# Jornal Oficial C 149/2009

| | ISSN 1725-2482
  doi:10.3000/17252482.C_2009.149.por |
| --- | --- |
| Jornal Oficial
  da União Europeia | C 149 |
| | |
| Edição em língua portuguesa | Comunicações e Informações | 52.o ano1 de Julho de 2009 |

ISSN 1725-2482

doi:10.3000/17252482.C_2009.149.por

Jornal Oficial

da União Europeia

C 149

Edição em língua portuguesa

Comunicações e Informações

52.o ano1 de Julho de 2009

---

| Número de informação | Índice | Página |
| --- | --- | --- |
| | I   Resoluções, recomendações e pareceres |
| | RECOMENDAÇÕES |
| | Banco Central Europeu |
| 2009/C 149/01 | Recomendação do Banco Central Europeu, de 25 de Junho de 2009, ao Conselho da União Europeia, relativa à nomeação do auditor externo do Národná banka Slovenska (BCE/2009/14) | 1 |

Número de informação

Índice

Página

I   Resoluções, recomendações e pareceres

RECOMENDAÇÕES

Banco Central Europeu

2009/C 149/01

Recomendação do Banco Central Europeu, de 25 de Junho de 2009, ao Conselho da União Europeia, relativa à nomeação do auditor externo do Národná banka Slovenska (BCE/2009/14)

1

| | II   Comunicações |
| --- | --- |
| | COMUNICAÇÕES ORIUNDAS DAS INSTITUIÇÕES E DOS ÓRGÃOS DA UNIÃO EUROPEIA |
| | Comissão |
| 2009/C 149/02 | Autorização de auxílios concedidos pelos Estados no âmbito das disposições dos artigos 87.o e 88.o do Tratado CE — Casos relativamente aos quais a Comissão não levanta objecções (
  1
  ) | 2 |
| 2009/C 149/03 | Não oposição a uma concentração notificada (Processo COMP/M.5541 — GE/NewsCorp/Disney/Hulu JV) (
  1
  ) | 4 |

II   Comunicações

COMUNICAÇÕES ORIUNDAS DAS INSTITUIÇÕES E DOS ÓRGÃOS DA UNIÃO EUROPEIA

Comissão

2009/C 149/02

Autorização de auxílios concedidos pelos Estados no âmbito das disposições dos artigos 87.o e 88.o do Tratado CE — Casos relativamente aos quais a Comissão não levanta objecções (
  1
  )

o

o

1

2

2009/C 149/03

Não oposição a uma concentração notificada (Processo COMP/M.5541 — GE/NewsCorp/Disney/Hulu JV) (
  1
  )

1

4

| | IV   Informações |
| --- | --- |
| | INFORMAÇÕES ORIUNDAS DAS INSTITUIÇÕES E DOS ÓRGÃOS DA UNIÃO EUROPEIA |
| | Comissão |
| 2009/C 149/04 | Taxas de câmbio do euro | 5 |
| 2009/C 149/05 | Comunicação da Comissão sobre as taxas de juro em vigor aplicáveis na recuperação de auxílios estatais e as taxas de referência/actualização para 27 Estados-Membros aplicáveis a partir, de 1 de Julho de 2009, [Publicado de acordo com o artigo 10.o do Regulamento (CE) n.o 794/2004 da Comissão de 21 de Abril 2004 (JO L 140 de 30.4.2004, p. 1)] | 6 |
| | INFORMAÇÕES ORIUNDAS DOS ESTADOS-MEMBROS |
| 2009/C 149/06 | Informações comunicadas pelos Estados-Membros relativas a auxílios estatais concedidos nos termos do Regulamento (CE) n.o 800/2008 da Comissão, que declara certas categorias de auxílios compatíveis com o mercado comum, em aplicação dos artigos 87.o e 88.o do Tratado (Regulamento geral de isenção por categoria) (
  1
  ) | 7 |
| 2009/C 149/07 | Informações comunicadas pelos Estados-Membros relativas a auxílios estatais concedidos nos termos do Regulamento (CE) n.o 800/2008 da Comissão, que declara certas categorias de auxílios compatíveis com o mercado comum, em aplicação dos artigos 87.o e 88.o do Tratado (Regulamento geral de isenção por categoria) (
  1
  ) | 11 |

IV   Informações

INFORMAÇÕES ORIUNDAS DAS INSTITUIÇÕES E DOS ÓRGÃOS DA UNIÃO EUROPEIA

Comissão

2009/C 149/04

Taxas de câmbio do euro

5

2009/C 149/05

Comunicação da Comissão sobre as taxas de juro em vigor aplicáveis na recuperação de auxílios estatais e as taxas de referência/actualização para 27 Estados-Membros aplicáveis a partir, de 1 de Julho de 2009, [Publicado de acordo com o artigo 10.o do Regulamento (CE) n.o 794/2004 da Comissão de 21 de Abril 2004 (JO L 140 de 30.4.2004, p. 1)]

[Publicado de acordo com o artigo 10.o

o

6

INFORMAÇÕES ORIUNDAS DOS ESTADOS-MEMBROS

2009/C 149/06

Informações comunicadas pelos Estados-Membros relativas a auxílios estatais concedidos nos termos do Regulamento (CE) n.o 800/2008 da Comissão, que declara certas categorias de auxílios compatíveis com o mercado comum, em aplicação dos artigos 87.o e 88.o do Tratado (Regulamento geral de isenção por categoria) (
  1
  )

o

o

o

1

7

2009/C 149/07

Informações comunicadas pelos Estados-Membros relativas a auxílios estatais concedidos nos termos do Regulamento (CE) n.o 800/2008 da Comissão, que declara certas categorias de auxílios compatíveis com o mercado comum, em aplicação dos artigos 87.o e 88.o do Tratado (Regulamento geral de isenção por categoria) (
  1
  )

o

o

o

1

11

| | V   Avisos |
| --- | --- |
| | PROCEDIMENTOS ADMINISTRATIVOS |
| | Serviço Europeu de Selecção do Pessoal (EPSO) |
| 2009/C 149/08 | Anúncio de concurso geral EPSO/AST/99/09 | 15 |
| | PROCEDIMENTOS RELATIVOS À EXECUÇÃO DA POLÍTICA DE CONCORRÊNCIA |
| | Comissão |
| 2009/C 149/09 | Auxílio estatal — Reino Unido — Auxílio estatal C 14/08 (ex NN 1/08) — Auxílio à reestruturação a favor do Northern Rock Reino Unido — Convite à apresentação de observações nos termos do n.o 2 do artigo 88.o do Tratado CE (
  1
  ) | 16 |
| 2009/C 149/10 | Notificação prévia de uma concentração (Processo COMP/M.5551 — F2i/Finavias/ERG) — Processo susceptível de beneficiar do procedimento simplificado (
  1
  ) | 27 |

V   Avisos

PROCEDIMENTOS ADMINISTRATIVOS

Serviço Europeu de Selecção do Pessoal (EPSO)

2009/C 149/08

Anúncio de concurso geral EPSO/AST/99/09

15

PROCEDIMENTOS RELATIVOS À EXECUÇÃO DA POLÍTICA DE CONCORRÊNCIA

Comissão

2009/C 149/09

Auxílio estatal — Reino Unido — Auxílio estatal C 14/08 (ex NN 1/08) — Auxílio à reestruturação a favor do Northern Rock Reino Unido — Convite à apresentação de observações nos termos do n.o 2 do artigo 88.o do Tratado CE (
  1
  )

o

o

1

16

2009/C 149/10

Notificação prévia de uma concentração (Processo COMP/M.5551 — F2i/Finavias/ERG) — Processo susceptível de beneficiar do procedimento simplificado (
  1
  )

1

27

| | |
| --- | --- |
| | (1)   Texto relevante para efeitos do EEE |

---

(1)   Texto relevante para efeitos do EEE

1

| PT | |
| --- | --- |

PT

---

I Resoluções, recomendações e pareceres

RECOMENDAÇÕES

Banco Central Europeu

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/1 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/1

---

RECOMENDAÇÃO DO BANCO CENTRAL EUROPEU

de 25 de Junho de 2009

ao Conselho da União Europeia, relativa à nomeação do auditor externo do Národná banka Slovenska

(BCE/2009/14)

2009/C 149/01

O CONSELHO DO BANCO CENTRAL EUROPEU,

Tendo em conta os Estatutos do Sistema Europeu de Bancos Centrais e do Banco Central Europeu (a seguir «Estatutos do SEBC»), nomeadamente o seu artigo 27.o-1,

Considerando o seguinte:

| (1) | As contas do Banco Central Europeu (BCE) e dos bancos centrais nacionais são fiscalizadas por auditores externos independentes, designados após recomendação do Conselho do BCE e aprovação pelo Conselho da União Europeia. |
| --- | --- |

(1)

As contas do Banco Central Europeu (BCE) e dos bancos centrais nacionais são fiscalizadas por auditores externos independentes, designados após recomendação do Conselho do BCE e aprovação pelo Conselho da União Europeia.

| (2) | Em 1 de Janeiro de 2009 a Eslováquia adoptou a moeda única nos termos do disposto no artigo 1.o da Decisão 2008/608/CE do Conselho, de 8 de Julho de 2008, em conformidade com o n.o 2 do artigo 122.o do Tratado, relativa à adopção da moeda única pela Eslováquia em 1 de Janeiro de 2009 (1). |
| --- | --- |

(2)

Em 1 de Janeiro de 2009 a Eslováquia adoptou a moeda única nos termos do disposto no artigo 1.o da Decisão 2008/608/CE do Conselho, de 8 de Julho de 2008, em conformidade com o n.o 2 do artigo 122.o do Tratado, relativa à adopção da moeda única pela Eslováquia em 1 de Janeiro de 2009 (1).

| (3) | Segundo o artigo 38.o da Lei relativa ao Národná banka Slovenska, a partir de 1 de Janeiro de 2009 as contas do Národná banka Slovenska são auditadas de acordo com o disposto no artigo 27.o-1 dos Estatutos do SEBC. |
| --- | --- |

(3)

Segundo o artigo 38.o da Lei relativa ao Národná banka Slovenska, a partir de 1 de Janeiro de 2009 as contas do Národná banka Slovenska são auditadas de acordo com o disposto no artigo 27.o-1 dos Estatutos do SEBC.

| (4) | O Národná banka Slovenska seleccionou a Deloitte Audit s.r.o. como seu auditor externo para o exercício de 2009, |
| --- | --- |

(4)

O Národná banka Slovenska seleccionou a Deloitte Audit s.r.o. como seu auditor externo para o exercício de 2009,

ADOPTOU A PRESENTE RECOMENDAÇÃO:

Recomenda-se a nomeação da Deloitte Audit s.r.o. como auditor externo do Národná banka Slovenska para o exercício de 2009.

Feito em Frankfurt am Main, em 25 de Junho de 2009.

O Presidente do BCE

Jean-Claude TRICHET

---

(1)  JO L 195 de 24.7.2008, p. 24.

