# Journal officiel C 266/2010

| | ISSN 1725-2431
  doi:10.3000/17252431.C_2010.266.fra |
| --- | --- |
| Journal officiel
  de l'Union européenne | C 266 |
| | |
| Édition de langue française | Communications et informations | 53e année1 octobre 2010 |

ISSN 1725-2431

doi:10.3000/17252431.C_2010.266.fra

Journal officiel

de l'Union européenne

C 266

Édition de langue française

Communications et informations

53e année1 octobre 2010

---

| Numéro d'information | Sommaire | page |
| --- | --- | --- |
| | II   Communications |
| | COMMUNICATIONS PROVENANT DES INSTITUTIONS, ORGANES ET ORGANISMES DE L'UNION EUROPÉENNE |
| | Commission européenne |
| 2010/C 266/01 | Autorisation des aides d'État dans le cadre des dispositions des articles 87 et 88 du traité CE — Cas à l'égard desquels la Commission ne soulève pas d'objection (
  1
  ) | 1 |
| 2010/C 266/02 | Non-opposition à une concentration notifiée (Affaire COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  ) | 2 |

Numéro d'information

Sommaire

page

II   Communications

COMMUNICATIONS PROVENANT DES INSTITUTIONS, ORGANES ET ORGANISMES DE L'UNION EUROPÉENNE

Commission européenne

2010/C 266/01

Autorisation des aides d'État dans le cadre des dispositions des articles 87 et 88 du traité CE — Cas à l'égard desquels la Commission ne soulève pas d'objection (
  1
  )

1

1

2010/C 266/02

Non-opposition à une concentration notifiée (Affaire COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  )

1

2

| | IV   Informations |
| --- | --- |
| | INFORMATIONS PROVENANT DES INSTITUTIONS, ORGANES ET ORGANISMES DE L'UNION EUROPÉENNE |
| | Commission européenne |
| 2010/C 266/03 | Taux de change de l'euro | 3 |

IV   Informations

INFORMATIONS PROVENANT DES INSTITUTIONS, ORGANES ET ORGANISMES DE L'UNION EUROPÉENNE

Commission européenne

2010/C 266/03

Taux de change de l'euro

3

| | V   Avis |
| --- | --- |
| | PROCÉDURES RELATIVES À LA MISE EN ŒUVRE DE LA POLITIQUE COMMERCIALE COMMUNE |
| | Commission européenne |
| 2010/C 266/04 | Avis concernant les mesures antidumping applicables aux importations, dans l’Union, de certains types de polyéthylène téréphtalate originaires, entre autres, de Malaisie: modification du nom d’une société soumise à un taux de droit antidumping individuel | 4 |
| | PROCÉDURES RELATIVES À LA MISE EN ŒUVRE DE LA POLITIQUE DE CONCURRENCE |
| | Commission européenne |
| 2010/C 266/05 | Aide d’État — Autriche — Aide d'État C 16/09 — Hypo Group Alpe Adria (HGAA) — Invitation à présenter des observations en application de l’article 108, paragraphe 2, du TFUE (
  1
  ) | 5 |
| 2010/C 266/06 | Notification préalable d'une concentration (Affaire COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  ) | 11 |
| 2010/C 266/07 | Notification préalable d'une concentration (Affaire COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Cas susceptible d'être traité selon la procédure simplifiée (
  1
  ) | 12 |

V   Avis

PROCÉDURES RELATIVES À LA MISE EN ŒUVRE DE LA POLITIQUE COMMERCIALE COMMUNE

Commission européenne

2010/C 266/04

Avis concernant les mesures antidumping applicables aux importations, dans l’Union, de certains types de polyéthylène téréphtalate originaires, entre autres, de Malaisie: modification du nom d’une société soumise à un taux de droit antidumping individuel

4

PROCÉDURES RELATIVES À LA MISE EN ŒUVRE DE LA POLITIQUE DE CONCURRENCE

Commission européenne

2010/C 266/05

Aide d’État — Autriche — Aide d'État C 16/09 — Hypo Group Alpe Adria (HGAA) — Invitation à présenter des observations en application de l’article 108, paragraphe 2, du TFUE (
  1
  )

1

5

2010/C 266/06

Notification préalable d'une concentration (Affaire COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  )

1

11

2010/C 266/07

Notification préalable d'une concentration (Affaire COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Cas susceptible d'être traité selon la procédure simplifiée (
  1
  )

1

12

| | |
| --- | --- |
| | (1)   Texte présentant de l'intérêt pour l'EEE |

---

(1)   Texte présentant de l'intérêt pour l'EEE

1

| FR | |
| --- | --- |

FR

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II Communications

COMMUNICATIONS PROVENANT DES INSTITUTIONS, ORGANES ET ORGANISMES DE L'UNION EUROPÉENNE

Commission européenne

| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/1 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/1

---

Autorisation des aides d'État dans le cadre des dispositions des articles 87 et 88 du traité CE

Cas à l'égard desquels la Commission ne soulève pas d'objection

(Texte présentant de l'intérêt pour l'EEE)

2010/C 266/01

| Date d'adoption de la décision | 23.2.2009 |
| --- | --- |
| Numéro de référence de l'aide d'État | N 727/07 |
| État membre | Italie |
| Région | Veneto |
| Titre (et/ou nom du bénéficiaire) | Istituzione del «Fondo di rotazione per le agrienergie» |
| Base juridique | Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter |
| Type de la mesure | Régime |
| Objectif | Protection de l'environnement |
| Forme de l'aide | Bonification d'intérêts |
| Budget | Montant global de l'aide prévue: 30 Mio EUR |
| Intensité | 80 % |
| Durée | jusqu'au 31.12.2010 |
| Secteurs économiques | Électricité, gaz et eau |
| Nom et adresse de l'autorité chargée de l'octroi | Giunta Regionale Regione Veneto |
| Palazzo Balbi |
| 3013 Venezia VE |
| ITALIA |

Date d'adoption de la décision

23.2.2009

Numéro de référence de l'aide d'État

N 727/07

État membre

Italie

Région

Veneto

Titre (et/ou nom du bénéficiaire)

Istituzione del «Fondo di rotazione per le agrienergie»

Base juridique

Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter

Type de la mesure

Régime

Objectif

Protection de l'environnement

Forme de l'aide

Bonification d'intérêts

Budget

Montant global de l'aide prévue: 30 Mio EUR

Intensité

80 %

Durée

jusqu'au 31.12.2010

Secteurs économiques

Électricité, gaz et eau

Nom et adresse de l'autorité chargée de l'octroi

Giunta Regionale Regione Veneto

Palazzo Balbi

3013 Venezia VE

ITALIA

Autres informations

—

Le texte de la décision dans la (les) langue(s) faisant foi, expurgé des données confidentielles, est disponible sur le site:

http://ec.europa.eu/community_law/state_aids/state_aids_texts_fr.htm

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| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/2 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/2

---

Non-opposition à une concentration notifiée

(Affaire COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport)

(Texte présentant de l'intérêt pour l'EEE)

2010/C 266/02

Le 12 août 2010, la Commission a décidé de ne pas s'opposer à la concentration notifiée susmentionnée et de la déclarer compatible avec le marché commun. Cette décision se fonde sur l'article 6, paragraphe 1, point b) du règlement (CE) no 139/2004 du Conseil. Le texte intégral de la décision n'est disponible qu'en français et sera rendu public après suppression des secrets d'affaires qu'il pourrait contenir. Il pourra être consulté:

| — | dans la section consacrée aux concentrations, sur le site internet de la DG concurrence de la Commission (http://ec.europa.eu/competition/mergers/cases/). Ce site permet de rechercher des décisions concernant des opérations de concentration à partir du nom de l'entreprise, du numéro de l'affaire, de la date ou du secteur d'activité, |
| --- | --- |

—

dans la section consacrée aux concentrations, sur le site internet de la DG concurrence de la Commission (http://ec.europa.eu/competition/mergers/cases/). Ce site permet de rechercher des décisions concernant des opérations de concentration à partir du nom de l'entreprise, du numéro de l'affaire, de la date ou du secteur d'activité,

| — | sur le site internet EUR-Lex (http://eur-lex.europa.eu/fr/index.htm), qui offre un accès en ligne au droit communautaire, sous le numéro de document 32010M5741. |
| --- | --- |

—

sur le site internet EUR-Lex (http://eur-lex.europa.eu/fr/index.htm), qui offre un accès en ligne au droit communautaire, sous le numéro de document 32010M5741.

