# Gazzetta ufficiale C 266/2010

| | ISSN 1725-2466
  doi:10.3000/17252466.C_2010.266.ita |
| --- | --- |
| Gazzetta ufficiale
  dell'Unione europea | C 266 |
| | |
| Edizione in lingua italiana | Comunicazioni e informazioni | 53o anno1 ottobre 2010 |

ISSN 1725-2466

doi:10.3000/17252466.C_2010.266.ita

Gazzetta ufficiale

dell'Unione europea

C 266

Edizione in lingua italiana

Comunicazioni e informazioni

53o anno1 ottobre 2010

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| Numero d'informazione | Sommario | pagina |
| --- | --- | --- |
| | II   Comunicazioni |
| | COMUNICAZIONI PROVENIENTI DALLE ISTITUZIONI, DAGLI ORGANI E DAGLI ORGANISMI DELL'UNIONE EUROPEA |
| | Commissione europea |
| 2010/C 266/01 | Autorizzazione degli aiuti di Stato sulla base degli articoli 87 e 88 del trattato CE — Casi contro i quali la Commissione non solleva obiezioni (
  1
  ) | 1 |
| 2010/C 266/02 | Non opposizione ad un'operazione di concentrazione notificata (Caso COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  ) | 2 |

Numero d'informazione

Sommario

pagina

II   Comunicazioni

COMUNICAZIONI PROVENIENTI DALLE ISTITUZIONI, DAGLI ORGANI E DAGLI ORGANISMI DELL'UNIONE EUROPEA

Commissione europea

2010/C 266/01

Autorizzazione degli aiuti di Stato sulla base degli articoli 87 e 88 del trattato CE — Casi contro i quali la Commissione non solleva obiezioni (
  1
  )

1

1

2010/C 266/02

Non opposizione ad un'operazione di concentrazione notificata (Caso COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  )

1

2

| | IV   Informazioni |
| --- | --- |
| | INFORMAZIONI PROVENIENTI DALLE ISTITUZIONI, DAGLI ORGANI E DAGLI ORGANISMI DELL'UNIONE EUROPEA |
| | Commissione europea |
| 2010/C 266/03 | Tassi di cambio dell'euro | 3 |

IV   Informazioni

INFORMAZIONI PROVENIENTI DALLE ISTITUZIONI, DAGLI ORGANI E DAGLI ORGANISMI DELL'UNIONE EUROPEA

Commissione europea

2010/C 266/03

Tassi di cambio dell'euro

3

| | V   Avvisi |
| --- | --- |
| | PROCEDIMENTI RELATIVI ALL'ATTUAZIONE DELLA POLITICA COMMERCIALE COMUNE |
| | Commissione europea |
| 2010/C 266/04 | Avviso relativo alle misure antidumping in vigore nei confronti delle importazioni nell'Unione di alcuni tipi di polietilentereftalato originari, fra l'altro, della Malaysia: modifica della ragione sociale di una società soggetta a un'aliquota individuale del dazio antidumping | 4 |
| | PROCEDIMENTI RELATIVI ALL'ATTUAZIONE DELLA POLITICA DELLA CONCORRENZA |
| | Commissione europea |
| 2010/C 266/05 | Aiuto di Stato — Austria — Aiuto di Stato C 16/09 — Hypo Group Alpe Adria (HGAA) — Invito a presentare osservazioni a norma dell'articolo 108, paragrafo 2, del TFUE (
  1
  ) | 5 |
| 2010/C 266/06 | Notifica preventiva di una concentrazione (Caso COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  ) | 11 |
| 2010/C 266/07 | Notifica preventiva di una concentrazione (Caso COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Caso ammissibile alla procedura semplificata (
  1
  ) | 12 |

V   Avvisi

PROCEDIMENTI RELATIVI ALL'ATTUAZIONE DELLA POLITICA COMMERCIALE COMUNE

Commissione europea

2010/C 266/04

Avviso relativo alle misure antidumping in vigore nei confronti delle importazioni nell'Unione di alcuni tipi di polietilentereftalato originari, fra l'altro, della Malaysia: modifica della ragione sociale di una società soggetta a un'aliquota individuale del dazio antidumping