1

---

II Comunicações

COMUNICAÇÕES ORIUNDAS DAS INSTITUIÇÕES E DOS ÓRGÃOS DA UNIÃO EUROPEIA

Comissão

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/2 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/2

---

Autorização de auxílios concedidos pelos Estados no âmbito das disposições dos artigos 87.o e 88.o do Tratado CE

Casos relativamente aos quais a Comissão não levanta objecções

(Texto relevante para efeitos do EEE)

2009/C 149/02

| Data de adopção da decisão | 27.2.2009 |
| --- | --- |
| Número de referência do auxílio estatal | N 99/09 |
| Estado-Membro | Luxemburgo |
| Região | — |
| Denominação (e/ou nome do beneficiário) | Régime temporaire d'aides au redressement économique |
| Base jurídica | L’article 32(4) de la Constitution constitue la base juridique du régime |
| Tipo de auxílio | Regime de auxílios |
| Objectivo | Auxílio para sanar uma perturbação grave da economia |
| Forma do auxílio | — |
| Orçamento | — |
| Intensidade | — |
| Duração | até 31.12.2010 |
| Sectores económicos | Todos os sectores |
| Nome e endereço da entidade que concede o auxílio | — |
| Outras informações | — |

Data de adopção da decisão

27.2.2009

Número de referência do auxílio estatal

N 99/09

Estado-Membro

Luxemburgo

Região

—

Denominação (e/ou nome do beneficiário)

Régime temporaire d'aides au redressement économique

Base jurídica

L’article 32(4) de la Constitution constitue la base juridique du régime

Tipo de auxílio

Regime de auxílios

Objectivo

Auxílio para sanar uma perturbação grave da economia

Forma do auxílio

—

Orçamento

—

Intensidade

—

Duração

até 31.12.2010

Sectores económicos

Todos os sectores

Nome e endereço da entidade que concede o auxílio

—

Outras informações

—

O texto original da decisão, expurgado dos dados confidenciais, está disponível no endereço:

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

| Data de adopção da decisão | 6.5.2009 |
| --- | --- |
| Número de referência do auxílio estatal | N 237/09 |
| Estado-Membro | República Checa |
| Região | — |
| Denominação (e/ou nome do beneficiário) | Temporary aid scheme for granting aid in the form of loans with subsidised interest rate |
| Base jurídica | Český přechodný rámec, Národní protikrizový plán vlády České republiky; Zákon č. 218/2000 Sb., Zákon č. 47/2002 Sb., Zákon č. 659/2004 Sb., Směrnice MŽP č. 05/2008 Pravidla, kterými se stanovují podmínky pro poskytnutí dotace na projekty programu rozvoje venkova ČR; Zákon č. 435/2004 Sb.; Zákon č. 582/1991 Sb., Vyhláška MPSV č. 161/1998 Sb., Zákon č. 129/2000 Sb., Zákon č. 250/2000 Sb., Zákon č. 40/1964 Sb., občanský zákoník, ve znění pozdějších předpisů; Zákon č. 248/2000 Sb., Zákon č. 131/2000 Sb., Operační programy schválené pro ČR Evropskou komisí pro období 2007–2013. |
| Tipo de auxílio | Regime de auxílios |
| Objectivo | Auxílio para sanar uma perturbação grave da economia |
| Forma do auxílio | Bonificação de juros |
| Orçamento | Montante global do auxílio previsto 2 600 milhões CZK |
| Intensidade | — |
| Duração | 1.5.2009-31.12.2010 |
| Sectores económicos | Todos os sectores |
| Nome e endereço da entidade que concede o auxílio | — |
| Outras informações | — |

Data de adopção da decisão

6.5.2009

Número de referência do auxílio estatal

N 237/09

Estado-Membro

República Checa

Região

—

Denominação (e/ou nome do beneficiário)

Temporary aid scheme for granting aid in the form of loans with subsidised interest rate

Base jurídica

Český přechodný rámec, Národní protikrizový plán vlády České republiky; Zákon č. 218/2000 Sb., Zákon č. 47/2002 Sb., Zákon č. 659/2004 Sb., Směrnice MŽP č. 05/2008 Pravidla, kterými se stanovují podmínky pro poskytnutí dotace na projekty programu rozvoje venkova ČR; Zákon č. 435/2004 Sb.; Zákon č. 582/1991 Sb., Vyhláška MPSV č. 161/1998 Sb., Zákon č. 129/2000 Sb., Zákon č. 250/2000 Sb., Zákon č. 40/1964 Sb., občanský zákoník, ve znění pozdějších předpisů; Zákon č. 248/2000 Sb., Zákon č. 131/2000 Sb., Operační programy schválené pro ČR Evropskou komisí pro období 2007–2013.

Tipo de auxílio

Regime de auxílios

Objectivo

Auxílio para sanar uma perturbação grave da economia

Forma do auxílio

Bonificação de juros

Orçamento

Montante global do auxílio previsto 2 600 milhões CZK

Intensidade

—

Duração

1.5.2009-31.12.2010

Sectores económicos

Todos os sectores

Nome e endereço da entidade que concede o auxílio

—

Outras informações

—

O texto original da decisão, expurgado dos dados confidenciais, está disponível no endereço:

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

---

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/4 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/4

---

Não oposição a uma concentração notificada

(Processo COMP/M.5541 — GE/NewsCorp/Disney/Hulu JV)

(Texto relevante para efeitos do EEE)

2009/C 149/03

Em 24 de Junho de 2009, a Comissão decidiu não se opor à concentração notificada e declará-la compatível com o mercado comum. Esta decisão baseia-se no n.o 1, alínea b), do artigo 6.o do Regulamento (CE) n.o 139/2004 do Conselho. O texto integral da decisão apenas está disponível na língua inglês e será tornado público após terem sido suprimidos quaisquer segredos comerciais que possa conter. Poderá ser consultado:

| — | no sítio Web Concorrência da Comissão, na secção consagrada à política da concorrência, (http://ec.europa.eu/competition/mergers/cases/). Este sítio permite aceder às decisões respeitantes às operações de concentração a partir da denominação da empresa, do número do processo, da data e do sector de actividade, |
| --- | --- |

—

no sítio Web Concorrência da Comissão, na secção consagrada à política da concorrência, (http://ec.europa.eu/competition/mergers/cases/). Este sítio permite aceder às decisões respeitantes às operações de concentração a partir da denominação da empresa, do número do processo, da data e do sector de actividade,

| — | em formato electrónico, no sítio EUR-Lex (http://eur-lex.europa.eu/en/index.htm), que proporciona o acesso em linha ao direito comunitário, através do número do documento 32009M5541. |
| --- | --- |

—

em formato electrónico, no sítio EUR-Lex (http://eur-lex.europa.eu/en/index.htm), que proporciona o acesso em linha ao direito comunitário, através do número do documento 32009M5541.

---

IV Informações

INFORMAÇÕES ORIUNDAS DAS INSTITUIÇÕES E DOS ÓRGÃOS DA UNIÃO EUROPEIA

Comissão

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/5 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/5

---

Taxas de câmbio do euro (1)

30 de Junho de 2009

2009/C 149/04

1 euro =

| | Moeda | Taxas de câmbio |
| --- | --- | --- |
| USD | dólar americano | 1,4134 |
| JPY | iene | 135,51 |
| DKK | coroa dinamarquesa | 7,4470 |
| GBP | libra esterlina | 0,85210 |
| SEK | coroa sueca | 10,8125 |
| CHF | franco suíço | 1,5265 |
| ISK | coroa islandesa | |
| NOK | coroa norueguesa | 9,0180 |
| BGN | lev | 1,9558 |
| CZK | coroa checa | 25,882 |
| EEK | coroa estoniana | 15,6466 |
| HUF | forint | 271,55 |
| LTL | litas | 3,4528 |
| LVL | lats | 0,7036 |
| PLN | zloti | 4,4520 |
| RON | leu | 4,2072 |
| TRY | lira turca | 2,1614 |
| AUD | dólar australiano | 1,7359 |
| CAD | dólar canadiano | 1,6275 |
| HKD | dólar de Hong Kong | 10,9540 |
| NZD | dólar neozelandês | 2,1656 |
| SGD | dólar de Singapura | 2,0441 |
| KRW | won sul-coreano | 1 802,43 |
| ZAR | rand | 10,8853 |
| CNY | yuan-renminbi chinês | 9,6545 |
| HRK | kuna croata | 7,2730 |
| IDR | rupia indonésia | 14 427,58 |
| MYR | ringgit malaio | 4,9681 |
| PHP | peso filipino | 67,865 |
| RUB | rublo russo | 43,8810 |
| THB | baht tailandês | 48,140 |
| BRL | real brasileiro | 2,7469 |
| MXN | peso mexicano | 18,5537 |
| INR | rupia indiana | 67,5180 |

Moeda

Taxas de câmbio

USD

dólar americano

1,4134

JPY

iene

135,51

DKK

coroa dinamarquesa

7,4470

GBP

libra esterlina

0,85210

SEK

coroa sueca

10,8125

CHF

franco suíço

1,5265

ISK

coroa islandesa

NOK

coroa norueguesa

9,0180

BGN

lev

1,9558

CZK

coroa checa

25,882

EEK

coroa estoniana

15,6466

HUF

forint

271,55

LTL

litas

3,4528

LVL

lats

0,7036

PLN

zloti

4,4520

RON

leu

4,2072

TRY

lira turca

2,1614

AUD

dólar australiano

1,7359

CAD

dólar canadiano

1,6275

HKD

dólar de Hong Kong

10,9540

NZD

dólar neozelandês

2,1656

SGD

dólar de Singapura

2,0441

KRW

won sul-coreano

1 802,43

ZAR

rand

10,8853

CNY

yuan-renminbi chinês

9,6545

HRK

kuna croata

7,2730

IDR

rupia indonésia

14 427,58

MYR

ringgit malaio

4,9681

PHP

peso filipino

67,865

RUB

rublo russo

43,8810

THB

baht tailandês

48,140

BRL

real brasileiro

2,7469

MXN

peso mexicano

18,5537

INR

rupia indiana

67,5180

---

(1)  Fonte: Taxas de câmbio de referência publicadas pelo Banco Central Europeu.