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IV Informations

INFORMATIONS PROVENANT DES INSTITUTIONS, ORGANES ET ORGANISMES DE L'UNION EUROPÉENNE

Commission européenne

| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/3 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/3

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Taux de change de l'euro (1)

30 septembre 2010

2010/C 266/03

1 euro =

| | Monnaie | Taux de change |
| --- | --- | --- |
| USD | dollar des États-Unis | 1,3648 |
| JPY | yen japonais | 113,68 |
| DKK | couronne danoise | 7,4519 |
| GBP | livre sterling | 0,85995 |
| SEK | couronne suédoise | 9,1421 |
| CHF | franc suisse | 1,3287 |
| ISK | couronne islandaise | |
| NOK | couronne norvégienne | 7,9680 |
| BGN | lev bulgare | 1,9558 |
| CZK | couronne tchèque | 24,600 |
| EEK | couronne estonienne | 15,6466 |
| HUF | forint hongrois | 275,75 |
| LTL | litas lituanien | 3,4528 |
| LVL | lats letton | 0,7094 |
| PLN | zloty polonais | 3,9847 |
| RON | leu roumain | 4,2718 |
| TRY | lire turque | 1,9806 |
| AUD | dollar australien | 1,4070 |
| CAD | dollar canadien | 1,4073 |
| HKD | dollar de Hong Kong | 10,5918 |
| NZD | dollar néo-zélandais | 1,8436 |
| SGD | dollar de Singapour | 1,7942 |
| KRW | won sud-coréen | 1 550,65 |
| ZAR | rand sud-africain | 9,5438 |
| CNY | yuan ren-min-bi chinois | 9,1321 |
| HRK | kuna croate | 7,3058 |
| IDR | rupiah indonésien | 12 173,44 |
| MYR | ringgit malais | 4,2101 |
| PHP | peso philippin | 59,869 |
| RUB | rouble russe | 41,6923 |
| THB | baht thaïlandais | 41,442 |
| BRL | real brésilien | 2,3201 |
| MXN | peso mexicain | 17,1258 |
| INR | roupie indienne | 61,2470 |

Monnaie

Taux de change

USD

dollar des États-Unis

1,3648

JPY

yen japonais

113,68

DKK

couronne danoise

7,4519

GBP

livre sterling

0,85995

SEK

couronne suédoise

9,1421

CHF

franc suisse

1,3287

ISK

couronne islandaise

NOK

couronne norvégienne

7,9680

BGN

lev bulgare

1,9558

CZK

couronne tchèque

24,600

EEK

couronne estonienne

15,6466

HUF

forint hongrois

275,75

LTL

litas lituanien

3,4528

LVL

lats letton

0,7094

PLN

zloty polonais

3,9847

RON

leu roumain

4,2718

TRY

lire turque

1,9806

AUD

dollar australien

1,4070

CAD

dollar canadien

1,4073

HKD

dollar de Hong Kong

10,5918

NZD

dollar néo-zélandais

1,8436

SGD

dollar de Singapour

1,7942

KRW

won sud-coréen

1 550,65

ZAR

rand sud-africain

9,5438

CNY

yuan ren-min-bi chinois

9,1321

HRK

kuna croate

7,3058

IDR

rupiah indonésien

12 173,44

MYR

ringgit malais

4,2101

PHP

peso philippin

59,869

RUB

rouble russe

41,6923

THB

baht thaïlandais

41,442

BRL

real brésilien

2,3201

MXN

peso mexicain

17,1258

INR

roupie indienne

61,2470

---

(1)  Source: taux de change de référence publié par la Banque centrale européenne.

---

V Avis

PROCÉDURES RELATIVES À LA MISE EN ŒUVRE DE LA POLITIQUE COMMERCIALE COMMUNE

Commission européenne

| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/4 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/4

---

Avis concernant les mesures antidumping applicables aux importations, dans l’Union, de certains types de polyéthylène téréphtalate originaires, entre autres, de Malaisie: modification du nom d’une société soumise à un taux de droit antidumping individuel

2010/C 266/04

Les importations de certains types de polyéthylène téréphtalate originaires de Malaisie sont soumises à un droit antidumping définitif institué par le règlement (CE) no 192/2007 du Conseil (1), [ci-après «le règlement (CE) no 192/2007»].

Hualon Corporation (M) Sdn. Bhd. (ci-après «Hualon»), une société située en Malaisie et dont les exportations vers l’Union de certains types de polyéthylène téréphtalate sont soumises à un droit antidumping individuel de 36,0 EUR/tonne institué par l’article 1er, paragraphe 2, du règlement (CE) no 192/2007, a informé la Commission que, après sa mise en redressement judiciaire, tous ses actifs et passifs malaisiens avaient été repris, le 23 juillet 2008, par Recron (Malaysia) Sdn. Bhd. (ci-après «Recron»), qui est devenu ainsi son successeur juridique.

Hualon a fait valoir que cette reprise et ce changement de nom ne modifient pas les activités de la société en relation avec le produit concerné et donc le droit pour Recron de bénéficier du taux de droit antidumping individuel appliqué à Hualon en vertu du règlement (CE) no 192/2007.

La Commission a examiné les informations fournies et, tenant compte du fait que la société demandant le changement de nom a été reprise par une société qui ne fabriquait pas le produit concerné auparavant, a conclu que ce changement de nom ne modifie en rien les conclusions du règlement (CE) no 192/2007. En conséquence, la référence, à l’article 1er, paragraphe 2, du règlement (CE) no 192/2007, à:

Hualon Corp. (M) Sdn. Bhd.

doit être lue comme une référence à:

Recron (Malaysia) Sdn. Bhd.

Le code TARIC additionnel A186 précédemment attribué à Hualon Corp. (M) Sdn. Bhd. s’applique à Recron (Malaysia) Sdn. Bhd.

---

(1)  JO L 59 du 27.2.2007, p. 1.

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PROCÉDURES RELATIVES À LA MISE EN ŒUVRE DE LA POLITIQUE DE CONCURRENCE

Commission européenne

| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/5 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/5

---

AIDE D’ÉTAT — AUTRICHE

Aide d'État C 16/09 — Hypo Group Alpe Adria (HGAA)

Invitation à présenter des observations en application de l’article 108, paragraphe 2, du TFUE

(Texte présentant de l'intérêt pour l'EEE)

2010/C 266/05

Par lettre du 22 juin 2010, reproduite dans la langue faisant foi dans les pages qui suivent le présent résumé, la Commission a notifié à l’Autriche sa décision visant à proroger l'autorisation accordée à une aide temporairement compatible avec le marché intérieur et à étendre de nouveau la procédure prévue à l'article 108, paragraphe 2, du traité sur le fonctionnement de l'Union européenne.

Les parties intéressées peuvent présenter leurs observations sur les mesures à l’égard desquelles la Commission prolonge la procédure dans un délai de deux semaines à compter de la date de publication du présent résumé et de la lettre qui suit, à l’adresse suivante:

| Commission européenne |
| --- |
| Direction générale de la concurrence |
| Greffe des aides d'État |
| Bureau: J-70, 03/219 |
| 1049 Bruxelles |
| BELGIQUE |
| Fax +32 22961242 |

Commission européenne

Direction générale de la concurrence

Greffe des aides d'État

Bureau: J-70, 03/219

1049 Bruxelles

BELGIQUE

Fax +32 22961242

Ces observations seront communiquées à l'Autriche. L'identité des parties intéressées ayant présenté des observations peut rester confidentielle sur demande écrite et motivée.