4

PROCEDIMENTI RELATIVI ALL'ATTUAZIONE DELLA POLITICA DELLA CONCORRENZA

Commissione europea

2010/C 266/05

Aiuto di Stato — Austria — Aiuto di Stato C 16/09 — Hypo Group Alpe Adria (HGAA) — Invito a presentare osservazioni a norma dell'articolo 108, paragrafo 2, del TFUE (
  1
  )

1

5

2010/C 266/06

Notifica preventiva di una concentrazione (Caso COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  )

1

11

2010/C 266/07

Notifica preventiva di una concentrazione (Caso COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Caso ammissibile alla procedura semplificata (
  1
  )

1

12

| | |
| --- | --- |
| | (1)   Testo rilevante ai fini del SEE |

---

(1)   Testo rilevante ai fini del SEE

1

| IT | |
| --- | --- |

IT

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II Comunicazioni

COMUNICAZIONI PROVENIENTI DALLE ISTITUZIONI, DAGLI ORGANI E DAGLI ORGANISMI DELL'UNIONE EUROPEA

Commissione europea

| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/1 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/1

---

Autorizzazione degli aiuti di Stato sulla base degli articoli 87 e 88 del trattato CE

Casi contro i quali la Commissione non solleva obiezioni

(Testo rilevante ai fini del SEE)

2010/C 266/01

| Data di adozione della decisione | 23.2.2009 |
| --- | --- |
| Numero di riferimento dell'aiuto di Stato | N 727/07 |
| Stato membro | Italia |
| Regione | Veneto |
| Titolo (e/o nome del beneficiario) | Istituzione del «Fondo di rotazione per le agrienergie» |
| Base giuridica | Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter |
| Tipo di misura | Regime |
| Obiettivo | Tutela dell'ambiente |
| Forma dell'aiuto | Abbuono di interessi |
| Dotazione di bilancio | Importo totale dell'aiuto previsto 30 Mio EUR |
| Intensità | 80 % |
| Durata | Fino al 31.12.2010 |
| Settore economico | Produzione e distribuzione di energia elettrica, di gas e acqua |
| Nome e indirizzo dell'autorità che eroga l'aiuto | Giunta Regionale Regione Veneto |
| Palazzo Balbi |
| 3013 Venezia VE |
| ITALIA |

Data di adozione della decisione

23.2.2009

Numero di riferimento dell'aiuto di Stato

N 727/07

Stato membro

Italia

Regione

Veneto

Titolo (e/o nome del beneficiario)

Istituzione del «Fondo di rotazione per le agrienergie»

Base giuridica

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

Tipo di misura

Regime

Obiettivo

Tutela dell'ambiente

Forma dell'aiuto

Abbuono di interessi

Dotazione di bilancio

Importo totale dell'aiuto previsto 30 Mio EUR

Intensità

80 %

Durata

Fino al 31.12.2010

Settore economico

Produzione e distribuzione di energia elettrica, di gas e acqua

Nome e indirizzo dell'autorità che eroga l'aiuto

Giunta Regionale Regione Veneto

Palazzo Balbi

3013 Venezia VE

ITALIA

Altre informazioni

—

Il testo delle decisioni nelle lingue facenti fede, ad eccezione dei dati riservati, è disponibile sul sito:

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

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| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/2 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/2

---

Non opposizione ad un'operazione di concentrazione notificata

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

(Testo rilevante ai fini del SEE)

2010/C 266/02

In data 12 agosto 2010 la Commissione ha deciso di non opporsi alla suddetta operazione di concentrazione notificata e di dichiararla compatibile con il mercato comune. La presente decisione si basa sull'articolo 6, paragrafo 1, lettera b) del regolamento (CE) n. 139/2004 del Consiglio. Il testo integrale della decisione è disponibile unicamente in lingua francese e verrà reso pubblico dopo che gli eventuali segreti aziendali in esso contenuti saranno stati espunti. Il testo della decisione sarà disponibile:

| — | sul sito Internet della Commissione europea dedicato alla concorrenza, nella sezione relativa alle concentrazioni (http://ec.europa.eu/competition/mergers/cases/). Il sito offre varie modalità per la ricerca delle singole decisioni, tra cui indici per impresa, per numero del caso, per data e per settore, |
| --- | --- |

—

sul sito Internet della Commissione europea dedicato alla concorrenza, nella sezione relativa alle concentrazioni (http://ec.europa.eu/competition/mergers/cases/). Il sito offre varie modalità per la ricerca delle singole decisioni, tra cui indici per impresa, per numero del caso, per data e per settore,

| — | in formato elettronico sul sito EUR-Lex (http://eur-lex.europa.eu/it/index.htm) con il numero di riferimento 32010M5741. EUR-Lex è il sistema di accesso in rete al diritto comunitario. |
| --- | --- |

—

in formato elettronico sul sito EUR-Lex (http://eur-lex.europa.eu/it/index.htm) con il numero di riferimento 32010M5741. EUR-Lex è il sistema di accesso in rete al diritto comunitario.

