 |
| Objective | State Guarantee on savings deposits and medium term notes of Liechtensteinische Landesbank |
| Legal basis | Article 5 of the Act on Liechtensteinische Landesbank (Gesetz über die Liechtensteinische Landesbank, LLBG) |
| Duration | 15 years as of 1 August 2005 |
| Decision | The State Guarantee constituted existing aid within the meaning of Article 1(b) in Part II of Protocol 3 to the Surveillance and Court Agreement
  The amended proposal for appropriate measures consists of the following:
  The Liechtenstein authorities shall take, without delay, any legislative, administrative and other measures necessary to eliminate any incompatible aid resulting from Article 5 LLBG. Any such aid should be abolished with effect from 1 August 2005.
  The State guarantee will only be granted in favour of LLB's savings deposits and medium term notes, whose average yearly amount (based on quarterly figures) is to be established by 1 June of each year for the previous year. An adequate premium as established in an expert study submitted to the Authority and referred to in the Decision, will be paid for the so established guaranteed amount of savings deposits and medium term notes.
  The State guarantee will be limited to a period of 15 years calculated from 1 August 2005.
  For the year 2005, the premium will be paid pro rata. |
| On 1 June of each year the Liechtenstein authorities will report to the Authority the annual report of LLB of the previous year, the average amount of savings deposits and medium term notes of the previous year (including the documentation of the average, based on quarterly figures) as well as the premium calculated on the basis of this amount. The Liechtenstein authorities will further document to the Authority that the premium payment has been effectuated. |

Title

State guarantee in favour of Liechtensteinische Landesbank — Decision to propose appropriate measures to the Principality of Liechtenstein

EFTA State

Liechtenstein

Date of adoption of the decision

15 July 2005

Acceptance of the appropriate measures by the EFTA State

29 July 2005

Number of aid

Case 48084

Objective

State Guarantee on savings deposits and medium term notes of Liechtensteinische Landesbank

Legal basis

Article 5 of the Act on Liechtensteinische Landesbank (Gesetz über die Liechtensteinische Landesbank, LLBG)

Gesetz über die Liechtensteinische Landesbank, LLBG

Duration

15 years as of 1 August 2005

Decision

The State Guarantee constituted existing aid within the meaning of Article 1(b) in Part II of Protocol 3 to the Surveillance and Court Agreement

The amended proposal for appropriate measures consists of the following:

The Liechtenstein authorities shall take, without delay, any legislative, administrative and other measures necessary to eliminate any incompatible aid resulting from Article 5 LLBG. Any such aid should be abolished with effect from 1 August 2005.

The State guarantee will only be granted in favour of LLB's savings deposits and medium term notes, whose average yearly amount (based on quarterly figures) is to be established by 1 June of each year for the previous year. An adequate premium as established in an expert study submitted to the Authority and referred to in the Decision, will be paid for the so established guaranteed amount of savings deposits and medium term notes.

The State guarantee will be limited to a period of 15 years calculated from 1 August 2005.

For the year 2005, the premium will be paid pro rata.

On 1 June of each year the Liechtenstein authorities will report to the Authority the annual report of LLB of the previous year, the average amount of savings deposits and medium term notes of the previous year (including the documentation of the average, based on quarterly figures) as well as the premium calculated on the basis of this amount. The Liechtenstein authorities will further document to the Authority that the premium payment has been effectuated.

The authentic text of the decision, from which all confidential information has been removed, can be found at:

http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/

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