1.   PROCEDURE

Dans sa décision du 18 décembre 2008, la Commission européenne a approuvé, dans l'affaire N 615/08, l'aide d'État d'urgence accordée par l'Allemagne à BayernLB, actionnaire majoritaire de HGAA, sous la forme d'une garantie générale de 4,8 milliards d'EUR et d'une injection de capital de 10 milliards d’EUR sur la base de l’article 107, paragraphe 3, point b), du TFUE, pour une période de six mois ou jusqu'à la présentation d'un plan de restructuration de la banque crédible et motivé. Cette aide a permis à BayernLB d'injecter 700 millions d'EUR dans sa filiale HGAA. Au cours du même mois, l'Autriche a accordé une injection de capital de 900 millions d’EUR à HGAA dans le cadre du plan autrichien d'aide au secteur bancaire.

Le 29 avril 2009, l'Allemagne a notifié à la Commission un plan de restructuration concernant BayernLB, y compris sa filiale HGAA. À la même date, l'Autriche a présenté, pour HGAA, le plan de viabilité qui est exigé pour les banques fondamentalement saines dans le cadre du plan autrichien d'aide au secteur bancaire.

Dans sa décision du 12 mai 2009, dans l'affaire N 254/09 («décision d’ouvrir la procédure formelle d’examen»), la Commission a émis des doutes sur la compatibilité de l'aide accordée à BayernLB avec le marché intérieur, sur l'état de santé financière de HGAA ainsi que sur la compatibilité de l'aide accordée par l'Autriche à HGAA avec l'article 107, paragraphe 3, point b), du TFUE.

Le 18 décembre 2009, l'Autriche a notifié des mesures d’aide supplémentaire.

Dans sa décision du 23 décembre 2009, dans les affaires C 16/09 et N 698/09, la Commission européenne a estimé que les mesures en faveur de HGAA, décrites au point 2, étaient temporairement compatibles avec le marché intérieur au sens de l’article 107, paragraphe 3, point b), du TFUE, jusqu'à la présentation d'un plan de restructuration crédible et l'évaluation de ce dernier par la Commission, mais pour une période maximale de six mois. Par ailleurs, la procédure prévue à l'article 108, paragraphe 2, du TFUE a été prolongée pour tenir compte de ces mesures d’aide supplémentaire.

En avril 2010, l'Autriche a présenté un plan de restructuration concernant HGAA.

En raison de l'évaluation en cours, au sein de la Commission, de ce plan de restructuration et de l'aide, l'Autriche a demandé la prorogation de l'autorisation temporaire de ces mesures.

2.   LES MESURES EN FAVEUR DE HGAA

HGAA a reçu 700 millions d'EUR de la part de BayernLB et 900 millions d'EUR de capitaux de catégorie 1 (Partizipationskapital) de la part de la République d'Autriche, ainsi que des garanties de liquidité d'un montant de 1,35 milliard d'EUR, pour l'émission d'obligations, dans le cadre du plan d'aide au secteur bancaire autrichien.

De plus, HGAA a bénéficié des mesures d'aide ci-après qui ont été temporairement autorisées par la décision de décembre 2009:

| — | une garantie temporaire de 100 millions d'EUR accordée par l'Autriche dans les conditions applicables aux banques en difficulté au titre du plan d'aide au secteur bancaire autrichien, |
| --- | --- |

—

une garantie temporaire de 100 millions d'EUR accordée par l'Autriche dans les conditions applicables aux banques en difficulté au titre du plan d'aide au secteur bancaire autrichien,

| — | une recapitalisation de 200 millions d'EUR de la part du Land de Carinthie, qui produira un dividende de 6 %, exigible pour la première fois au titre de l'exercice comptable 2013, |
| --- | --- |

—

une recapitalisation de 200 millions d'EUR de la part du Land de Carinthie, qui produira un dividende de 6 %, exigible pour la première fois au titre de l'exercice comptable 2013,

| — | une recapitalisation complémentaire d'un montant maximal de 350 millions d'EUR accordée par l'Autriche dans les conditions applicables aux banques en difficulté au titre du plan d'aide au secteur bancaire autrichien, |
| --- | --- |

—

une recapitalisation complémentaire d'un montant maximal de 350 millions d'EUR accordée par l'Autriche dans les conditions applicables aux banques en difficulté au titre du plan d'aide au secteur bancaire autrichien,

| — | des aides de trésorerie d'un montant approximatif de 200 millions d'EUR de la part du Land de Carinthie au titre des liens qui les unissent dans le cadre des activités de la banque. |
| --- | --- |

—

des aides de trésorerie d'un montant approximatif de 200 millions d'EUR de la part du Land de Carinthie au titre des liens qui les unissent dans le cadre des activités de la banque.

3.   APPRECIATION

Dans ses décisions du 12 mai 2009 et du 23 décembre 2009, la Commission a déjà estimé que les mesures en faveur de HGAA constituaient une aide d'État.

Les doutes concernant la compatibilité de l'aide, exprimés initialement dans les deux décisions précédentes, n'ont pas été levés par la présentation du plan de restructuration.

En ce qui concerne la viabilité de la banque, la Commission émet des doutes sur la capacité de son modèle d'entreprise à la rétablir.

De plus, étant donné la faible notation de HGAA et les coûts de financement élevés qu'elle devra supporter à l'expiration de la garantie accordée par le Land de Carinthie et du soutien financier de son ancien propriétaire BayernLB, la Commission se demande si HGAA ne devra pas réorienter encore plus profondément son modèle d'entreprise, ce qui pourrait notamment avoir des répercussions sur son activité de financement public, qui se caractérise par de faibles marges.

En outre, la Commission estime que HGAA doit faire face à d'importants problèmes concernant la qualité de ses actifs, en raison de la faible qualité de son portefeuille de prêts qui continue de se détériorer. Elle doute aussi que les problèmes sous-jacents relatifs aux processus décisionnel et de gestion des risques puissent être résolus en temps voulu.

De plus, la Commission doute que la banque soit capable de rémunérer son propre capital, conformément à la communication sur les mesures de restructuration, qui exige un rendement approprié des fonds propres selon le profil de risque de la banque. Elle doute également que la banque soit en mesure de verser une rémunération adéquate au regard de conditions de marché normales, ou bien de rembourser à terme les fonds fournis l'État.

Par ailleurs, la Commission se demande si le capital injecté dans HGAA par l'Autriche dans le cadre du plan d'aide au secteur bancaire autrichien est convenablement rémunéré car, au moment de l'injection de capital en décembre 2008, l'Autriche a estimé que la banque était fondamentalement saine et lui a donc permis de bénéficier de taux plus bas. La Commission rappelle qu'elle a remis en question, dans sa décision de mai 2009, l'appréciation faite par l'Autriche de la santé financière de la banque.

En ce qui concerne les mesures destinées à éviter les distorsions de concurrence, la Commission rappelle qu'elle doute que les mesures proposées soient suffisantes pour limiter de manière adéquate les distorsions engendrées par l'aide. Notamment, la plupart des cessions envisagées par HGAA semblent se concentrer sur des activités déficitaires et sont donc nécessaires pour rétablir sa viabilité. En d'autres termes, la Commission se demande si des mesures supplémentaires ne seraient pas nécessaires pour éviter les distorsions de concurrence engendrées par l'aide.

TEXTE DE LA LETTRE

«The Commission wishes to inform your authorities that it has further extended the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (TFEU) initiated on 12 May 2009 with its decision C(2009) 3811 final. The Commission also prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan.