---

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/6 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/6

---

Comunicação da Comissão sobre as taxas de juro em vigor aplicáveis na recuperação de auxílios estatais e as taxas de referência/actualização para 27 Estados-Membros aplicáveis a partir de 1 de Julho de 2009

[Publicado de acordo com o artigo 10.o do Regulamento (CE) n.o 794/2004 da Comissão de 21 de Abril 2004 (JO L 140 de 30.4.2004, p. 1)]

2009/C 149/05

Taxas de base calculadas de acordo com a Comunicação da Comissão sobre a revisão do método de fixação das taxas de referência e de actualização (JO C 14 de 19.1.2008, p. 6). Em função da utilização da taxa de referência, a taxa de base deve ser acrescida de uma margem adequada, estabelecida na comunicação. Para o cálculo da taxa de actualização, isto significa que deve ser acrescentada uma margem de 100 pontos de base. O Regulamento (CE) n.o 271/2008 da Comissão, de 30 de Janeiro de 2008, que altera o Regulamento de execução (CE) n.o 794/2004 prevê que, salvo disposição em contrário prevista numa decisão específica, a taxa de juro aplicável na recuperação dos auxílios estatais também será calculada adicionando 100 pontos de base à taxa de base.

| De | Até | AT | BE | BG | CY | CZ | DE | DK | EE | EL | ES | FI | FR | HU | IE | IT | LT | LU | LV | MT | NL | PL | PT | RO | SE | SI | SK | UK |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.7.2009 | ... | 1,77 | 1,77 | 6,41 | 1,77 | 2,96 | 1,77 | 3,44 | 7,34 | 1,77 | 1,77 | 1,77 | 1,77 | 10,01 | 1,77 | 1,77 | 9,53 | 1,77 | 13,20 | 1,77 | 1,77 | 4,53 | 1,77 | 13,76 | 1,49 | 1,77 | 1,77 | 2,20 |
| 1.6.2009 | 30.6.2009 | 2,22 | 2,22 | 6,41 | 2,22 | 2,96 | 2,22 | 3,44 | 7,34 | 2,22 | 2,22 | 2,22 | 2,22 | 10,01 | 2,22 | 2,22 | 9,53 | 2,22 | 13,20 | 2,22 | 2,22 | 4,53 | 2,22 | 17,29 | 1,49 | 2,22 | 2,22 | 2,20 |
| 1.5.2009 | 31.5.2009 | 2,22 | 2,22 | 7,63 | 2,22 | 2,96 | 2,22 | 4,57 | 7,34 | 2,22 | 2,22 | 2,22 | 2,22 | 10,01 | 2,22 | 2,22 | 9,53 | 2,22 | 13,20 | 2,22 | 2,22 | 5,62 | 2,22 | 17,29 | 1,81 | 2,22 | 2,22 | 2,84 |
| 1.4.2009 | 30.4.2009 | 2,74 | 2,74 | 7,63 | 2,74 | 2,96 | 2,74 | 4,57 | 7,34 | 2,74 | 2,74 | 2,74 | 2,74 | 10,01 | 2,74 | 2,74 | 9,53 | 2,74 | 13,20 | 2,74 | 2,74 | 5,62 | 2,74 | 17,29 | 2,30 | 2,74 | 2,74 | 2,84 |
| 1.3.2009 | 31.3.2009 | 3,47 | 3,47 | 7,63 | 3,47 | 3,74 | 3,47 | 6,00 | 7,34 | 3,47 | 3,47 | 3,47 | 3,47 | 10,01 | 3,47 | 3,47 | 9,53 | 3,47 | 13,20 | 3,47 | 3,47 | 6,78 | 3,47 | 17,29 | 3,31 | 3,47 | 3,47 | 3,58 |
| 1.2.2009 | 28.2.2009 | 4,99 | 4,99 | 7,63 | 4,99 | 4,53 | 4,99 | 6,00 | 7,34 | 4,99 | 4,99 | 4,99 | 4,99 | 10,01 | 4,99 | 4,99 | 7,81 | 4,99 | 13,20 | 4,99 | 4,99 | 6,78 | 4,99 | 17,29 | 4,31 | 4,99 | 4,99 | 4,81 |
| 1.1.2009 | 31.1.2009 | 4,99 | 4,99 | 7,63 | 4,99 | 4,53 | 4,99 | 6,00 | 7,34 | 4,99 | 4,99 | 4,99 | 4,99 | 10,01 | 4,99 | 4,99 | 7,81 | 4,99 | 11,05 | 4,99 | 4,99 | 6,78 | 4,99 | 17,29 | 5,18 | 4,99 | 4,99 | 5,70 |
| 1.12.2008 | 31.12.2008 | 5,36 | 5,36 | 6,70 | 5,36 | 4,20 | 5,36 | 5,55 | 6,43 | 5,36 | 5,36 | 5,36 | 5,36 | 8,58 | 5,36 | 5,36 | 7,10 | 5,36 | 9,44 | 5,36 | 5,36 | 6,42 | 5,36 | 15,87 | 5,49 | 5,36 | 5,00 | 5,66 |
| 1.11.2008 | 30.11.2008 | 5,36 | 5,36 | 6,70 | 5,36 | 4,20 | 5,36 | 5,55 | 6,43 | 5,36 | 5,36 | 5,36 | 5,36 | 8,58 | 5,36 | 5,36 | 6,10 | 5,36 | 9,44 | 5,36 | 5,36 | 6,42 | 5,36 | 11,02 | 5,49 | 5,36 | 5,00 | 5,66 |
| 1.10.2008 | 31.10.2008 | 5,36 | 5,36 | 6,70 | 5,36 | 4,20 | 5,36 | 5,55 | 6,43 | 5,36 | 5,36 | 5,36 | 5,36 | 8,58 | 5,36 | 5,36 | 6,10 | 5,36 | 9,44 | 5,36 | 5,36 | 6,42 | 5,36 | 11,02 | 5,49 | 5,36 | 4,34 | 5,66 |
| 1.9.2008 | 30.9.2008 | 4,59 | 4,59 | 6,70 | 4,59 | 4,20 | 4,59 | 5,55 | 6,43 | 4,59 | 4,59 | 4,59 | 4,59 | 8,58 | 4,59 | 4,59 | 6,10 | 4,59 | 9,44 | 4,59 | 4,59 | 6,42 | 4,59 | 11,02 | 5,49 | 4,59 | 4,34 | 5,66 |
| 1.7.2008 | 31.8.2008 | 4,59 | 4,59 | 6,70 | 4,59 | 4,20 | 4,59 | 4,81 | 6,43 | 4,59 | 4,59 | 4,59 | 4,59 | 8,58 | 4,59 | 4,59 | 6,10 | 4,59 | 9,44 | 4,59 | 4,59 | 6,42 | 4,59 | 11,02 | 4,75 | 4,59 | 4,34 | 5,66 |

De

Até

AT

BE

BG

CY

CZ

DE

DK

EE

EL

ES

FI

FR

HU

IE

IT

LT

LU

LV

MT

NL

PL

PT

RO

SE

SI

SK

UK

1.7.2009

...

1,77

1,77

6,41

1,77

2,96

1,77

3,44

7,34

1,77

1,77

1,77

1,77

10,01

1,77

1,77

9,53

1,77

13,20

1,77

1,77

4,53

1,77

13,76

1,49

1,77

1,77

2,20

1.6.2009

30.6.2009

2,22

2,22

6,41

2,22

2,96

2,22

3,44

7,34

2,22

2,22

2,22

2,22

10,01

2,22

2,22

9,53

2,22

13,20

2,22

2,22

4,53

2,22

17,29

1,49

2,22

2,22

2,20

1.5.2009

31.5.2009

2,22

2,22

7,63

2,22

2,96

2,22

4,57

7,34

2,22

2,22

2,22

2,22

10,01

2,22

2,22

9,53

2,22

13,20

2,22

2,22

5,62

2,22

17,29

1,81

2,22

2,22

2,84

1.4.2009

30.4.2009

2,74

2,74

7,63

2,74

2,96

2,74

4,57

7,34

2,74

2,74

2,74

2,74

10,01

2,74

2,74

9,53

2,74

13,20

2,74

2,74

5,62

2,74

17,29

2,30

2,74

2,74

2,84

1.3.2009

31.3.2009

3,47

3,47

7,63

3,47

3,74

3,47

6,00

7,34

3,47

3,47

3,47

3,47

10,01

3,47

3,47

9,53

3,47

13,20

3,47

3,47

6,78

3,47

17,29

3,31

3,47

3,47

3,58

1.2.2009

28.2.2009

4,99

4,99

7,63

4,99

4,53

4,99

6,00

7,34

4,99

4,99

4,99

4,99

10,01

4,99

4,99

7,81

4,99

13,20

4,99

4,99

6,78

4,99

17,29

4,31

4,99

4,99

4,81

1.1.2009

31.1.2009

4,99

4,99

7,63

4,99

4,53

4,99

6,00

7,34

4,99

4,99

4,99

4,99

10,01

4,99

4,99

7,81

4,99

11,05

4,99

4,99

6,78

4,99

17,29

5,18

4,99

4,99

5,70

1.12.2008

31.12.2008

5,36

5,36

6,70

5,36

4,20

5,36

5,55

6,43

5,36

5,36

5,36

5,36

8,58

5,36

5,36

7,10

5,36

9,44

5,36

5,36

6,42

5,36

15,87

5,49

5,36

5,00

5,66

1.11.2008

30.11.2008

5,36

5,36

6,70

5,36

4,20

5,36

5,55

6,43

5,36

5,36

5,36

5,36

8,58

5,36

5,36

6,10

5,36

9,44

5,36

5,36

6,42

5,36

11,02

5,49

5,36

5,00

5,66

1.10.2008

31.10.2008

5,36

5,36

6,70

5,36

4,20

5,36

5,55

6,43

5,36

5,36

5,36

5,36

8,58

5,36

5,36

6,10

5,36

9,44

5,36

5,36

6,42

5,36

11,02

5,49

5,36

4,34

5,66

1.9.2008

30.9.2008

4,59

4,59

6,70

4,59

4,20

4,59

5,55

6,43

4,59

4,59

4,59

4,59

8,58

4,59

4,59

6,10

4,59

9,44

4,59

4,59

6,42

4,59

11,02

5,49

4,59

4,34

5,66

1.7.2008

31.8.2008

4,59

4,59

6,70

4,59

4,20

4,59

4,81

6,43

4,59

4,59

4,59

4,59

8,58

4,59

4,59

6,10

4,59

9,44

4,59

4,59

6,42

4,59

11,02

4,75

4,59

4,34

5,66

---

INFORMAÇÕES ORIUNDAS DOS ESTADOS-MEMBROS

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/7 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/7

---

Informações comunicadas pelos Estados-Membros relativas a auxílios estatais concedidos nos termos do Regulamento (CE) n.o 800/2008 da Comissão, que declara certas categorias de auxílios compatíveis com o mercado comum, em aplicação dos artigos 87.o e 88.o do Tratado (Regulamento geral de isenção por categoria)

(Texto relevante para efeitos do EEE)

2009/C 149/06

| Número de referência do auxílio estatal | X 24/08 |
| --- | --- |
| Estado-Membro | República Federal da Alemanha |
| Número de referência do Estado-Membro | — |
| Região | Designação da região
  [NUTS
   (1)]
  Land de Hessen, NUTS 1 | Estatuto do auxílio com finalidade regional (2)

  Regiões mistas |
| Entidade que concede o auxílio | Nome | Investitionsbank Hessen |
| Endereço | Schumannstr. 4-6 |
| 60325 Frankfurt am Main |
| DEUTSCHLAND |

Número de referência do auxílio estatal

X 24/08

Estado-Membro

República Federal da Alemanha

Número de referência do Estado-Membro

—

Região

Designação da região

[NUTS
   (1)]

Land de Hessen, NUTS 1

Estatuto do auxílio com finalidade regional (2)

Regiões mistas

Entidade que concede o auxílio

Nome

Investitionsbank Hessen

Endereço

Schumannstr. 4-6

60325 Frankfurt am Main

DEUTSCHLAND

Página Web

http://www.ibh-hessen.de/

Título da medida de auxílio

Gründungs-und Wachstumsfinanzierung Hessen (GuW Hessen)

Base jurídica nacional

(referência à publicação oficial nacional relevante)

Richtlinie Gründungs-und Wachstumsfinanzierung Hessen sowie Ergänzendes Merkblatt zur Gründungs-und Wachstumsfinanzierung Hessen

Keine Richtlinie des Landes, Fundstelle im Internet (s.u.)