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IV Informazioni

INFORMAZIONI PROVENIENTI DALLE ISTITUZIONI, DAGLI ORGANI E DAGLI ORGANISMI DELL'UNIONE EUROPEA

Commissione europea

| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/3 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/3

---

Tassi di cambio dell'euro (1)

30 settembre 2010

2010/C 266/03

1 euro =

| | Moneta | Tasso di cambio |
| --- | --- | --- |
| USD | dollari USA | 1,3648 |
| JPY | yen giapponesi | 113,68 |
| DKK | corone danesi | 7,4519 |
| GBP | sterline inglesi | 0,85995 |
| SEK | corone svedesi | 9,1421 |
| CHF | franchi svizzeri | 1,3287 |
| ISK | corone islandesi | |
| NOK | corone norvegesi | 7,9680 |
| BGN | lev bulgari | 1,9558 |
| CZK | corone ceche | 24,600 |
| EEK | corone estoni | 15,6466 |
| HUF | fiorini ungheresi | 275,75 |
| LTL | litas lituani | 3,4528 |
| LVL | lats lettoni | 0,7094 |
| PLN | zloty polacchi | 3,9847 |
| RON | leu rumeni | 4,2718 |
| TRY | lire turche | 1,9806 |
| AUD | dollari australiani | 1,4070 |
| CAD | dollari canadesi | 1,4073 |
| HKD | dollari di Hong Kong | 10,5918 |
| NZD | dollari neozelandesi | 1,8436 |
| SGD | dollari di Singapore | 1,7942 |
| KRW | won sudcoreani | 1 550,65 |
| ZAR | rand sudafricani | 9,5438 |
| CNY | renminbi Yuan cinese | 9,1321 |
| HRK | kuna croata | 7,3058 |
| IDR | rupia indonesiana | 12 173,44 |
| MYR | ringgit malese | 4,2101 |
| PHP | peso filippino | 59,869 |
| RUB | rublo russo | 41,6923 |
| THB | baht thailandese | 41,442 |
| BRL | real brasiliano | 2,3201 |
| MXN | peso messicano | 17,1258 |
| INR | rupia indiana | 61,2470 |

Moneta

Tasso di cambio

USD

dollari USA

1,3648

JPY

yen giapponesi

113,68

DKK

corone danesi

7,4519

GBP

sterline inglesi

0,85995

SEK

corone svedesi

9,1421

CHF

franchi svizzeri

1,3287

ISK

corone islandesi

NOK

corone norvegesi

7,9680

BGN

lev bulgari

1,9558

CZK

corone ceche

24,600

EEK

corone estoni

15,6466

HUF

fiorini ungheresi

275,75

LTL

litas lituani

3,4528

LVL

lats lettoni

0,7094

PLN

zloty polacchi

3,9847

RON

leu rumeni

4,2718

TRY

lire turche

1,9806

AUD

dollari australiani

1,4070

CAD

dollari canadesi

1,4073

HKD

dollari di Hong Kong

10,5918

NZD

dollari neozelandesi

1,8436

SGD

dollari di Singapore

1,7942

KRW

won sudcoreani

1 550,65

ZAR

rand sudafricani

9,5438

CNY

renminbi Yuan cinese

9,1321

HRK

kuna croata

7,3058

IDR

rupia indonesiana

12 173,44

MYR

ringgit malese

4,2101

PHP

peso filippino

59,869

RUB

rublo russo

41,6923

THB

baht thailandese

41,442

BRL

real brasiliano

2,3201

MXN

peso messicano

17,1258

INR

rupia indiana

61,2470

---

(1)  Fonte: tassi di cambio di riferimento pubblicati dalla Banca centrale europea.