1.   PROCEDURE

| (1) | By decision of 18 December 2008 the European Commission approved in case N 615/08 emergency State aid from Germany to BayernLB in form of a risk shield of EUR 4,8 billion and a capital injection of EUR 10 billion on the basis of Article 107(3)(b) TFEU for a period of six months or until the submission of a credible and substantiated restructuring plan for the bank (1). |
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(1)

By decision of 18 December 2008 the European Commission approved in case N 615/08 emergency State aid from Germany to BayernLB in form of a risk shield of EUR 4,8 billion and a capital injection of EUR 10 billion on the basis of Article 107(3)(b) TFEU for a period of six months or until the submission of a credible and substantiated restructuring plan for the bank (1).

| (2) | In the same month, BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) received EUR 700 million from BayernLB following large write-downs and losses. In addition, HGAA received EUR 900 million in Tier 1 Partizipationskapital
   (2) from the Republic of Austria on the basis of the Austrian emergency bank support scheme (3). |
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(2)

In the same month, BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) received EUR 700 million from BayernLB following large write-downs and losses. In addition, HGAA received EUR 900 million in Tier 1 Partizipationskapital
   (2) from the Republic of Austria on the basis of the Austrian emergency bank support scheme (3).

| (3) | On 29 April 2009, Germany notified a restructuring plan for BayernLB (including HGAA) to the Commission. At the same date Austria provided a viability plan for HGAA. |
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(3)

On 29 April 2009, Germany notified a restructuring plan for BayernLB (including HGAA) to the Commission. At the same date Austria provided a viability plan for HGAA.

| (4) | In its decision of 12 May 2009 in case N 254/09 (4) the Commission opened the formal investigation procedure, raising doubts about the compatibility of the restructuring aid to BayernLB with the internal market, in particular whether the restructuring plan was apt to restore the viability of BayernLB (“the opening decision”). In the same decision, the Commission questioned whether HGAA was fundamentally sound and it expressed doubts regarding the compatibility with Article 87(3)(b) of the EC Treaty, now Article 107(3)(b) TFEU, of the aid granted to HGAA by Austria. |
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(4)

In its decision of 12 May 2009 in case N 254/09 (4) the Commission opened the formal investigation procedure, raising doubts about the compatibility of the restructuring aid to BayernLB with the internal market, in particular whether the restructuring plan was apt to restore the viability of BayernLB (“the opening decision”). In the same decision, the Commission questioned whether HGAA was fundamentally sound and it expressed doubts regarding the compatibility with Article 87(3)(b) of the EC Treaty, now Article 107(3)(b) TFEU, of the aid granted to HGAA by Austria.

| (5) | Austria notified additional aid measures on 18 December 2009, including a temporary asset guarantee under the Austrian scheme, a capital injection and a provision of liquidity, see below point 19. |
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(5)

Austria notified additional aid measures on 18 December 2009, including a temporary asset guarantee under the Austrian scheme, a capital injection and a provision of liquidity, see below point 19.

| (6) | In its decision of 23 December 2009 in cases C 16/09 and N 698/09 (5) (“the rescue decision”) the Commission extended the procedure in relation to the following measures in favour of HGAA which it at the same time found temporarily compatible with the internal market on the basis of Article 107(3)(b) TFEU until the submission of a credible restructuring plan and its assessment by the Commission, but at most for a period of six months: a temporary guarantee of EUR 100 million, a recapitalisation of EUR 200 million by Land Carinthia, a further recapitalisation for a maximum amount of EUR 350 million and the liquidity provided by the Land of Carinthia. The measures are described in detail in paragraph 19. |
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(6)

In its decision of 23 December 2009 in cases C 16/09 and N 698/09 (5) (“the rescue decision”) the Commission extended the procedure in relation to the following measures in favour of HGAA which it at the same time found temporarily compatible with the internal market on the basis of Article 107(3)(b) TFEU until the submission of a credible restructuring plan and its assessment by the Commission, but at most for a period of six months: a temporary guarantee of EUR 100 million, a recapitalisation of EUR 200 million by Land Carinthia, a further recapitalisation for a maximum amount of EUR 350 million and the liquidity provided by the Land of Carinthia. The measures are described in detail in paragraph 19.

| (7) | In view of the ongoing assessment of the restructuring plan and aid by the Commission, by letter dated 15 June 2010 Austria asked for a prolongation of the temporary approval of the measures. |
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(7)

In view of the ongoing assessment of the restructuring plan and aid by the Commission, by letter dated 15 June 2010 Austria asked for a prolongation of the temporary approval of the measures.

| (8) | Given the urgency to obtain a Commission Decision before the expiry of the authorisation of the measures, both Germany and Austria have exceptionally agreed that the authentic language for this decision should be English. |
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(8)

Given the urgency to obtain a Commission Decision before the expiry of the authorisation of the measures, both Germany and Austria have exceptionally agreed that the authentic language for this decision should be English.

2.   DESCRIPTION

| (9) | For a detailed description of the beneficiary and the aid measures, reference is made to the opening decision and the rescue decision. |
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(9)

For a detailed description of the beneficiary and the aid measures, reference is made to the opening decision and the rescue decision.

2.1.   The beneficiary

| (10) | HGAA is the sixth largest Austrian bank with a balance sheet of EUR 41 billion as of 31 December 2009, corresponding to roughly 15 % of Austrian GDP. |
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(10)

HGAA is the sixth largest Austrian bank with a balance sheet of EUR 41 billion as of 31 December 2009, corresponding to roughly 15 % of Austrian GDP.

| (11) | HGAA is fully owned by the Austrian State after the nationalisation of 23 December 2009. |
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(11)

HGAA is fully owned by the Austrian State after the nationalisation of 23 December 2009.

| (12) | HGAA is active in 12 countries (Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Liechtenstein (in liquidation), Hungary, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine). The business in Liechtenstein is in liquidation. The bank is active in both banking and leasing, but does not pursue both activities in all the countries mentioned above. |
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(12)

HGAA is active in 12 countries (Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Liechtenstein (in liquidation), Hungary, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine). The business in Liechtenstein is in liquidation. The bank is active in both banking and leasing, but does not pursue both activities in all the countries mentioned above.

| (13) | HGAA had pursued an aggressive growth strategy, in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. In the past decade, HGAA entered Bosnia-Herzegovina, Serbia, Montenegro, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine. In addition to those markets, the group also entered Hungary and Germany during that period. |
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(13)

HGAA had pursued an aggressive growth strategy, in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. In the past decade, HGAA entered Bosnia-Herzegovina, Serbia, Montenegro, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine. In addition to those markets, the group also entered Hungary and Germany during that period.

| (14) | The bank has a substantial market shares in some of the South-Eastern European countries in which it is active: its market share in banking amounts to [> 10 %] (6) in Montenegro and [> 8 %] in Croatia, and its market share in leasing amounts to over [> 15 %] in Croatia and Slovenia, [> 20 %] in FYRoM and [> 30 %] in Montenegro. The expansion strategy of the bank was facilitated by the liability guarantees of the Land (federal State) Carinthia amounting to about EUR 19 billion at the end of 2009, which has enabled the bank to borrow money at favourable conditions (7). |
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(14)

The bank has a substantial market shares in some of the South-Eastern European countries in which it is active: its market share in banking amounts to [> 10 %] (6) in Montenegro and [> 8 %] in Croatia, and its market share in leasing amounts to over [> 15 %] in Croatia and Slovenia, [> 20 %] in FYRoM and [> 30 %] in Montenegro. The expansion strategy of the bank was facilitated by the liability guarantees of the Land (federal State) Carinthia amounting to about EUR 19 billion at the end of 2009, which has enabled the bank to borrow money at favourable conditions (7).

| (15) | Following the prospect of large losses and write-downs, Austria acquired from each of the previous owners all shares by contract for the symbolic price of one Euro per owner in December 2009. |
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(15)

Following the prospect of large losses and write-downs, Austria acquired from each of the previous owners all shares by contract for the symbolic price of one Euro per owner in December 2009.

| (16) | HGAA has a rating below investment grade from Moody's (Baa2/P2/E) with a negative outlook. |
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(16)

HGAA has a rating below investment grade from Moody's (Baa2/P2/E) with a negative outlook.