Ligação Web ao texto integral da medida de auxílio

http://www.ibh-hessen.de/Kredite_GUW.cfm

Tipo de medida

Regime de auxílios

Sim

Alteração de uma medida de auxílio existente

Número de ayuda de la Comisión

Prolongamento

XS 24/02

Modificação

Sim

Duração (3)

Regime de auxílios

de 1.10.2008 a 31.12.2013

Sector(es) económico(s) abrangido(s)

Todos os sectores económicos elegíveis para beneficiar de auxílios

Sim

Tipo de beneficiário

PME

Sim

Orçamento

Montante global anual do orçamento previsto no âmbito do regime (4)

Volume de dotações de cerca de 140 milhões de EUR por ano, para bonificação de juros Cerca de 0,4 milhão de EUR por ano.

Instrumento de auxílio (artigo 5.o)

Bonificação de juros

Sim

Empréstimo

Sim

Outro (especificar)

Empréstimo com bonificação de juros

Objectivos gerais (lista)

Objectivos (lista)

Intensidade máxima de auxílio en % ou montante máximo do auxílio em moeda nacional

Majorações PME-em %

Auxílios ao investimento e ao emprego a favor das PME (artigo 15.o)

Sim. São unicamente concedidos auxílios ao investimento.

10/20 %

| Número de referência do auxílio estatal | X 27/08 |
| --- | --- |
| Estado-Membro | República Federal da Alemanha |
| Número de referência do Estado-Membro | — |
| Região | Designação da região
  [NUTS
   (5)]
  Land de Hessen, NUTS 1 | Estatuto do auxílio com finalidade regional (6)

  Regiões não elegíveis para auxílios com finalidade regional |
| Entidade que concede o auxílio | Nome | 1. | Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung |

Número de referência do auxílio estatal

X 27/08

Estado-Membro

República Federal da Alemanha

Número de referência do Estado-Membro

—

Região

Designação da região

[NUTS
   (5)]

Land de Hessen, NUTS 1

Estatuto do auxílio com finalidade regional (6)

Regiões não elegíveis para auxílios com finalidade regional

Entidade que concede o auxílio

Nome

1.

Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung

| 2. | Investitionsbank Hessen Niederlassung Kassel |
| --- | --- |

2.

Investitionsbank Hessen Niederlassung Kassel

Endereço

| 1. | Kaiser-Friedrich-Ring 75 |
| --- | --- |
| 65185 Wiesbaden |
| DEUTSCHLAND |

1.

Kaiser-Friedrich-Ring 75

65185 Wiesbaden

DEUTSCHLAND

| 2. | Kurfürstenstr. 7 |
| --- | --- |
| 34117 Kassel |
| DEUTSCHLAND |

2.

Kurfürstenstr. 7

34117 Kassel

DEUTSCHLAND

Página Web

| 1. | www.wirtschaft.hessen.de |
| --- | --- |

1.

www.wirtschaft.hessen.de

| 2. | www.ibh-hessen.de |
| --- | --- |

2.

www.ibh-hessen.de

Título da medida de auxílio

Förderung der regionalen Entwicklung

-betriebliche Investitionen-

Base jurídica nacional

(referência à publicação oficial nacional relevante)

Richtlinien des Landes Hessen zur Förderung der regionalen Entwicklung

(Staatsanzeiger 23/2008 vom 2. Juni 2008, S. 1450)

Ligação Web ao texto integral da medida de auxílio

http://www.wirtschaft.hessen.de/irj/HMWVL_Internet?cid=46532f7c02f1b0545d1b707d83412db3

Tipo de medida

Regime de auxílios

Sim

Alteração de uma medida de auxílio existente

Número da Comissão relativo ao auxílio

Modificação

XS 14/02

Duração (7)

Regime de auxílios

de 1.4.2008 a 31.12.2012

Sector(es) económico(s) abrangido(s)

Todos os sectores económicos elegíveis para beneficiar de auxílios

Sim

Tipo de beneficiário

PME

Sim

Grandes empresas

Não

Orçamento

Montante global anual previsto no âmbito do regime (8)

20,9 milhões de EUR

Instrumento de auxílio (artigo 5.o)

Subvenções

Sim

Empréstimo

Sim

Outro (especificar)

Empréstimo com bonificação de juros

Se for co-financiado por fundos comunitários

Referência: CCI2007 DE 16 2 PO 005

Montante do financiamento comuntário

5,0 milhões de EUR

Objectivos gerais (lista)

Objectivos

Intensidade máxima de auxílio en % ou montante máximo do auxílio em moeda nacional

Majorações PME-em %

Auxílios ao investimento e ao emprego a favor das PME (artigo 15.o)

Sim. São unicamente concedidos auxílios ao investimento.

10/20 %

| Número de referência do auxílio estatal | X 127/08 |
| --- | --- |
| Estado-Membro | Alemanha |
| Número de referência do Estado-Membro | — |
| Região | Designação da região
  [NUTS (9)]
  Baviera | Estatuto do auxílio com finalidade regional (10) |
| Entidade que concede o auxílio | Zentrum Bayern Familie und Soziales | |
| Hegelstraße 2 |
| 95447 Bayreuth |
| DEUTSCHLAND |

Número de referência do auxílio estatal

X 127/08

Estado-Membro

Alemanha

Número de referência do Estado-Membro

—

Região

Designação da região

[NUTS (9)]

Baviera

Estatuto do auxílio com finalidade regional (10)

Entidade que concede o auxílio

Zentrum Bayern Familie und Soziales

Hegelstraße 2

95447 Bayreuth

DEUTSCHLAND

www.zbfs.bayern.de

Título da medida de auxílio

Die Einzelbeihilfen für Förderungen nach der anliegenden Maßnahmebeschreibung (Programmregelung) werden auf Grundlage von Zuwendungsbescheiden gewährt. In die Zuwendungsbescheide wird jeweils ein Hinweis auf die VO (EG) Nr. 800/2008 und die diesbezügliche Freistellung aufgenommen. Die Namen der Begünstigten stehen noch nicht fest.

Spezifisches Ziel A1 Erhöhung des Qualifikationsniveaus von Beschäftigten und Unternehmen

Aktion 1 Berufliche Weiterbildung von Beschäftigten insb. KMU, Unterstützung der Anpassung

Aktion 2 Berufliche Weiterbildung von Wirtschaftsclustern

Base jurídica nacional

(referência à publicação oficial nacional relevante)

Operationelles Programm: Zukunft in Bayern, Europäischer Sozialfonds, Regionale Wettbewerbsfähigkeit und Beschäftigung, Bayern 2007-2013;

Haushaltsordnung des Freistaates Bayern – Bayerische Haushaltsordnung — BayHO — (BayRS 630-1-F), zuletzt geändert durch § 2 des Gesetzes vom 23. April 2008 (GVBl S. 139) Fundstelle: BayRS IV, S. 664

Ligação Web ao texto integral da medida de auxílio

http://www.stmas.bayern.de/arbeit/esf2007-2013/programm07-13.pdf

Tipo de medida

Regime de auxílios

Sim

Alteração de uma medida de auxílio existente

Modificação

XT 102/08

Duração (11)

Regime de auxílios

De 1.1.2008 a 31.12.2013

Sectore(s) económico(s) abrangido(s)

Todos os sectores económicos elegíveis para beneficiar de auxílios

Sim

Tipo de beneficiário

PME

Sim, na maior parte dos casos

Grandes empresas

Sim

Orçamento

Montante global anual previsto no âmbito do regime (12)

0,3 milhão de EUR

Instrumento de auxílio (artigo 5.o)

Subvenções

Sim

Se for co-financiado por fundos comunitários

Referência: ESF — CCI:2007DE052PO002

Montante do financiamento comunitário

5 milhões de EUR por ano

Objectivos gerais

Objectivos

Intensidademáxima de auxílio em % ou montante máximo do auxílio em moeda nacional

Majorações PME em %

Auxílios à formação (artigos 38.o a 39.o)

Formação específica (ponto 1 do artigo 38.o) não

0 %

Formação geral (ponto 2 do artigo 38.o) sim

45 %

---

(1)  NUTS — Nomenclatura das Unidades Territoriais Estatísticas.

(2)  N.o 3, alínea a), do artigo 87.o do Tratado, n.o 3, alínea c), do artigo 87.o do Tratado, regiões mistas, regiões não elegíveis para auxílios estatais com finalidade regional.

(3)  Período durante o qual a autoridade que concede o auxílio se pode comprometer a concedê-lo.

(4)  No caso de um regime de auxílios: indicar o montante global anual do orçamento previsto ao abrigo do regime ou as receitas fiscais anuais cessantes estimadas para todos os instrumentos de auxílio incluídos no regime.

(5)  NUTS — Nomenclatura das Unidades Territoriais Estatísticas.

(6)  N.o 3, alínea a), do artigo 87.o do Tratado, n.o 3, alínea c), do artigo 87.o do Tratado, regiões mistas, regiões não elegíveis para auxílios estatais com finalidade regional.

(7)  Período durante o qual a autoridade que concede o auxílio se pode comprometer a concedê-lo.

(8)  No caso de um regime de auxílios: indicar o montante global anual do orçamento previsto ao abrigo do regime ou as receitas fiscais anuais cessantes estimadas para todos os instrumentos de auxílio incluídos no regime.

(9)  NUTS — Nomenclatura das Unidades Territoriais Estatísticas.

(10)  N.o 3, alínea a), do artigo 87.o do Tratado, n.o 3, alínea c), do artigo 87.o do Tratado, regiões mistas, regiões não elegíveis para auxílios estatais com finalidade regional.

(11)  Período durante o qual a autoridade que concede o auxílio se pode comprometer a concedê-lo.

(12)  No caso de um regime de auxílios: indicar o montante global anual do orçamento previsto ao abrigo do regime ou as receitas fiscais anuais cessantes estimadas para todos os instrumentos de auxílio incluídos no regime.