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V Avvisi

PROCEDIMENTI RELATIVI ALL'ATTUAZIONE DELLA POLITICA COMMERCIALE COMUNE

Commissione europea

| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/4 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/4

---

Avviso relativo alle misure antidumping in vigore nei confronti delle importazioni nell'Unione di alcuni tipi di polietilentereftalato originari, fra l'altro, della Malaysia: modifica della ragione sociale di una società soggetta a un'aliquota individuale del dazio antidumping

2010/C 266/04

Le importazioni di alcuni tipi di polietilentereftalato originari della Malaysia sono soggette a un dazio antidumping definitivo imposto dal regolamento (CE) n. 192/2007 del Consiglio (1), [«regolamento (CE) n. 192/2007»].

La società Hualon Corporation (M) Sdn. Bhd. («Hualon») con sede in Malaysia, le cui esportazioni nell'Unione di alcuni tipi di polietilentereftalato sono soggette a un dazio antidumping individuale di 36,0 EUR/t imposto dall'articolo 1, paragrafo 2, del regolamento (CE) n. 192/2007, ha informato la Commissione che, in seguito alla sua messa in amministrazione controllata, il 23 luglio 2008 tutte le sue attività e passività in Malaysia sono state rilevate dalla società Recron (Malaysia) Sdn. Bhd. («Recron»), divenuta così il suo successore legale.

La Hualon ha dichiarato che il rilevamento e il cambiamento di ragione sociale non influiscono sulle attività della società relative al prodotto in esame e pertanto sul diritto della Recron di beneficiare dell'aliquota individuale di dazio antidumping applicata alla Hualon dal regolamento (CE) n. 192/2007.

La Commissione ha esaminato le informazioni fornite e, poiché la società che ha chiesto la modifica della ragione sociale è stata rilevata da una società che in precedenza non fabbricava il prodotto in esame, ha concluso che la modifica della ragione sociale non pregiudica in alcun modo le conclusioni del regolamento (CE) n. 192/2007. Il riferimento di cui all'articolo 1, paragrafo 2, del regolamento (CE) n. 192/2007 a:

Hualon Corp. (M) Sdn. Bhd.

va pertanto inteso come riferimento a:

Recron (Malaysia) Sdn. Bhd.

Il codice addizionale TARIC A186 precedentemente attribuito alla Hualon Corp. (M) Sdn. Bhd. si applica alla Recron (Malaysia) Sdn. Bhd.

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(1)  GU L 59 del 27.2.2007, pag. 1.

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PROCEDIMENTI RELATIVI ALL'ATTUAZIONE DELLA POLITICA DELLA CONCORRENZA

Commissione europea

| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/5 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/5

---

AIUTO DI STATO — AUSTRIA

Aiuto di Stato C 16/09 — Hypo Group Alpe Adria (HGAA)

Invito a presentare osservazioni a norma dell'articolo 108, paragrafo 2, del TFUE

(Testo rilevante ai fini del SEE)

2010/C 266/05

Con lettera del 22 giugno 2010, riprodotta nella lingua facente fede dopo la presente sintesi, la Commissione ha notificato all'Austria la propria decisione di prorogare l'autorizzazione dell'aiuto considerato temporaneamente compatibile con il mercato interno e di estendere il procedimento di cui all'articolo 108, paragrafo 2, del trattato sul funzionamento dell'Unione europea.

La Commissione invita gli interessati a presentare osservazioni in merito alle misure riguardo alle quali viene avviato il procedimento entro 2 settimane dalla data di pubblicazione della presente sintesi e della lettera che segue, inviandole al seguente indirizzo:

| Commissione europea |
| --- |
| Direzione generale Concorrenza |
| Protocollo Aiuti di Stato |
| Ufficio: J-70, 03/219 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Fax +32 22961242 |

Commissione europea

Direzione generale Concorrenza

Protocollo Aiuti di Stato

Ufficio: J-70, 03/219

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

Fax +32 22961242

Dette osservazioni saranno comunicate all’Austria. Su richiesta scritta e motivata degli autori delle osservazioni, la loro identità non sarà rivelata.

1.   PROCEDIMENTO

Con decisione del 18 dicembre 2008, la Commissione europea ha approvato nel caso N 615/08 un aiuto di Stato di emergenza erogato dalla Germania a BayernLB, proprietario di maggioranza di HGAA, sotto forma di una copertura contro i rischi (risk shield) pari a 4,8 miliardi EUR e di un conferimento di capitale pari a 10 miliardi EUR, a norma dell'articolo 107, paragrafo 3, lettera b), del TFUE, per un periodo di sei mesi o fino alla presentazione di un piano di ristrutturazione della banca credibile e solido. Tale aiuto ha consentito a BayernLB di apportare 700 milioni EUR alla sua controllata HGAA. Lo stesso mese l'Austria ha accordato un conferimento di capitale a HGAA per un importo di 900 milioni EUR nell'ambito del piano per il settore bancario austriaco.