2.2.   The measures

| (17) | In December 2008, HGAA received EUR 700 million from its majority owner at the time, BayernLB, which itself had received State aid in the same month from the Free State of Bavaria. |
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(17)

In December 2008, HGAA received EUR 700 million from its majority owner at the time, BayernLB, which itself had received State aid in the same month from the Free State of Bavaria.

| (18) | HGAA received EUR 900 million in Tier 1 Partizipationskapital from the Republic of Austria and liquidity guarantees of EUR 1,35 billion for bond issues on the basis of the Austrian emergency bank support scheme. |
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(18)

HGAA received EUR 900 million in Tier 1 Partizipationskapital from the Republic of Austria and liquidity guarantees of EUR 1,35 billion for bond issues on the basis of the Austrian emergency bank support scheme.

| (19) | In addition, HGAA received the following aid measures temporarily authorised by the Commission's December 2009 decision:






  — | a temporary guarantee of EUR 100 million by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme, |
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(19)

In addition, HGAA received the following aid measures temporarily authorised by the Commission's December 2009 decision:

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a temporary guarantee of EUR 100 million by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme,

| — | a recapitalisation of EUR 200 million by the Land Carinthia with a dividend of 6 %, which will be due for the first time for the business year 2013, |
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a recapitalisation of EUR 200 million by the Land Carinthia with a dividend of 6 %, which will be due for the first time for the business year 2013,

| — | a further recapitalisation by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme for a maximum amount of EUR 350 million, |
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a further recapitalisation by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme for a maximum amount of EUR 350 million,

| — | liquidity measures amounting to approximately EUR 200 million provided by the Land Carinthia in the context of existing business relationships. |
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liquidity measures amounting to approximately EUR 200 million provided by the Land Carinthia in the context of existing business relationships.

3.   THE RESTRUCTURING PLAN

| (20) | According to the submitted restructuring plan the problems of HGAA are largely due to its aggressive growth strategy pursued in recent years which in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. The economic conditions of these countries have deteriorated significantly as a prolonged period of strong economic growth has given way to significant declines of real and nominal GDP. Moreover, losses and in particular the increasingly large share of non-performing loans were to a significant extent caused by a lack of [...] proper control mechanisms [...]. |
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(20)

According to the submitted restructuring plan the problems of HGAA are largely due to its aggressive growth strategy pursued in recent years which in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. The economic conditions of these countries have deteriorated significantly as a prolonged period of strong economic growth has given way to significant declines of real and nominal GDP. Moreover, losses and in particular the increasingly large share of non-performing loans were to a significant extent caused by a lack of [...] proper control mechanisms [...].

| (21) | The submitted restructuring plan states that HGAA will continue doing business in Austria, with a strong focus on Carinthia, where it intends to pursue business in the areas of retail clients, SMEs and selective corporate and public finance. The bank envisages maintaining both banking and leasing activities in [most countries of the former Federal Republic of Yugoslavia]. However, it intends to terminate its leasing activities in [...]. Leasing and banking activities will be ended in [...]. In Austria, the bank also plans to discontinue its cross-border financing business and the financing of big ticket projects. HGAA moreover plans to cease its risky project finance activities and tourism projects as well as large tourism-based financing activities. Leasing activities will focus on small vehicle and other mobile assets. The new business for real estate is planned to focus on selective opportunities only. |
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(21)

The submitted restructuring plan states that HGAA will continue doing business in Austria, with a strong focus on Carinthia, where it intends to pursue business in the areas of retail clients, SMEs and selective corporate and public finance. The bank envisages maintaining both banking and leasing activities in [most countries of the former Federal Republic of Yugoslavia]. However, it intends to terminate its leasing activities in [...]. Leasing and banking activities will be ended in [...]. In Austria, the bank also plans to discontinue its cross-border financing business and the financing of big ticket projects. HGAA moreover plans to cease its risky project finance activities and tourism projects as well as large tourism-based financing activities. Leasing activities will focus on small vehicle and other mobile assets. The new business for real estate is planned to focus on selective opportunities only.

| (22) | The overall aim of the restructuring plan is to focus on small/retail business with less risk than before, which, according to the bank, will enable it to rely on historically grown competences, in which the bank has made profits in the past, including during the financial crisis. The plan provides for a balance sheet reduction amounting to [> 35] % by the end of the restructuring period and a reduction of the risk weighted assets by [> 50] % compared to the 2008 balance sheet. The reduction is achieved mainly through putting some banks and leasing activities in a run off mode or divesting them as explained in paragraph 20. |
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(22)

The overall aim of the restructuring plan is to focus on small/retail business with less risk than before, which, according to the bank, will enable it to rely on historically grown competences, in which the bank has made profits in the past, including during the financial crisis. The plan provides for a balance sheet reduction amounting to [> 35] % by the end of the restructuring period and a reduction of the risk weighted assets by [> 50] % compared to the 2008 balance sheet. The reduction is achieved mainly through putting some banks and leasing activities in a run off mode or divesting them as explained in paragraph 20.

| (23) | The bank also plans to overhaul many of its procedures as regards credit and leasing decisions as well as its overall risk management framework. It intends to start an annual risk review, to assess the risks inherent to any new product it launches and has already started to apply a reworked method of calculating its risk absorption quality on a group level since June 2009. As a result of this process, HGAA claims having already identified its major risk types. |
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(23)

The bank also plans to overhaul many of its procedures as regards credit and leasing decisions as well as its overall risk management framework. It intends to start an annual risk review, to assess the risks inherent to any new product it launches and has already started to apply a reworked method of calculating its risk absorption quality on a group level since June 2009. As a result of this process, HGAA claims having already identified its major risk types.

| (24) | According to the plan the economic problems of HGAA were significantly influenced by the current financial crisis which affected markets in South-Eastern Europe particularly strongly. HGAA admits in that respect that quality of its assets has deteriorated significantly, with only [< 40] % of its gross exposure having an internal investment grade rating and with the share of problem loans (8) when compared to gross exposure increasing steadily since the beginning of 2008, reaching almost [> 15] % of the bank's gross exposure. In 2009, the amount of risk provisions of HGAA reached almost [> 150] % of the bank's net interest revenues of that year. It has to be noted that the leasing activities were to a significant degree responsible for the encountered asset problems. |
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(24)

According to the plan the economic problems of HGAA were significantly influenced by the current financial crisis which affected markets in South-Eastern Europe particularly strongly. HGAA admits in that respect that quality of its assets has deteriorated significantly, with only [< 40] % of its gross exposure having an internal investment grade rating and with the share of problem loans (8) when compared to gross exposure increasing steadily since the beginning of 2008, reaching almost [> 15] % of the bank's gross exposure. In 2009, the amount of risk provisions of HGAA reached almost [> 150] % of the bank's net interest revenues of that year. It has to be noted that the leasing activities were to a significant degree responsible for the encountered asset problems.

| (25) | The plan is based on the assumption of a significant turnaround in the markets in which the bank is active, forecasting a return to robust rates of growth in the South-Eastern European countries. |
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(25)

The plan is based on the assumption of a significant turnaround in the markets in which the bank is active, forecasting a return to robust rates of growth in the South-Eastern European countries.

4.   ASSESSMENT OF THE AID

4.1.   Existence of aid

| (26) | As stated in Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided in the Treaty. |
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(26)

As stated in Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided in the Treaty.

| (27) | The Commission recalls that is has already established that the measures granted to HGAA constitute State aid with its Decisions of 12 May 2009 and 23 December 2009. |
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(27)

The Commission recalls that is has already established that the measures granted to HGAA constitute State aid with its Decisions of 12 May 2009 and 23 December 2009.