---

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/11 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/11

---

Informações comunicadas pelos Estados-Membros relativas a auxílios estatais concedidos nos termos do Regulamento (CE) n.o 800/2008 da Comissão, que declara certas categorias de auxílios compatíveis com o mercado comum, em aplicação dos artigos 87.o e 88.o do Tratado (Regulamento geral de isenção por categoria)

(Texto relevante para efeitos do EEE)

2009/C 149/07

| Número de referência do auxílio estatal | X 20/08 |
| --- | --- |
| Estado-Membro | Alemanha |
| Número de referência do Estado-Membro | — |
| Região | Designação da região
  [NUTS
   (1)]
  Land de Schleswig-Holstein com os distritos Herzogtum Lauenburg, Pinneberg (sem Helgoland), Segeberg e Stormarn | Estatuto do auxílio com finalidade regional (2)

  Regiões não elegíveis para auxílios com finalidade regional |
| Entidade que concede o auxílio | Investitionsbank Schleswig-Holstein | |
| Fleethörn 29-31 |
| 24103 Kiel |
| DEUTSCHLAND |

Número de referência do auxílio estatal

X 20/08

Estado-Membro

Alemanha

Número de referência do Estado-Membro

—

Região

Designação da região

[NUTS
   (1)]

Land de Schleswig-Holstein com os distritos Herzogtum Lauenburg, Pinneberg (sem Helgoland), Segeberg e Stormarn

Estatuto do auxílio com finalidade regional (2)

Regiões não elegíveis para auxílios com finalidade regional

Entidade que concede o auxílio

Investitionsbank Schleswig-Holstein

Fleethörn 29-31

24103 Kiel

DEUTSCHLAND

http://www.ib-sh.de

Título da medida de auxílio

Investitionsförderung im Hamburg-Rand-Raum

Base jurídica nacional

(referência à publicação oficial nacional relevante)

Richtlinie für die einzelbetriebliche Investitionsförderung im Rahmen des Zukunftsprogramms Wirtschaft aus Mitteln des Europäischen Fonds für Regionale Entwicklung für Vorhaben kleiner und mittlerer Unternehmen im südlichen Schleswig-Holstein;

Amtsblatt Schleswig-Holstein 2008, pág. 849

Ligação Web ao texto integral da medida de auxílio

www.ib-sh.de/hamburg-rand

Tipo de medida

Regime de auxílios

Auxílio ao investimento para as PME

Alteração de uma medida de auxílio existente

Número da Comissão relativo ao auxílio

Modificação

XS 62/07

Duração (3)

Regime de auxílios

30.6.2008-31.12.2013

Sector(es) económico(s) abrangido(s)

Todos os sectores econonómicos elegíveis para beneficiar de auxílios

Todos os sectores económicos em que podem ser concedidos auxílios às PME

Tipo de beneficiário

PME

exclusivamente

Orçamento

Montante global anual do orçamento previsto no âmbito do regime (4)

Cerca de 5 milhões de EUR por ano

Instrumento de auxílio

(artigo 5.o)

Subvenções

Sim

Se for co-financiado por fundos comunitários

Referência: CCI No 2007 DE 162 PO 003

Montante do financiamento comunitário

Cerca de 5 milhões de EUR por ano

Objectivos gerais

Objectivos

Intensidade máxima de auxílio en % ou montante máximo do auxílio em moeda nacional

Majorações PME-em %

Auxílios ao investimento e ao emprego a favor das PME (artigo 15.o)

Manutenção ou criação de postos de trabalho através de auxílios a novos estabelecimentos, ampliação e modernização dos estabelecimentos das pequenas e médias empresas

Em conformidade com o artigo 15.o ou o n.o 2 do artigo 44.o do Regulamento geral de isenção por categoria

| Número de referência do auxílio estatal | X 22/08 |
| --- | --- |
| Estado-Membro | Alemanha |
| Número de referência do Estado-Membro | — |
| Região | Designação da região
  [NUTS
   (5)]
  Renânia do Norte-Vestefália | Estatuto do auxílio com finalidade regional (6)

  N.o 3, alínea c), do artigo 87.o do Tratado;
  Regiões mistas, que não são elegíveis para auxílios estatais. |
| Entidade que concede o auxílio | Nome | NRW.BANK |
| Endereço | Johanniterstraße 3 |
| 48145 Münster |
| DEUTSCHLAND |

Número de referência do auxílio estatal

X 22/08

Estado-Membro

Alemanha

Número de referência do Estado-Membro

—

Região

Designação da região

[NUTS
   (5)]

Renânia do Norte-Vestefália

Estatuto do auxílio com finalidade regional (6)

N.o 3, alínea c), do artigo 87.o do Tratado;

Regiões mistas, que não são elegíveis para auxílios estatais.

Entidade que concede o auxílio

Nome

NRW.BANK

Endereço

Johanniterstraße 3

48145 Münster

DEUTSCHLAND

Página Web

http://www.nrwbank.de

Título da medida de auxílio

Regionales Wirtschaftsförderungsprogramm NRW (RWP.NRW);

Richtlinie für die Gewährung von Finanzhilfen zur Förderung der gewerblichen Wirtschaft einschließlich des Tourismusgewerbes de 12.9.2008

Base jurídica nacional

(referência à publicação oficial nacional relevante)

| 1. | 36. Rahmenplan der Bund/Länder-Gemeinschaftsaufgabe „Verbesserung der regionalen Wirtschaftsstruktur“ (BAnz. vom 12. April 2007, Seite 4713), geändert durch den Beschluss des Koordinierungsausschusses vom 10.9.2008 (BAnz. vom 24. September 2008, Seite 3452). |
| --- | --- |

1.

36. Rahmenplan der Bund/Länder-Gemeinschaftsaufgabe „Verbesserung der regionalen Wirtschaftsstruktur“ (BAnz. vom 12. April 2007, Seite 4713), geändert durch den Beschluss des Koordinierungsausschusses vom 10.9.2008 (BAnz. vom 24. September 2008, Seite 3452).

| 2. | Landeshaushaltsordnung NRW i. d. F. der Bekanntmachung vom 26. April 1999 (SGV.NRW 630). |
| --- | --- |

2.

Landeshaushaltsordnung NRW i. d. F. der Bekanntmachung vom 26. April 1999 (SGV.NRW 630).

Ligação Web ao texto integral da medida de auxílio

http://www.nrwbank.de/pdf/dt/RWP_NRW/RWP_Richtlinie_12.09.08.pdf

Tipo de medida

Regime de auxílios

X

Alteração de uma medida de auxílio existente

Número da Comissão relativo ao auxílio

Prolongamento

XS 26/07

Adaptação do RWP ao Regulamento (CE) n.o 800/2008

Duração (7)

Regime de auxílios

de 1.10.2008 a 31.12.2013

Sector(es) económico(s) afectado(s)

Todos os sectores económicos elegíveis para beneficiar de auxílios

Sim, à excepção dos sectores económicos comtemplados no n.o 3.2 do RWP NRW

Tipo de beneficiário

PME

Sim

Grandes empresas

Sim, unicamente nas regiões assistidas abrangidas pelo n.o 3, alínea c), do artigo 87.o

Orçamento

Montante global anual previsto no âmbito do regime (8)

Cerca de 50 milhões de EUR

Instrumentos de auxílio (Artigo 5.o)

Subvenções

Sim

Objectivos gerais

Objectivos

Intensidade máxima de auxílio en % ou montante máximo do auxílio em moeda nacional

Majorações PME-em %

Auxílios com finalidade regional ao investimento e ao emprego (9) (artigo 13.o)

Regime de auxílios

15 %

20/10 %

Auxílios ao investimento e ao emprego a favor das PME (artigo 15.o)

20/10 %

Auxílios em matéria de consultoria a favor de PME e auxílios à participação de PME em feiras (artigos 26.o e 27.o)

Auxílios em matéria de consultoria a favor de PME (artigo 26.o)

50 %

| Número de referência do auxílio estatal | X 23/08 |
| --- | --- |
| Estado-Membro | Alemanha |
| Número de referência do Estado-Membro | — |
| Região | Designação da região
  (NUTS) (10)

  Land de Schleswig-Holstein com






  1. | os distritos de Herzogtum Lauenburg, parte de Steinburg, Plön, Rendsburg-Eckernförde, as cidades de Kiel e Neumünster, parte das cidades de Lübeck e Flensburg |

Número de referência do auxílio estatal

X 23/08

Estado-Membro

Alemanha

Número de referência do Estado-Membro

—

Região

Designação da região

(NUTS) (10)

Land de Schleswig-Holstein com

1.

os distritos de Herzogtum Lauenburg, parte de Steinburg, Plön, Rendsburg-Eckernförde, as cidades de Kiel e Neumünster, parte das cidades de Lübeck e Flensburg

| 2. | os distritos de Dithmarschen, Nordfriesland, Schleswig-Flensburg, Ostholstein, parte de Steinburg, parte das cidades de Lübeck e Flensburg, distrito Pinneberg (só Gemeinde Helgoland) |
| --- | --- |

2.

os distritos de Dithmarschen, Nordfriesland, Schleswig-Flensburg, Ostholstein, parte de Steinburg, parte das cidades de Lübeck e Flensburg, distrito Pinneberg (só Gemeinde Helgoland)

Estatuto do auxílio com finalidade regional (11)

Regiões não elegíveis para beneficiar de auxílios regionais (a denominada região assistida GA-D)

Regiões elegíveis para beneficiar de auxílios regionais ao abrigo do n.o 3, alínea c), do artigo 87.o do Tratado CE

(a denominada região assistida GA-D)

Entidade que concede o auxílio

Investitionsbank Schleswig-Holstein

| Fleethörn 29-31 |
| --- |
| 24103 Kiel |
| DEUTSCHLAND |

Fleethörn 29-31

24103 Kiel

DEUTSCHLAND

www.ib-sh.de

Título da medida de auxílio

Einzelbetriebliche Investitionsförderung im Rahmen des Europäischen Fonds für Regionale Entwicklung

Base jurídica nacional

(referência à publicação oficial nacional relevante)

Ergänzende Grundsätze für die einzelbetriebliche Investitionsförderung im Rahmen der Gemeinschaftsaufgabe „Verbesserung der regionalen Wirtschaftsstruktur“ und des Europäischen Fonds für Regionale Entwicklung;

Amtsblatt Schleswig-Holstein 2008, S. 883

Ligação Web ao texto integral da medida de auxílio

www.ib-sh.de/zuschuss-ga

Tipo de medida

Regime de auxílios

Auxílios ao investimento

Duração (12)

Regime de auxílios

1.10.2008-31.12.2013

Sectore(s) económico(s) abrangido(s)

Todos os sectores económicos elegíveis para beneficiar de auxílios

Não limitado a sectores específicos

Tipo de beneficiário

PME

Sim

Grandes empresas

Sim, desde que o auxílio seja concedido numa região elegível para beneficiar de auxílios regionais

Orçamento

Montante global anual do orçamento previsto no âmbito do regime (13)

Cerca de 15 milhões de EUR por ano

Instrumento de auxílio (artigo 5.o)

Subvenções

Sim

Se for co-financiado por fundos comunitários

Referência: CCI Nr. 2007 DE 162 PO 003

Montante do financiamento comunitário

Cerca de 15 milhões de EUR por ano

Objectivos gerais

Objectivos

Intensidade máxima de auxílio en % ou montante máximo do auxílio em moeda nacional

Majorações PME em %

Auxílios com finalidade regional ao investimento e ao emprego (14) (artigo 13.o)

Regime de auxílios

Sim, desde que o auxílio seja concedido no interior de regiões elegíveis para auxílios com finalidade regional

(ver conceito de «Região», ponto 2). Manutenção de postos de trabalho existentes ou criação de novos postos de trabalho através de auxílios à criação de novas empresas, à ampliação ou modernização das instalações das pequenas, médias e grandes empresas.