Il 29 aprile 2009 la Germania ha notificato alla Commissione un piano di ristrutturazione per BayernLB che interessava anche la sua controllata HGAA. Nella stessa data l'Austria ha trasmesso un piano di redditività relativo a HGAA, che deve essere presentato per le banche fondamentalmente sane nel quadro del piano per il settore bancario austriaco.

Nella sua decisione del 12 maggio 2009 relativa al caso N 254/09 («la decisione di avvio del procedimento»), la Commissione ha sollevato dubbi sulla compatibilità con il mercato interno degli aiuti concessi a BayernLB e si è chiesta se HGAA fosse fondamentalmente sana e se gli aiuti concessi dall'Austria fossero compatibili con l'articolo 107, paragrafo 3, lettera b), del TFUE.

Il 18 dicembre 2009 l'Austria ha notificato misure di aiuto supplementari.

Nella sua decisione del 23 dicembre 2009 relativa ai casi C 16/09 e N 698/09, la Commissione ritiene che le misure a favore di HGAA illustrate al punto 2 si configurino come aiuto temporaneamente compatibile con il mercato interno a norma dell'articolo 107, paragrafo 3, lettera b), del TFUE fino alla presentazione di un piano di ristrutturazione credibile e solido e alla valutazione di quest'ultimo da parte della Commissione, ma per un periodo non superiore a sei mesi. Contestualmente, il procedimento di cui all'articolo 108, paragrafo 2, del TFUE è stato esteso per tenere conto delle misure supplementari suddette.

Nell'aprile del 2010 l'Austria ha presentato un piano di ristrutturazione per HGAA.

A causa della valutazione che la Commissione sta svolgendo in merito al piano di ristrutturazione e all'aiuto, l'Austria ha chiesto la proroga dell'autorizzazione temporanea delle misure in oggetto.

2.   LE MISURE A FAVORE DI HGAA

Nell'ambito del piano di aiuti di emergenza per il settore bancario austriaco, HGAA ha ricevuto 700 milioni EUR da BayernLB e 900 milioni EUR dalla Repubblica austriaca al fine di rafforzare i fondi propri tier 1 (Partizipationskapital), nonché garanzie di liquidità pari a 1,35 miliardi EUR finalizzate all'emissione di obbligazioni.

Inoltre, HGAA ha usufruito delle seguenti misure di aiuto autorizzate temporaneamente in virtù della decisione del dicembre 2009:

| — | una garanzia temporanea di 100 milioni EUR concessa dall'Austria alle condizioni previste per le banche in difficoltà nel quadro del piano di aiuti di emergenza per il settore bancario austriaco, |
| --- | --- |

—

una garanzia temporanea di 100 milioni EUR concessa dall'Austria alle condizioni previste per le banche in difficoltà nel quadro del piano di aiuti di emergenza per il settore bancario austriaco,

| — | una ricapitalizzazione di 200 milioni di EUR concessa dal Land della Carinzia, che produrrà un dividendo del 6 %, esigibile per la prima volta per l'esercizio 2013, |
| --- | --- |

—

una ricapitalizzazione di 200 milioni di EUR concessa dal Land della Carinzia, che produrrà un dividendo del 6 %, esigibile per la prima volta per l'esercizio 2013,

| — | una ricapitalizzazione supplementare per un importo massimo di 350 milioni EUR concessa dall'Austria alle condizioni previste per le banche in difficoltà nel quadro del piano di aiuti di emergenza per il settore bancario austriaco, |
| --- | --- |

—

una ricapitalizzazione supplementare per un importo massimo di 350 milioni EUR concessa dall'Austria alle condizioni previste per le banche in difficoltà nel quadro del piano di aiuti di emergenza per il settore bancario austriaco,

| — | misure a favore della liquidità per un importo totale di circa 200 milioni EUR concesse dal Land della Carinzia nell'ambito delle relazioni commerciali esistenti. |
| --- | --- |

—

misure a favore della liquidità per un importo totale di circa 200 milioni EUR concesse dal Land della Carinzia nell'ambito delle relazioni commerciali esistenti.