4.2.   Compatibility of the Aid

| (28) | The Commission must assess the continuation of all emergency aid measures as restructuring aid, on the basis of the submitted restructuring plan and against the conditions of the Restructuring Communication (9). |
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(28)

The Commission must assess the continuation of all emergency aid measures as restructuring aid, on the basis of the submitted restructuring plan and against the conditions of the Restructuring Communication (9).

| (29) | A restructuring plan needs to ensure that the bank is able to restore long-term viability without continued State aid. The restructuring plan also needs to provide for adequate burden sharing, and limit the aid to the minimum necessary. Finally, proportionate measures need to be taken to limit the distortions of competition caused by the aid. |
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(29)

A restructuring plan needs to ensure that the bank is able to restore long-term viability without continued State aid. The restructuring plan also needs to provide for adequate burden sharing, and limit the aid to the minimum necessary. Finally, proportionate measures need to be taken to limit the distortions of competition caused by the aid.

| (30) | The original doubts expressed in decision of 23 December 2009 have not yet been allayed by the submission of the restructuring plan described above. Therefore the Commission continues to have doubts as regards the compatibility of the aid. |
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(30)

The original doubts expressed in decision of 23 December 2009 have not yet been allayed by the submission of the restructuring plan described above. Therefore the Commission continues to have doubts as regards the compatibility of the aid.

| (31) | As regards the restoration of viability the Commission firstly has doubts as regards the overall business model of the bank, i.e. whether the presented plan of maintaining some parts of the business in South-Eastern Europe (while divesting or winding down others) combined with the Austrian activities will enable the bank to create sufficient profits to ensure long-term viability. |
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(31)

As regards the restoration of viability the Commission firstly has doubts as regards the overall business model of the bank, i.e. whether the presented plan of maintaining some parts of the business in South-Eastern Europe (while divesting or winding down others) combined with the Austrian activities will enable the bank to create sufficient profits to ensure long-term viability.

| (32) | Importantly, the plan does not show in a satisfactory manner that HGAA will indeed, as claimed, concentrate on activities where it has also made profits in the past, including during the financial crisis. |
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(32)

Importantly, the plan does not show in a satisfactory manner that HGAA will indeed, as claimed, concentrate on activities where it has also made profits in the past, including during the financial crisis.

| (33) | The Commission furthermore questions whether the largely unregulated leasing activities would not need to be scaled down further, given that they seem to have been one of the main sources of HGAA's problems in the past. |
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(33)

The Commission furthermore questions whether the largely unregulated leasing activities would not need to be scaled down further, given that they seem to have been one of the main sources of HGAA's problems in the past.

| (34) | In addition, given HGAA's low rating and prospective high funding costs in light of the expiration of the guarantees from the Land Carinthia and funding support from its former owner BayernLB, the Commission questions whether HGAA will not have to reorient its business model more profoundly, which might in particular affect its public finance business, which is characterised by relatively low margins. |
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(34)

In addition, given HGAA's low rating and prospective high funding costs in light of the expiration of the guarantees from the Land Carinthia and funding support from its former owner BayernLB, the Commission questions whether HGAA will not have to reorient its business model more profoundly, which might in particular affect its public finance business, which is characterised by relatively low margins.

| (35) | Furthermore, the Commission considers that HGAA has to cope with significant problems given the low and still deteriorating quality of its asset portfolio. In that regard it can be considered as a difficult task to overhaul many of the basic decision-making processes and its overall risk management processes. The Commission doubts whether such a large task can be implemented timely, given the complexity of HGAA in many countries while avoiding further problem exposures. The Commission also considers that a significant part of the problems encountered by HGAA were not mainly the result of the deterioration of the economic situation in South-Eastern Europe but rather of deep-rooted management problems. |
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(35)

Furthermore, the Commission considers that HGAA has to cope with significant problems given the low and still deteriorating quality of its asset portfolio. In that regard it can be considered as a difficult task to overhaul many of the basic decision-making processes and its overall risk management processes. The Commission doubts whether such a large task can be implemented timely, given the complexity of HGAA in many countries while avoiding further problem exposures. The Commission also considers that a significant part of the problems encountered by HGAA were not mainly the result of the deterioration of the economic situation in South-Eastern Europe but rather of deep-rooted management problems.

| (36) | The Commission recalls that it noted in the rescue decision of 23 December 2009 that the external report commissioned by HGAA and BayernLB has found serious problems in the credit monitoring procedures of HGAA as well as in its collateral valuation. As a result the previously projected potential losses could well increase still further, in particular if the benign view concerning loss-given-default ratios were not to materialise. Moreover, the Commission doubts that the scenarios applied by the external consultants at that time were sufficiently prudent in relation to “a protracted global recession” as specified in point 13 of the Restructuring Communication. Therefore, the Commission continues to have these doubts in relation to the return to long-term viability of the rescued HGAA. |
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(36)

The Commission recalls that it noted in the rescue decision of 23 December 2009 that the external report commissioned by HGAA and BayernLB has found serious problems in the credit monitoring procedures of HGAA as well as in its collateral valuation. As a result the previously projected potential losses could well increase still further, in particular if the benign view concerning loss-given-default ratios were not to materialise. Moreover, the Commission doubts that the scenarios applied by the external consultants at that time were sufficiently prudent in relation to “a protracted global recession” as specified in point 13 of the Restructuring Communication. Therefore, the Commission continues to have these doubts in relation to the return to long-term viability of the rescued HGAA.

| (37) | In addition to these previously expressed doubts the Commission is concerned about the seemingly [...] deterioration of asset quality and considers that this could constitute a major threat to HGAA's viability, which is not addressed by the restructuring plan. |
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(37)

In addition to these previously expressed doubts the Commission is concerned about the seemingly [...] deterioration of asset quality and considers that this could constitute a major threat to HGAA's viability, which is not addressed by the restructuring plan.

| (38) | Moreover, the Commission questions whether the unsatisfactory rating of HGAA can be improved sufficiently over the course of the restructuring period in order to enable the bank to raise both capital and funding on the markets, which is a crucial prerequisite for the proposed business model of the bank. The Commission notes in this respect that the expiry of the liability guarantees of the Land Carinthia entails the risk of rising long-term funding costs for the bank. Furthermore, the Commission has to examine whether the submitted underlying economic assumptions included in the plan are prudent enough. |
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(38)

Moreover, the Commission questions whether the unsatisfactory rating of HGAA can be improved sufficiently over the course of the restructuring period in order to enable the bank to raise both capital and funding on the markets, which is a crucial prerequisite for the proposed business model of the bank. The Commission notes in this respect that the expiry of the liability guarantees of the Land Carinthia entails the risk of rising long-term funding costs for the bank. Furthermore, the Commission has to examine whether the submitted underlying economic assumptions included in the plan are prudent enough.

| (39) | In addition, the Commission doubts that the bank would be able to remunerate its own capital as required under points 13 and 14 of the Restructuring Communication which requires an appropriate return given the risk profile of the bank and a remuneration at normal market conditions or the repayment of capital over time. |
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(39)

In addition, the Commission doubts that the bank would be able to remunerate its own capital as required under points 13 and 14 of the Restructuring Communication which requires an appropriate return given the risk profile of the bank and a remuneration at normal market conditions or the repayment of capital over time.

| (40) | As regards burden sharing, the Commission recalls its doubts as to whether the burden sharing of the owners (in particular BayernLB, Land Carinthia, GRAWE) has been appropriate. |
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(40)

As regards burden sharing, the Commission recalls its doubts as to whether the burden sharing of the owners (in particular BayernLB, Land Carinthia, GRAWE) has been appropriate.

| (41) | In addition, the Commission questions whether the injected capital into HGAA by Austria under the Austrian bank scheme is appropriately remunerated as the bank had been considered as fundamentally sound by Austria and benefitted therefore from cheaper remuneration rates. The Commission recalls that it has questioned that assessment at the time Austria submitted its viability report for the bank and in the opening decision. |
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(41)

In addition, the Commission questions whether the injected capital into HGAA by Austria under the Austrian bank scheme is appropriately remunerated as the bank had been considered as fundamentally sound by Austria and benefitted therefore from cheaper remuneration rates. The Commission recalls that it has questioned that assessment at the time Austria submitted its viability report for the bank and in the opening decision.

| (42) | As regards measures for addressing competition distortions, the Commission recalls its doubts that the proposed measures are sufficient to adequately limit the distortions created by the aid. In particular, most of business HGAA plans to divest seems to concern loss-making activities and be necessary for restoring viability. In other words, the Commission doubts whether not more measures are needed to address the distortions of competition caused by the aid. |
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(42)

As regards measures for addressing competition distortions, the Commission recalls its doubts that the proposed measures are sufficient to adequately limit the distortions created by the aid. In particular, most of business HGAA plans to divest seems to concern loss-making activities and be necessary for restoring viability. In other words, the Commission doubts whether not more measures are needed to address the distortions of competition caused by the aid.