In conformità dell’art. 9 del regolamento generale di esenzione (analogamente all’aiuto Aid XR 31/07)

Aiuti agli investimenti e all’occupazione a favore delle PMI (art. 15)

Sim, desde que o auxílio seja concedido fora de regiões elegíveis para auxílios com finalidade regional (ver conceito de «Região», ponto 1).

Manutenção de postos de trabalho existentes ou criação de novos postos de trabalho através de auxílios à criação de novas empresas, à ampliação ou modernização das instalações das pequenas e médias empresas

In conformità dell’art. 15 del regolamento generale di esenzione

---

(1)  NUTS – Nomenclatura das Unidades Territoriais Estatísticas.

(2)  N.o 3, alínea a), do artigo 87.o do Tratado, n.o 3, alínea c), do artigo 87.o do Tratado, regiões mistas, regiões não elegíveis para auxílios estatais com finalidade regional.

(3)  Período durante o qual a autoridade que concede o auxílio se pode comprometer a concedê-lo.

(4)  No caso de um regime de auxílios: indicar o montante global anual do orçamento previsto ao abrigo do regime ou as receitas fiscais anuais cessantes estimadas para todos os instrumentos de auxílio incluídos no regime.

(5)  NUTS – Nomenclatura das Unidades Territoriais Estatísticas.

(6)  N.o 3, alínea a), do artigo 87.o do Tratado, n.o 3, alínea c), do artigo 87.o do Tratado, regiões mistas, regiões não elegíveis para auxílios estatais com finalidade regional.

(7)  Período durante o qual a autoridade que concede o auxílio se pode comprometer a concedê-lo.

(8)  No caso de um regime de auxílios: indicar o montante global anual do orçamento previsto ao abrigo do regime ou as receitas fiscais anuais cessantes estimadas para todos os instrumentos de auxílio incluídos no regime.

(9)  No caso de um auxílio ad hoc com finalidade regional que complemente os auxílios cncedidos ao abrigo de um regime ou regimes, indicar a intensidade de auxílio concedida ao abrigo do regime e ao abrigo do auxílio ad hoc.

(10)  NUTS – Nomenclatura das Unidades Territoriais Estatísticas.

(11)  N.o 3, alínea a), do artigo 87.o do Tratado, n.o 3, alínea c), do artigo 87.o do Tratado, regiões mistas, regiões não elegíveis para auxílios estatais com finalidade regional.

(12)  Período durante o qual a autoridade que concede o auxílio se pode comprometer a concedê-lo.

(13)  No caso de um regime de auxílios: indicar o montante global anual do orçamento previsto ao abrigo do regime ou as receitas fiscais anuais cessantes estimadas para todos os instrumentos de auxílio incluídos no regime.

(14)  No caso de um auxílio ad hoc com finalidade regional que complemente os auxílios cncedidos ao abrigo de um regime ou regimes, indicar a intensidade de auxílio concedida ao abrigo do regime e ao abrigo do auxílio ad hoc.

---

V Avisos

PROCEDIMENTOS ADMINISTRATIVOS

Serviço Europeu de Selecção do Pessoal (EPSO)

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/15 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/15

---

ANÚNCIO DE CONCURSO GERAL EPSO/AST/99/09

2009/C 149/08

O Serviço Europeu de Selecção de Pessoal (EPSO) organiza o concurso geral seguinte: EPSO/AST/99/09 para o recrutamento de correctores de provas tipográficas (AST 3) de língua inglesa (EN).

O anúncio de concurso é publicado unicamente em inglês no Jornal Oficial C 149 A de 1 de Julho de 2009.

Podem ser consultadas todas as informações no sítio Internet do EPSO http://eu-careers.eu

---

PROCEDIMENTOS RELATIVOS À EXECUÇÃO DA POLÍTICA DE CONCORRÊNCIA

Comissão

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/16 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/16

---

AUXÍLIO ESTATAL — REINO UNIDO

Auxílio estatal C 14/08 (ex NN 1/08) — Auxílio à reestruturação a favor do Northern Rock Reino Unido

Convite à apresentação de observações nos termos do n.o 2 do artigo 88.o do Tratado CE

(Texto relevante para efeitos do EEE)

2009/C 149/09

Por carta de 7 de Maio de 2009, publicada na língua que faz fé a seguir ao presente resumo, a Comissão notificou ao Reino Unido a sua decisão de dar início ao procedimento previsto no n.o 2 do artigo 88.o do Tratado CE relativamente ao auxílio acima mencionado.

As partes interessadas podem apresentar as suas observações sobre a medida em relação à qual a Comissão deu início ao procedimento no prazo de um mês a contar da data de publicação do presente resumo e da carta que o acompanha, enviando-as para o seguinte endereço:

| European Commission |
| --- |
| Directorate-General for Competition |
| State aid Greffe |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Fax +32 22961242 |

European Commission

Directorate-General for Competition

State aid Greffe

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

Fax +32 22961242

Estas observações serão comunicadas ao Reino Unido. Qualquer interessado que apresente observações pode solicitar por escrito o tratamento confidencial da sua identidade, devendo justificar o pedido.

RESUMO

I.   PROCEDIMENTO

| 1. | Em 2 de Abril de 2008, a Comissão deu início ao procedimento previsto no n.o 2 do artigo 88.o do Tratado CE no que se refere ao plano de reestruturação apresentado pelas Autoridades britânicas para a reestruturação do Northern Rock. A Comissão recebeu as observações do Reino Unido em 2 de Maio de 2008, tendo-lhe transmitido as observações das outras partes interessadas em 15 de Julho de 2008. As Autoridades britânicas responderam a estas observações em 28 de Agosto de 2008. Subsequentemente, as Autoridades britânicas prestaram por diversas vezes novas informações à Comissão. No início de 2009, as Autoridades britânicas informaram a Comissão que pretendiam alterar o plano de reestruturação, tendo facultaram informações sobre o novo plano em 20 de Fevereiro, 31 de Março e 2 de Abril de 2009. |
| --- | --- |

1.

Em 2 de Abril de 2008, a Comissão deu início ao procedimento previsto no n.o 2 do artigo 88.o do Tratado CE no que se refere ao plano de reestruturação apresentado pelas Autoridades britânicas para a reestruturação do Northern Rock. A Comissão recebeu as observações do Reino Unido em 2 de Maio de 2008, tendo-lhe transmitido as observações das outras partes interessadas em 15 de Julho de 2008. As Autoridades britânicas responderam a estas observações em 28 de Agosto de 2008. Subsequentemente, as Autoridades britânicas prestaram por diversas vezes novas informações à Comissão. No início de 2009, as Autoridades britânicas informaram a Comissão que pretendiam alterar o plano de reestruturação, tendo facultaram informações sobre o novo plano em 20 de Fevereiro, 31 de Março e 2 de Abril de 2009.

II.   FACTOS

| 2. | O beneficiário do auxílio é o Northern Rock (NR), que era a quinta maior instituição de crédito hipotecário do Reino Unido, com um activo total de 101 mil milhões de libras (em 31 de Dezembro de 2006). A sua actividade principal consiste na concessão de empréstimos hipotecários para a habitação. Nos últimos oito anos, o banco praticamente triplicou a sua quota do mercado britânico dos empréstimos hipotecários. O NR financiou o crescimento da sua actividade mutuante sobretudo através de fundos captados nos mercados grossistas e da titularização dos seus activos. Esta estratégia tornou-se problemática quando, em razão da turbulência nos mercados financeiros mundiais, se assistiu à virtual paralização dos mercados de titularização hipotecária, sendo ao mesmo tempo muito difícil obter financiamentos no mercado monetário interbancário, visto que os bancos manifestavam uma relutância crescente em emprestar fundos entre si. |
| --- | --- |

2.

O beneficiário do auxílio é o Northern Rock (NR), que era a quinta maior instituição de crédito hipotecário do Reino Unido, com um activo total de 101 mil milhões de libras (em 31 de Dezembro de 2006). A sua actividade principal consiste na concessão de empréstimos hipotecários para a habitação. Nos últimos oito anos, o banco praticamente triplicou a sua quota do mercado britânico dos empréstimos hipotecários. O NR financiou o crescimento da sua actividade mutuante sobretudo através de fundos captados nos mercados grossistas e da titularização dos seus activos. Esta estratégia tornou-se problemática quando, em razão da turbulência nos mercados financeiros mundiais, se assistiu à virtual paralização dos mercados de titularização hipotecária, sendo ao mesmo tempo muito difícil obter financiamentos no mercado monetário interbancário, visto que os bancos manifestavam uma relutância crescente em emprestar fundos entre si.

| 3. | Após terem garantido os depósitos existentes dos pequenos e grandes clientes, os novos depósitos de pequenos clientes e facultado ao NR um instrumento de liquidez, as Autoridades britânicas nacionalizaram o banco em Fevereiro de 2008. Em 17 de Março de 2008, as autoridades do Reino Unido notificaram à Comissão um plano de reestruturação, consistindo os seus elementos mais importantes no seguinte: i) redução do total do balanço de 101 mil milhão de libras esterlinas em aproximadamente [...] (1) % até ao final de 2011, ii) estabilização do total do balanço mediante o aumento do peso dos depósitos de pequenos clientes, iii) encerramento das actividades na Dinamarca e limitação das actividades desenvolvidas na Irlanda e em Guernsey. O plano seria financiado por um auxílio à reestruturação, que consistiria essencialmente em prorrogar as medidas de auxílio de emergência já concedidas. As Autoridades britânicas estavam dispostas a adoptar uma série de medidas compensatórias a fim de limitar a distorção da concorrência, incluindo: a) redução do balanço, b) redução da actividade de concessão de novos empréstimos hipotecários, c) encerramento das actividades do NR na Dinamarca e limitação das actividades desenvolvidas na Irlanda e em Guernsey e d) adopção de uma «Carta em matéria de concorrência» que definiria os princípios com base nos quais o NR concorreria no mercado. |
| --- | --- |

3.