3.   VALUTAZIONE

Nelle sue decisioni del 12 maggio 2009 e del 23 dicembre 2009, la Commissione ha già stabilito che le misure in favore di HGAA si configurano come aiuto di Stato.

I dubbi iniziali circa la compatibilità dell'aiuto espressi nelle decisioni suddette non sono stati fugati dalla presentazione del piano di ristrutturazione.

Per quanto riguarda il ripristino della redditività, la Commissione solleva dubbi circa la capacità del modello economico generale della banca di conseguire tale scopo.

Inoltre, considerando il modesto rating di HGAA e i costi elevati di finanziamento in futuro a causa della scadenza della garanzia concessa dal Land della Carinzia e del sostegno finanziario del suo ex proprietario BayernLB, la Commissione si chiede se HGAA non debba riorientare in maniera più sostanziale il proprio modello economico, il che potrebbe ripercuotersi in particolare sulla sua prestazione di servizi finanziari al settore pubblico, caratterizzati da margini ridotti.

La Commissione ritiene altresì che HGAA debba affrontare importanti problemi riguardanti la qualità delle sue attività, data la scarsa qualità del suo portafoglio di prestiti che continua a deteriorarsi. La Commissione dubita che i problemi di fondo relativi al processo decisionale e alla gestione dei rischi possano essere risolti in tempi rapidi.

Inoltre, la Commissione mette in dubbio che la banca sia in grado di remunerare il proprio capitale come previsto dalla comunicazione sulle misure di ristrutturazione che richiede un appropriato rendimento di capitale in linea col profilo di rischio della banca; la Commissione dubita ugualmente che la banca sia in grado di versare una remunerazione adeguata a condizioni di mercato normali o, in alternativa, di rimborsare il capitale fornito finora dallo Stato.

La Commissione si chiede altresì se il conferimento di capitale a favore di HGAA attivato dall'Austria nel contesto del piano per il settore bancario austriaco sia adeguatamente remunerato poiché, al momento di tale conferimento nel dicembre 2008, l'Austria riteneva che la banca fosse fondamentalmente sana e le aveva pertanto concesso tassi inferiori. La Commissione rammenta di aver messo in dubbio, nella sua decisione del maggio 2009, la valutazione dell'Austria sulla salute finanziaria della banca.

Per quanto riguarda le misure volte ad eliminare le distorsioni della concorrenza, la Commissione ribadisce i propri dubbi sul fatto che le misure proposte siano sufficienti a limitare in modo adeguato le distorsioni create dall'aiuto. In particolare, la maggior parte delle cessioni previste da HGAA sembrano concentrarsi su attività non più redditizie e sono quindi necessarie per ripristinare la redditività. In altri termini, la Commissione si chiede se non siano necessarie ulteriori misure per eliminare le distorsioni della concorrenza causate dell'aiuto.

TESTO DELLA LETTERA

«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:

—

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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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 |
| --- | --- |

—

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»

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(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

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| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/11 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/11

---

Notifica preventiva di una concentrazione

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

(Testo rilevante ai fini del SEE)

2010/C 266/06

| 1. | In data 23 settembre 2010 è pervenuta alla Commissione la notifica di un progetto di concentrazione in conformità dell’articolo 4 del regolamento (CE) n. 139/2004 del Consiglio (1). Con tale operazione le imprese Finavias S.à r.l («Finavias», Lussemburgo), controllata da AXA Investment Managers Private Equity SA («AXA Private Equity», Francia), appartenente a sua volta al gruppo AXA («AXA», Francia), e Iberpistas, controllata da Abertis Infraestructuras, SA («Abertis», Spagna), acquisiscono, ai sensi dell’articolo 3, paragrafo 1, lettera b), del regolamento comunitario sulle concentrazioni, il controllo comune dell'impresa Autopista Trados M-45 («Trados M-45», Spagna) mediante acquisto di quote. |
| --- | --- |

1.