5.   CONCLUSION

| (43) | All measures in favour of HGAA constitute State aid. The Commission still doubts the compatibility of the aid measures as regards the restoration of long-term viability, burden sharing and measures to limit distortions of competition. |
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(43)

All measures in favour of HGAA constitute State aid. The Commission still doubts the compatibility of the aid measures as regards the restoration of long-term viability, burden sharing and measures to limit distortions of competition.

| (44) | In light of the doubts regarding the compatibility of the aid with the Restructuring Communication, in particular the failure of the current revised restructuring plan to demonstrate the restoration of viability, proper burden sharing and a sufficient degree of mitigation of competition distortions, the Commission needs to further investigate the measures and thus to extend the formal investigation procedure pursuant to Article 108(2) TFEU. |
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(44)

In light of the doubts regarding the compatibility of the aid with the Restructuring Communication, in particular the failure of the current revised restructuring plan to demonstrate the restoration of viability, proper burden sharing and a sufficient degree of mitigation of competition distortions, the Commission needs to further investigate the measures and thus to extend the formal investigation procedure pursuant to Article 108(2) TFEU.

| (45) | However, the Commission has established that it can authorise emergency measures temporarily if needed for reasons of financial stability (10), when it cannot take a final decision due to doubts on compatibility of the measures as restructuring aid. In light of the ongoing fragile situation of the financial markets the Commission bases its assessment on Article 107(3)(b) TFEU as the breakdown of a systematically relevant bank can directly affect the financial markets and indirectly the entire economy of a Member State. |
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(45)

However, the Commission has established that it can authorise emergency measures temporarily if needed for reasons of financial stability (10), when it cannot take a final decision due to doubts on compatibility of the measures as restructuring aid. In light of the ongoing fragile situation of the financial markets the Commission bases its assessment on Article 107(3)(b) TFEU as the breakdown of a systematically relevant bank can directly affect the financial markets and indirectly the entire economy of a Member State.

| (46) | The Austrian Central Bank has confirmed that HGAA is a bank with systemic relevance for the financial market in Austria but also in certain countries in South Eastern Europe. Therefore the Commission prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan. |
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(46)

The Austrian Central Bank has confirmed that HGAA is a bank with systemic relevance for the financial market in Austria but also in certain countries in South Eastern Europe. Therefore the Commission prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan.

6.   DECISION

In view of the above, the Commission has decided:

| — | to further extend the procedure as laid down in Article 108(2) TFEU initiated with its decision C(2009) 3811 final of 12 May 2009 and extended with its decision C(2009) 10672 final of 23 December 2009, and |
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—

to further extend the procedure as laid down in Article 108(2) TFEU initiated with its decision C(2009) 3811 final of 12 May 2009 and extended with its decision C(2009) 10672 final of 23 December 2009, and

| — | to prolong the authorisation of the aid it has temporarily found compatible with the internal market by Decision C(2009) 10672 final until it has concluded the examination of the restructuring plan for Hypo Group Alpe Adria. |
| --- | --- |

—

to prolong the authorisation of the aid it has temporarily found compatible with the internal market by Decision C(2009) 10672 final until it has concluded the examination of the restructuring plan for Hypo Group Alpe Adria.

The Commission requests Austria to provide all information necessary for the Commission to assess the compatibility of the aid measures. Austria is requested to forward a copy of this letter to HGAA immediately.

The Commission warns Austria that it will inform interested parties by publishing this letter and a meaningful summary of it in the Official Journal of the European Union. It will also inform interested parties in the EFTA countries which are signatories to the EEA Agreement, by publishing a notice in the EEA Supplement to the Official Journal of the European Union, and will inform the EFTA Surveillance Authority by sending a copy of this letter. All such interested parties will be invited to submit their comments within one month of the date of such publication.»

---

(1)  Commission Decision of 18 December 2008 in case N 615/08 BayernLB, OJ C 80/4 of 3 April 2009.

1

BayernLB

(2)  Partizipationskapital has no voting rights.

2

Partizipationskapital

(3)  Commission Decision of 9 December 2008 in case N 557/08, OJ C 3, 8.1.2009, p. 2, Maßnahmen nach dem Finanzmarktstabilitäts- und dem Interbankmarktstärkungsgesetz für Kreditinstitute und Versicherungsunternehmen in Österreich, last prolonged by Commission Decision of 16 December 2009 in case N 663/09.

3

(4)  OJ C 134, 13.6.2009, p. 31.

4

(5)  OJ C 85, 31.3.2010, p. 21.

5

(6)  Confidential information.

6

(7)  This stems from the previously prevailing State guarantees for new debt (“Ausfallshaftung”) from the Land Carinthia which was abolished with a transitional period and a grandfathering clause in 2003.

7

(8)  Defined as a high likelihood that the borrower cannot repay the loan, or if the payments are more then 90 days overdue. Taking into account the lower payment morale in some of the markets where HGAA operates, the bank has replaced the 90 days criterion with a 180 days criterion in some countries.

8

(9)  Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (OJ C 195, 19.8.2009, p. 9).

9

(10)  Commission Decision of 13 November in case C 15/08, Hypo RealEstate, not yet published, and Commission Decision of 31 March 2009 in case C 10/09 ING (OJ C 158, 11.7.2009, p. 13).

10

Hypo RealEstate

ING

---

| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/11 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/11

---

Notification préalable d'une concentration

(Affaire COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45)

(Texte présentant de l'intérêt pour l'EEE)

2010/C 266/06

| 1. | Le 23 septembre 2010, la Commission a reçu notification, conformément à l'article 4 du règlement (CE) no 139/2004 du Conseil (1), d'un projet de concentration par lequel les entreprises Finavias S.à r.l («Finavias», Luxembourg), contrôlée par AXA Investment Managers Private Equity SA («AXA Private Equity», France), appartenant elle-même au groupe AXA («AXA», France), et Iberpistas, contrôlée par Abertis Infraestructuras, SA («Abertis», Espagne), acquièrent, au sens de l'article 3, paragraphe 1, point b), du règlement CE sur les concentrations, le contrôle en commun de l'entreprise Autopista Trados M-45 («Trados M-45», Espagne) par achat d'actions. |
| --- | --- |

1.

Le 23 septembre 2010, la Commission a reçu notification, conformément à l'article 4 du règlement (CE) no 139/2004 du Conseil (1), d'un projet de concentration par lequel les entreprises Finavias S.à r.l («Finavias», Luxembourg), contrôlée par AXA Investment Managers Private Equity SA («AXA Private Equity», France), appartenant elle-même au groupe AXA («AXA», France), et Iberpistas, contrôlée par Abertis Infraestructuras, SA («Abertis», Espagne), acquièrent, au sens de l'article 3, paragraphe 1, point b), du règlement CE sur les concentrations, le contrôle en commun de l'entreprise Autopista Trados M-45 («Trados M-45», Espagne) par achat d'actions.

| 2. | Les activités des entreprises considérées sont les suivantes:






  — | Finavias: fonds de capital-investissement et activités de gestion de portefeuilles, |
| --- | --- | --- |

2.