Após terem garantido os depósitos existentes dos pequenos e grandes clientes, os novos depósitos de pequenos clientes e facultado ao NR um instrumento de liquidez, as Autoridades britânicas nacionalizaram o banco em Fevereiro de 2008. Em 17 de Março de 2008, as autoridades do Reino Unido notificaram à Comissão um plano de reestruturação, consistindo os seus elementos mais importantes no seguinte: i) redução do total do balanço de 101 mil milhão de libras esterlinas em aproximadamente [...] (1) % até ao final de 2011, ii) estabilização do total do balanço mediante o aumento do peso dos depósitos de pequenos clientes, iii) encerramento das actividades na Dinamarca e limitação das actividades desenvolvidas na Irlanda e em Guernsey. O plano seria financiado por um auxílio à reestruturação, que consistiria essencialmente em prorrogar as medidas de auxílio de emergência já concedidas. As Autoridades britânicas estavam dispostas a adoptar uma série de medidas compensatórias a fim de limitar a distorção da concorrência, incluindo: a) redução do balanço, b) redução da actividade de concessão de novos empréstimos hipotecários, c) encerramento das actividades do NR na Dinamarca e limitação das actividades desenvolvidas na Irlanda e em Guernsey e d) adopção de uma «Carta em matéria de concorrência» que definiria os princípios com base nos quais o NR concorreria no mercado.

| 4. | Em consequência do agravamento da crise financeira e do seu impacto negativo sobre a situação em termos de fundos próprios do NR, as Autoridades britânicas, juntamente com este último, alteraram o plano de reestruturação. De acordo com o novo plano, NR seria cindido em duas entidades:






  i) | «BankCo», para a qual seriam transferidos os seguintes activos de Northern Rock: carteira de depósitos dos pequenos clientes (aproximadamente 19,5 mil milhões de libras esterlinas), acompanhada de activos pecuniários em torno de [...] mil milhões de libras esterlinas e aproximadamente [...] mil milhões de libras esterlinas a partir dos activos hipotecários do Northern Rock [...] livres de qualquer ónus. Depósitos de grandes clientes, actualmente num valor total de aproximadamente [...] mil milhões de libras esterlinas, acompanhados de activos pecuniários correspondentes e a plataforma do Northern Rock para a concessão de créditos hipotecários e para a prestação de serviços, as suas agências, o seu pessoal e os sistemas correspondentes, bem como as contas GIC (2), acompanhadas de activos pecuniários num valor equivalente (aproximadamente [...] mil milhões de libras esterlinas); |
| --- | --- | --- |

4.

Em consequência do agravamento da crise financeira e do seu impacto negativo sobre a situação em termos de fundos próprios do NR, as Autoridades britânicas, juntamente com este último, alteraram o plano de reestruturação. De acordo com o novo plano, NR seria cindido em duas entidades:

i)

«BankCo», para a qual seriam transferidos os seguintes activos de Northern Rock: carteira de depósitos dos pequenos clientes (aproximadamente 19,5 mil milhões de libras esterlinas), acompanhada de activos pecuniários em torno de [...] mil milhões de libras esterlinas e aproximadamente [...] mil milhões de libras esterlinas a partir dos activos hipotecários do Northern Rock [...] livres de qualquer ónus. Depósitos de grandes clientes, actualmente num valor total de aproximadamente [...] mil milhões de libras esterlinas, acompanhados de activos pecuniários correspondentes e a plataforma do Northern Rock para a concessão de créditos hipotecários e para a prestação de serviços, as suas agências, o seu pessoal e os sistemas correspondentes, bem como as contas GIC (2), acompanhadas de activos pecuniários num valor equivalente (aproximadamente [...] mil milhões de libras esterlinas);

| ii) | «AssetCo» será a empresa existente, a Northern Rock plc, que conservará todos os créditos hipotecários para habitação remanescentes e os instrumentos de financiamento do Northern Rock junto dos mercados por grosso (a sua participação no instrumento de titularização Granite e as suas responsabilidades ao abrigo das obrigações cobertas por garantias e dos programas de euro medium term notes, em conjunto com as operações de cobertura conexas) juntamente com as responsabilidades associadas. A AssetCo assumirá igualmente a responsabilidade pelo empréstimo do Estado ao Northern Rock, que será aumentado num montante compreendido entre [...] e [...] mil milhões de libras esterlinas (em função do activo e do passivo no momento da cisão das actividades) no intuito de permitir a execução do plano de reestruturação e disporá de um fundo de maneio máximo de [...] mil milhões de libras esterlinas a fim de assegurar a existência de uma liquidez adequada durante o seu [...]. Ser-lhe-á cobrada para o efeito uma comissão comercial. |
| --- | --- |

ii)

«AssetCo» será a empresa existente, a Northern Rock plc, que conservará todos os créditos hipotecários para habitação remanescentes e os instrumentos de financiamento do Northern Rock junto dos mercados por grosso (a sua participação no instrumento de titularização Granite e as suas responsabilidades ao abrigo das obrigações cobertas por garantias e dos programas de euro medium term notes, em conjunto com as operações de cobertura conexas) juntamente com as responsabilidades associadas. A AssetCo assumirá igualmente a responsabilidade pelo empréstimo do Estado ao Northern Rock, que será aumentado num montante compreendido entre [...] e [...] mil milhões de libras esterlinas (em função do activo e do passivo no momento da cisão das actividades) no intuito de permitir a execução do plano de reestruturação e disporá de um fundo de maneio máximo de [...] mil milhões de libras esterlinas a fim de assegurar a existência de uma liquidez adequada durante o seu [...]. Ser-lhe-á cobrada para o efeito uma comissão comercial.

| 5. | O novo plano de reestruturação prevê igualmente injecções de capital em BankCo e em AssetCo de [...] mil milhões de libras esterlinas ou de [...] mil milhões no caso de se concretizar o cenário de base, alterações na estratégia de concessão de empréstimos, o abandono do programa de resgate dos créditos hipotecários activos e mudanças no quadro concorrencial, a fim de permitir ao NR aumentar as suas actividades de concessão de empréstimos em 2009 e 2010, num montante total de 14 mil milhões de libras esterlinas. |
| --- | --- |

5.

O novo plano de reestruturação prevê igualmente injecções de capital em BankCo e em AssetCo de [...] mil milhões de libras esterlinas ou de [...] mil milhões no caso de se concretizar o cenário de base, alterações na estratégia de concessão de empréstimos, o abandono do programa de resgate dos créditos hipotecários activos e mudanças no quadro concorrencial, a fim de permitir ao NR aumentar as suas actividades de concessão de empréstimos em 2009 e 2010, num montante total de 14 mil milhões de libras esterlinas.

III.   APRECIAÇÃO

| 6. | No que diz respeito ao auxílio à reestruturação notificado em 31 de Março de 2009, a Comissão decidiu iniciar uma investigação aprofundada pelas razões a seguir referidas:






  — | Em primeiro lugar, a Comissão faz notar que o novo plano de reestruturação dispensará BankCo de obter um financiamento oneroso no mercado com vista a absorver as perdas sobre os empréstimos de alto risco, anteriormente concedidos pelo NR. Tal parece corresponder a uma forma de cobertura dos activos depreciados, dado que o Estado britânico assume essencialmente o controlo da grande maioria dos activos depreciados associados à actividade do NR que passam a ser detidos por BankCo. De igual forma, BankCo não é obrigado a reembolsar o empréstimo do Estado e recebe simultaneamente tanto os [...] activos de NR, como também um montante avultado em numerário. Consequentemente, afigura-se que BankCo se torna um banco altamente concorrencial. Não é claro se o nível da contribuição própria do BankCo satisfaz os princípios definidos nas Orientações relativas aos auxílios de emergência e à reestruturação. Por conseguinte, a Comissão tem dúvidas quanto ao facto de o auxílio se limitar ao mínimo indispensável e de a contribuição própria do BankCo ser adequada. |
| --- | --- | --- |

6.

No que diz respeito ao auxílio à reestruturação notificado em 31 de Março de 2009, a Comissão decidiu iniciar uma investigação aprofundada pelas razões a seguir referidas:

—

Em primeiro lugar, a Comissão faz notar que o novo plano de reestruturação dispensará BankCo de obter um financiamento oneroso no mercado com vista a absorver as perdas sobre os empréstimos de alto risco, anteriormente concedidos pelo NR. Tal parece corresponder a uma forma de cobertura dos activos depreciados, dado que o Estado britânico assume essencialmente o controlo da grande maioria dos activos depreciados associados à actividade do NR que passam a ser detidos por BankCo. De igual forma, BankCo não é obrigado a reembolsar o empréstimo do Estado e recebe simultaneamente tanto os [...] activos de NR, como também um montante avultado em numerário. Consequentemente, afigura-se que BankCo se torna um banco altamente concorrencial. Não é claro se o nível da contribuição própria do BankCo satisfaz os princípios definidos nas Orientações relativas aos auxílios de emergência e à reestruturação. Por conseguinte, a Comissão tem dúvidas quanto ao facto de o auxílio se limitar ao mínimo indispensável e de a contribuição própria do BankCo ser adequada.

| — | Em segundo lugar, a Comissão duvida que as repercussões negativas das medidas tenham sido limitadas ao mínimo necessário no que respeita aos concorrentes. Tal como acima referido, em consequência da operação de reestruturação, afigura-se que BankCo virá a tornar-se um banco muito concorrencial e com uma boa capitalização. Em resultado do auxílio, BankCo pode potencialmente desenvolver as suas actividades de concessão de empréstimos hipotecários e aumentar assim a sua presença no mercado em detrimento de outros concorrentes, não tendo, contrariamente a estes últimos, que suportar os encargos inerentes às perdas incorridas sobre os seus activos. A Comissão observa igualmente que BankCo continuará a gerir os empréstimos de AssetCo, o que lhe conferirá uma vantagem suplementar, ou seja, manter-se em contacto com os clientes actuais. Atendendo ao montante do auxílio, a Comissão duvida que a distorção da concorrência possa ser suficientemente compensada por medidas destinadas a limitá-la. |
| --- | --- |

—

Em segundo lugar, a Comissão duvida que as repercussões negativas das medidas tenham sido limitadas ao mínimo necessário no que respeita aos concorrentes. Tal como acima referido, em consequência da operação de reestruturação, afigura-se que BankCo virá a tornar-se um banco muito concorrencial e com uma boa capitalização. Em resultado do auxílio, BankCo pode potencialmente desenvolver as suas actividades de concessão de empréstimos hipotecários e aumentar assim a sua presença no mercado em detrimento de outros concorrentes, não tendo, contrariamente a estes últimos, que suportar os encargos inerentes às perdas incorridas sobre os seus activos. A Comissão observa igualmente que BankCo continuará a gerir os empréstimos de AssetCo, o que lhe conferirá uma vantagem suplementar, ou seja, manter-se em contacto com os clientes actuais. Atendendo ao montante do auxílio, a Comissão duvida que a distorção da concorrência possa ser suficientemente compensada por medidas destinadas a limitá-la.

TEXTO DA CARTA

«The Commission wishes to inform the United Kingdom that, having examined the revised restructuring plan such as notified by your authorities regarding the case referred to above, it has decided to extend the procedure laid down in Article 88(2) of the EC Treaty which was opened by decision C(2008)1210 final of 2 April 2008 (“the opening decision”).