In data 23 settembre 2010 è pervenuta alla Commissione la notifica di un progetto di concentrazione in conformità dell’articolo 4 del regolamento (CE) n. 139/2004 del Consiglio (1). Con tale operazione le imprese Finavias S.à r.l («Finavias», Lussemburgo), controllata da AXA Investment Managers Private Equity SA («AXA Private Equity», Francia), appartenente a sua volta al gruppo AXA («AXA», Francia), e Iberpistas, controllata da Abertis Infraestructuras, SA («Abertis», Spagna), acquisiscono, ai sensi dell’articolo 3, paragrafo 1, lettera b), del regolamento comunitario sulle concentrazioni, il controllo comune dell'impresa Autopista Trados M-45 («Trados M-45», Spagna) mediante acquisto di quote.

| 2. | Le attività svolte dalle imprese interessate sono le seguenti:






  — | Finavias: private equity ed attività di gestione di attivi, |
| --- | --- | --- |

2.

Le attività svolte dalle imprese interessate sono le seguenti:

—

Finavias: private equity ed attività di gestione di attivi,

| — | AXA Private Equity: gestione di attivi mediante investimenti in imprese non quotate o fondi di investimento. Appartiene ad AXA, gruppo internazionale che fornisce servizi di assicurazione vita e non vita e servizi finanziari correlati, |
| --- | --- |

—

AXA Private Equity: gestione di attivi mediante investimenti in imprese non quotate o fondi di investimento. Appartiene ad AXA, gruppo internazionale che fornisce servizi di assicurazione vita e non vita e servizi finanziari correlati,

| — | Abertis: infrastrutture di mobilità e telecomunicazioni in cinque settori di attività: strade a pedaggio, infrastrutture di telecomunicazione, aeroporti, parcheggi automobilistici e logistica, |
| --- | --- |

—

Abertis: infrastrutture di mobilità e telecomunicazioni in cinque settori di attività: strade a pedaggio, infrastrutture di telecomunicazione, aeroporti, parcheggi automobilistici e logistica,

| — | Trados M-45: gestione strade in concessione. |
| --- | --- |

—

Trados M-45: gestione strade in concessione.

| 3. | A seguito di un esame preliminare, la Commissione ritiene che la concentrazione notificata possa rientrare nel campo d'applicazione del regolamento comunitario sulle concentrazioni. Tuttavia, si riserva la decisione finale al riguardo. |
| --- | --- |

3.

A seguito di un esame preliminare, la Commissione ritiene che la concentrazione notificata possa rientrare nel campo d'applicazione del regolamento comunitario sulle concentrazioni. Tuttavia, si riserva la decisione finale al riguardo.

| 4. | La Commissione invita i terzi interessati a presentare eventuali osservazioni sulla concentrazione proposta.
  Le osservazioni devono pervenire alla Commissione entro dieci giorni dalla data di pubblicazione della presente comunicazione. Le osservazioni possono essere trasmesse alla Commissione per fax (+32 22964301), per e-mail all’indirizzo COMP-MERGER-REGISTRY@ec.europa.eu o per posta, indicando il riferimento COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, al seguente indirizzo:





  Commissione europea |
| --- | --- |
| Direzione generale della Concorrenza |
| Protocollo Concentrazioni |
| J-70 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

La Commissione invita i terzi interessati a presentare eventuali osservazioni sulla concentrazione proposta.

Le osservazioni devono pervenire alla Commissione entro dieci giorni dalla data di pubblicazione della presente comunicazione. Le osservazioni possono essere trasmesse alla Commissione per fax (+32 22964301), per e-mail all’indirizzo COMP-MERGER-REGISTRY@ec.europa.eu o per posta, indicando il riferimento COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, al seguente indirizzo:

Commissione europea

Direzione generale della Concorrenza

Protocollo Concentrazioni

J-70

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  GU L 24 del 29.1.2004, pag. 1 («il regolamento comunitario sulle concentrazioni»).

---

| 1.10.2010 | IT | Gazzetta ufficiale dell'Unione europea | C 266/12 |
| --- | --- | --- | --- |

1.10.2010

IT

Gazzetta ufficiale dell'Unione europea

C 266/12

---

Notifica preventiva di una concentrazione

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

Caso ammissibile alla procedura semplificata

(Testo rilevante ai fini del SEE)

2010/C 266/07

| 1. | In data 22. settembre .2010 è pervenuta alla Commissione la notifica di un progetto di concentrazione in conformità dell’articolo 4 del regolamento (CE) n. 139/2004 del Consiglio (1). Con tale operazione l'impresa Apotheek DocMorris N.V. (Paesi Bassi), controllata del gruppo Haniel, e l'impresa K-mail Order GmbH & Co KG (Germania) acquisiscono, ai sensi dell'articolo 3, paragrafo 1, lettera b) del regolamento comunitario sulle concentrazioni, il controllo in comune dell'impresa Wellsana B.V. (Paesi Bassi) mediante l'acquisto di quote in un'impresa comune di nuova costituzione. |
| --- | --- |

1.