Les activités des entreprises considérées sont les suivantes:

—

Finavias: fonds de capital-investissement et activités de gestion de portefeuilles,

| — | AXA Private Equity: gestion de portefeuilles, investissement dans des sociétés non cotées ou dans des fonds d'investissement. Appartient à AXA, un groupe international offrant des assurances vie et non-vie et des services financiers connexes, |
| --- | --- |

—

AXA Private Equity: gestion de portefeuilles, investissement dans des sociétés non cotées ou dans des fonds d'investissement. Appartient à AXA, un groupe international offrant des assurances vie et non-vie et des services financiers connexes,

| — | Abertis: infrastructures de mobilité et de télécommunications dans des domaines d'activité basés sur le paiement de redevances: routes à péages, infrastructures de télécommunications, aéroports, parcs de stationnement et logistiques, |
| --- | --- |

—

Abertis: infrastructures de mobilité et de télécommunications dans des domaines d'activité basés sur le paiement de redevances: routes à péages, infrastructures de télécommunications, aéroports, parcs de stationnement et logistiques,

| — | Trados M-45: gestion de concessions routières. |
| --- | --- |

—

Trados M-45: gestion de concessions routières.

| 3. | Après examen préliminaire et sans préjudice de sa décision définitive sur ce point, la Commission estime que l'opération notifiée pourrait entrer dans le champ d'application du règlement CE sur les concentrations. |
| --- | --- |

3.

Après examen préliminaire et sans préjudice de sa décision définitive sur ce point, la Commission estime que l'opération notifiée pourrait entrer dans le champ d'application du règlement CE sur les concentrations.

| 4. | La Commission invite les tiers intéressés à lui présenter leurs observations éventuelles sur ce projet de concentration.
  Ces observations devront lui parvenir au plus tard dans un délai de dix jours à compter de la date de la présente publication. Elles peuvent être envoyées par télécopie (+32 22964301), par courrier électronique à l’adresse COMP-MERGER-REGISTRY@ec.europa.eu ou par courrier, sous la référence COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, à l'adresse suivante:





  Commission européenne |
| --- | --- |
| Direction générale de la concurrence |
| Greffe des concentrations |
| J-70 |
| 1049 Bruxelles |
| BELGIQUE |

4.

La Commission invite les tiers intéressés à lui présenter leurs observations éventuelles sur ce projet de concentration.

Ces observations devront lui parvenir au plus tard dans un délai de dix jours à compter de la date de la présente publication. Elles peuvent être envoyées par télécopie (+32 22964301), par courrier électronique à l’adresse COMP-MERGER-REGISTRY@ec.europa.eu ou par courrier, sous la référence COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, à l'adresse suivante:

Commission européenne

Direction générale de la concurrence

Greffe des concentrations

J-70

1049 Bruxelles

BELGIQUE

---

(1)  JO L 24 du 29.1.2004, p. 1 (le «règlement CE sur les concentrations»).

---

| 1.10.2010 | FR | Journal officiel de l'Union européenne | C 266/12 |
| --- | --- | --- | --- |

1.10.2010

FR

Journal officiel de l'Union européenne

C 266/12

---

Notification préalable d'une concentration

(Affaire COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV)

Cas susceptible d'être traité selon la procédure simplifiée

(Texte présentant de l'intérêt pour l'EEE)

2010/C 266/07

| 1. | Le 22 septembre 2010, la Commission a reçu notification, conformément à l'article 4 du règlement (CE) no 139/2004 (1) du Conseil, d'un projet de concentration par lequel l'entreprise Apotheek DocMorris N.V. (Pays-Bas), contrôlée par le groupe Haniel, et l'entreprise K-mail Order GmbH & Co KG (Allemagne) acquièrent, au sens de l'article 3, paragraphe 1, point b), du règlement CE sur les concentrations, le contrôle en commun de l'entreprise Wellsana B.V. (Pays-Bas) par achat d'actions dans une société nouvellement créée constituant une entreprise commune. |
| --- | --- |

1.

Le 22 septembre 2010, la Commission a reçu notification, conformément à l'article 4 du règlement (CE) no 139/2004 (1) du Conseil, d'un projet de concentration par lequel l'entreprise Apotheek DocMorris N.V. (Pays-Bas), contrôlée par le groupe Haniel, et l'entreprise K-mail Order GmbH & Co KG (Allemagne) acquièrent, au sens de l'article 3, paragraphe 1, point b), du règlement CE sur les concentrations, le contrôle en commun de l'entreprise Wellsana B.V. (Pays-Bas) par achat d'actions dans une société nouvellement créée constituant une entreprise commune.

| 2. | Les activités des entreprises considérées sont les suivantes:






  — | Apotheek DocMorris N.V.: vente au détail de produits pharmaceutiques par une pharmacie, |
| --- | --- | --- |

2.

Les activités des entreprises considérées sont les suivantes:

—

Apotheek DocMorris N.V.: vente au détail de produits pharmaceutiques par une pharmacie,

| — | K-mail Order GmbH & Co KG: vente au détail d'articles de mode, de bijoux, d'articles de maison et de ménage ainsi que de produits de santé. |
| --- | --- |

—

K-mail Order GmbH & Co KG: vente au détail d'articles de mode, de bijoux, d'articles de maison et de ménage ainsi que de produits de santé.

| 3. | Après examen préliminaire et sans préjudice de sa décision définitive sur ce point, la Commission estime que l'opération notifiée pourrait entrer dans le champ d'application du règlement CE sur les concentrations. Conformément à la communication de la Commission relative à une procédure simplifiée de traitement de certaines opérations de concentration en application du règlement CE sur les concentrations (2), il convient de noter que ce cas est susceptible d'être traité selon la procédure définie par ladite communication. |
| --- | --- |

3.

Après examen préliminaire et sans préjudice de sa décision définitive sur ce point, la Commission estime que l'opération notifiée pourrait entrer dans le champ d'application du règlement CE sur les concentrations. Conformément à la communication de la Commission relative à une procédure simplifiée de traitement de certaines opérations de concentration en application du règlement CE sur les concentrations (2), il convient de noter que ce cas est susceptible d'être traité selon la procédure définie par ladite communication.

| 4. | La Commission invite les tiers intéressés à lui présenter leurs observations éventuelles sur le projet de concentration.
  Ces observations devront lui parvenir au plus tard dans un délai de dix jours à compter de la date de la présente publication. Elles peuvent être envoyées par télécopie (+32 22964301), par courrier électronique à l’adresse COMP-MERGER-REGISTRY@ec.europa.eu ou par courrier postal, sous la référence COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, à l'adresse suivante:





  Commission européenne |
| --- | --- |
| Direction générale de la concurrence |
| Greffe des concentrations |
| J-70 |
| 1049 Bruxelles |
| BELGIQUE |

4.

La Commission invite les tiers intéressés à lui présenter leurs observations éventuelles sur le projet de concentration.

Ces observations devront lui parvenir au plus tard dans un délai de dix jours à compter de la date de la présente publication. Elles peuvent être envoyées par télécopie (+32 22964301), par courrier électronique à l’adresse COMP-MERGER-REGISTRY@ec.europa.eu ou par courrier postal, sous la référence COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, à l'adresse suivante:

Commission européenne

Direction générale de la concurrence

Greffe des concentrations

J-70

1049 Bruxelles

BELGIQUE

---

(1)  JO L 24 du 29.1.2004, p. 1 (le «règlement CE sur les concentrations»).

(2)  JO C 56 du 5.3.2005, p. 32 (la «communication sur une procédure simplifiée»).

---