In data 22. settembre .2010 è pervenuta alla Commissione la notifica di un progetto di concentrazione in conformità dell’articolo 4 del regolamento (CE) n. 139/2004 del Consiglio (1). Con tale operazione l'impresa Apotheek DocMorris N.V. (Paesi Bassi), controllata del gruppo Haniel, e l'impresa K-mail Order GmbH & Co KG (Germania) acquisiscono, ai sensi dell'articolo 3, paragrafo 1, lettera b) del regolamento comunitario sulle concentrazioni, il controllo in comune dell'impresa Wellsana B.V. (Paesi Bassi) mediante l'acquisto di quote in un'impresa comune di nuova costituzione.

| 2. | Le attività svolte dalle imprese interessate sono le seguenti:






  — | Apotheek DocMorris N.V.: commercio al dettaglio di prodotti farmaceutici mediante una farmacia, |
| --- | --- | --- |

2.

Le attività svolte dalle imprese interessate sono le seguenti:

—

Apotheek DocMorris N.V.: commercio al dettaglio di prodotti farmaceutici mediante una farmacia,

| — | K-mail Order GmbH & Co KG: commercio al dettaglio di articoli di moda, bigiotteria, oggettistica, articoli per la casa e prodotti sanitari. |
| --- | --- |

—

K-mail Order GmbH & Co KG: commercio al dettaglio di articoli di moda, bigiotteria, oggettistica, articoli per la casa e prodotti sanitari.

| 3. | A seguito di un esame preliminare la Commissione ritiene che la concentrazione notificata possa rientrare nel campo d'applicazione del regolamento comunitario sulle concentrazioni. Tuttavia, si riserva la decisione definitiva al riguardo. Si rileva che, ai sensi della comunicazione della Commissione concernente una procedura semplificata per l'esame di determinate concentrazioni a norma del regolamento comunitario sulle concentrazioni (2), il presente caso potrebbe soddisfare le condizioni per l'applicazione della procedura di cui alla comunicazione stessa. |
| --- | --- |

3.

A seguito di un esame preliminare la Commissione ritiene che la concentrazione notificata possa rientrare nel campo d'applicazione del regolamento comunitario sulle concentrazioni. Tuttavia, si riserva la decisione definitiva al riguardo. Si rileva che, ai sensi della comunicazione della Commissione concernente una procedura semplificata per l'esame di determinate concentrazioni a norma del regolamento comunitario sulle concentrazioni (2), il presente caso potrebbe soddisfare le condizioni per l'applicazione della procedura di cui alla comunicazione stessa.

| 4. | La Commissione invita i terzi interessati a presentare eventuali osservazioni sulla concentrazione proposta.
  Le osservazioni devono pervenire alla Commissione entro dieci giorni dalla data di pubblicazione della presente comunicazione. Le osservazioni possono essere trasmesse alla Commissione per fax (+32 22964301), per e-mail all’indirizzo COMP-MERGER-REGISTRY@ec.europa.eu o per posta, indicando il riferimento COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, al seguente indirizzo:





  Commissione europea |
| --- | --- |
| Direzione generale della Concorrenza |
| Protocollo Concentrazioni |
| J-70 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

La Commissione invita i terzi interessati a presentare eventuali osservazioni sulla concentrazione proposta.

Le osservazioni devono pervenire alla Commissione entro dieci giorni dalla data di pubblicazione della presente comunicazione. Le osservazioni possono essere trasmesse alla Commissione per fax (+32 22964301), per e-mail all’indirizzo COMP-MERGER-REGISTRY@ec.europa.eu o per posta, indicando il riferimento COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, al seguente indirizzo:

Commissione europea

Direzione generale della Concorrenza

Protocollo Concentrazioni

J-70

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  GU L 24 del 29.1.2004, pag. 1 («il regolamento comunitario sulle concentrazioni»).

(2)  GU C 56 del 5.3.2005, pag. 32 («la comunicazione sulla procedura semplificata»).

---