1.   PROCEDURE

| (1) | On 17 March 2008, the UK authorities submitted to the Commission a restructuring plan for Northern Rock (“NR”) and notified the State aid measures which would accompany that plan to enable it to be implemented. On 2 April 2008, the Commission opened a formal investigation procedure pursuant to Article 88(2) EC Treaty regarding the restructuring aid planned to be granted to Northern Rock. By letter of 2 May 2008, the UK responded to the opening decision. |
| --- | --- |

(1)

On 17 March 2008, the UK authorities submitted to the Commission a restructuring plan for Northern Rock (“NR”) and notified the State aid measures which would accompany that plan to enable it to be implemented. On 2 April 2008, the Commission opened a formal investigation procedure pursuant to Article 88(2) EC Treaty regarding the restructuring aid planned to be granted to Northern Rock. By letter of 2 May 2008, the UK responded to the opening decision.

| (2) | By letter of 25 April 2008, the Commission sent questions regarding the restructuring plan submitted on 31 March 2008, which was a slightly amended version of the plan notified on 17 March 2008. The UK provided answers by letter of 6 June 2008. On 30 June 2008, a meeting was held between the Commission services and the UK authorities. Following that meeting, the UK authorities provided additional information by letter of 13 August 2008. The UK authorities also provided information by letter of 8 July 2008. |
| --- | --- |

(2)

By letter of 25 April 2008, the Commission sent questions regarding the restructuring plan submitted on 31 March 2008, which was a slightly amended version of the plan notified on 17 March 2008. The UK provided answers by letter of 6 June 2008. On 30 June 2008, a meeting was held between the Commission services and the UK authorities. Following that meeting, the UK authorities provided additional information by letter of 13 August 2008. The UK authorities also provided information by letter of 8 July 2008.

| (3) | The opening decision was published in the Official Journal of the European Union
   (3). The Commission invited interested parties to submit their comments on the aid. The Commission has received comments from interested parties. By letter of 15 July 2008, received on 31 July 2008, it has forwarded them to the UK, which was given the opportunity to react; its comments were received by letter of 29 August 2008. |
| --- | --- |

(3)

The opening decision was published in the Official Journal of the European Union
   (3). The Commission invited interested parties to submit their comments on the aid. The Commission has received comments from interested parties. By letter of 15 July 2008, received on 31 July 2008, it has forwarded them to the UK, which was given the opportunity to react; its comments were received by letter of 29 August 2008.

| (4) | On 5 August 2008, the UK government announced that it intended to convert up to 3 billion pounds of loans to Northern Rock into equity. |
| --- | --- |

(4)

On 5 August 2008, the UK government announced that it intended to convert up to 3 billion pounds of loans to Northern Rock into equity.

| (5) | On 11 November 2008, 15 January 2009 and 4 February 2009, the UK authorities informed the Commission that it was considering plans for restructuring NR which significantly differed from the ones notified in March 2008 and outlined these plans. |
| --- | --- |

(5)

On 11 November 2008, 15 January 2009 and 4 February 2009, the UK authorities informed the Commission that it was considering plans for restructuring NR which significantly differed from the ones notified in March 2008 and outlined these plans.

| (6) | On 20 February 2009, the UK authorities provided additional information on the intention to split the NR in two. A more detailed plan was notified by letter of 31 March 2009 and 2 April 2009. |
| --- | --- |

(6)

On 20 February 2009, the UK authorities provided additional information on the intention to split the NR in two. A more detailed plan was notified by letter of 31 March 2009 and 2 April 2009.

2.   DESCRIPTION

2.1.   The beneficiary and its difficulties

| (7) | Before the difficulties started in the second half of 2007, NR was the 5th biggest UK mortgage bank with a balance-sheet total of GBP 113,5 billion on 30 June 2007. In 2006, its interest income represented GBP 5 billion, with a profit of GBP 443 million. The bank had a staff of 6 000 persons. NR has 77 branches throughout the UK and was present in Ireland, Denmark and Guernsey. Residential mortgage lending was NR’s core activity. It represented more than 90 % of all outstanding loans to customers. In the first half of 2007, the bank had a market share of UK gross mortgage lending of 9,7 % and of net mortgage lending of 18,9 % (4). NR financed the majority of its long-term mortgage loans by issuing securitised notes. In March 2001 NR established a “master trust” securitisation structure known as “Granite” of which it has made extensive use. NR also funded itself through the issue of “covered bonds”. |
| --- | --- |

(7)

Before the difficulties started in the second half of 2007, NR was the 5th biggest UK mortgage bank with a balance-sheet total of GBP 113,5 billion on 30 June 2007. In 2006, its interest income represented GBP 5 billion, with a profit of GBP 443 million. The bank had a staff of 6 000 persons. NR has 77 branches throughout the UK and was present in Ireland, Denmark and Guernsey. Residential mortgage lending was NR’s core activity. It represented more than 90 % of all outstanding loans to customers. In the first half of 2007, the bank had a market share of UK gross mortgage lending of 9,7 % and of net mortgage lending of 18,9 % (4). NR financed the majority of its long-term mortgage loans by issuing securitised notes. In March 2001 NR established a “master trust” securitisation structure known as “Granite” of which it has made extensive use. NR also funded itself through the issue of “covered bonds”.

| (8) | In section 2.1 of the first opening decision, the Commission provided more information on the beneficiary. Section 2.2 of the opening decision described the difficulties it encountered, which led the UK authorities to provide loans and guarantees, which were approved as rescue aid by the Commission Decision of 5 December 2007 (5). Some of the loans were initially granted by the Bank of England (“BoE”) and counter-guaranteed by the State. All the loans granted by BoE were novated on 28 August 2008 to HM Treasury. Section 2.3.1 of the opening decision described the circumstances which led the State to provide additional state guarantees on 18 December 2007. (In section 4.5.2 of the opening decision, the Commission concluded that these additional guarantees constituted compatible rescue aid.) Sections 2.3.2 and 2.3.3 of the opening decision described respectively the attempts by NR and the UK authorities to find a private sector solution and the restructuring plans submitted to the government by Virgin and by NR’s management. Section 2.3.4 indicated that NR was nationalised on 22 February 2008 on the basis of legislation introduced the preceding days. |
| --- | --- |

(8)

In section 2.1 of the first opening decision, the Commission provided more information on the beneficiary. Section 2.2 of the opening decision described the difficulties it encountered, which led the UK authorities to provide loans and guarantees, which were approved as rescue aid by the Commission Decision of 5 December 2007 (5). Some of the loans were initially granted by the Bank of England (“BoE”) and counter-guaranteed by the State. All the loans granted by BoE were novated on 28 August 2008 to HM Treasury. Section 2.3.1 of the opening decision described the circumstances which led the State to provide additional state guarantees on 18 December 2007. (In section 4.5.2 of the opening decision, the Commission concluded that these additional guarantees constituted compatible rescue aid.) Sections 2.3.2 and 2.3.3 of the opening decision described respectively the attempts by NR and the UK authorities to find a private sector solution and the restructuring plans submitted to the government by Virgin and by NR’s management. Section 2.3.4 indicated that NR was nationalised on 22 February 2008 on the basis of legislation introduced the preceding days.

2.2.   The restructuring plan notified on 17 March 2008

| (9) | The restructuring plan notified on 17 March 2008 was described in section 2.3.5 of the first opening decision. The main elements of this plan are summarised once more here below, in order to facilitate the comparison with the new restructuring plan. |
| --- | --- |

(9)

The restructuring plan notified on 17 March 2008 was described in section 2.3.5 of the first opening decision. The main elements of this plan are summarised once more here below, in order to facilitate the comparison with the new restructuring plan.

| (10) | As regards the size of the balance sheet, the plan notified on 17 March 2008 envisaged that the NR balance sheet would contract in the first five years of the plan from about GBP 107 billion in 2007 to about GBP 48-53 billion at the end of 2011. This would be achieved through an active retail mortgage redemption programme with the aim of encouraging at least 60 % of customers with maturing products (i.e. maturing from product deals) to remortgage with another lender; and exiting all new commercial lending and new standalone unsecured lending. NR would also continue to conduct limited levels of new lending over this period (in the base case about 18-23 billion in total for the four years from 2008 to 2011 compared with more that GBP 30 billion in 2007). This new lending would be offered predominantly to high credit quality new customers. |
| --- | --- |

(10)

As regards the size of the balance sheet, the plan notified on 17 March 2008 envisaged that the NR balance sheet would contract in the first five years of the plan from about GBP 107 billion in 2007 to about GBP 48-53 billion at the end of 2011. This would be achieved through an active retail mortgage redemption programme with the aim of encouraging at least 60 % of customers with maturing products (i.e. maturing from product deals) to remortgage with another lender; and exiting all new commercial lending and new standalone unsecured lending. NR would also continue to conduct limited levels of new lending over this period (in the base case about 18-23 billion in total for the four years from 2008 to 2011 compared with more that GBP 30 billion in 2007). This new lending would be offered predominantly to high credit quality new customers.

| (11) | As to the structure of funding and limiting maturity mismatch, the plan envisaged that the proportion of retail funding to total funding would increase from 15-20 % in 2008 to about [...] (6) in 2011 and about [...] in 2012, re-balancing the balance sheet. This would be reflected in a decrease in total funding and an increase in retail deposits from GBP 10,5 billion at the end of 2007 (i.e. after the bank run) to about GBP [...] billion in 2011, which remains below the pre-crisis level of GBP 24 billion. The projected growth in the deposit base represented a moderate increase in the share of the total market compared to levels prevailing at the time (about 1,2-1,5 % compared to 0,8 %) and below the pre-crisis share of 1,9 % for the duration of the restructuring period. |
| --- | --- |

(11)

As to the structure of funding and limiting maturity mismatch, the plan envisaged that the proportion of retail funding to total funding would increase from 15-20 % in 2008 to about [...] (6) in 2011 and about [...] in 2012, re-balancing the balance sheet. This would be reflected in a decrease in total funding and an increase in retail deposits from GBP 10,5 billion at the end of 2007 (i.e. after the bank run) to about GBP [...] billion in 2011, which remains below the pre-crisis level of GBP 24 billion. The projected growth in the deposit base represented a moderate increase in the share of the total market compared to levels prevailing at the time (about 1,2-1,5 % compared to 0,8 %) and below the pre-crisis share of 1,9 % for the duration of the restructuring period.

| (12) | As regards overseas activities, NR proposed that its Danish operations would be closed and a small capability would be retained in Ireland and Guernsey to maintain some diversification of the funding base. |
| --- | --- |

(12)

As regards overseas activities, NR proposed that its Danish operations would be closed and a small capability would be retained in Ireland and Guernsey to maintain some diversification of the funding base.

| (13) | As regards the BoE facilities, the plan’s priority was their rapid repayment. The plan envisaged that these facilities would be fully repaid around [...] 2010 in the base case, although there would be a BoE/Treasury liquidity facility that might remain in place until about the end of [...]. |
| --- | --- |

(13)

As regards the BoE facilities, the plan’s priority was their rapid repayment. The plan envisaged that these facilities would be fully repaid around [...] 2010 in the base case, although there would be a BoE/Treasury liquidity facility that might remain in place until about the end of [...].

| (14) | As regards the State guarantees, the plan envisaged, in the base case, the removal of all guarantees by the end of 2011. There would be a staggered release. As regards the retail funding guarantee arrangements (which cover all new and existing retail deposits) in the base case, the indicative earliest release date for new retail deposits would be [...]. The indicative earliest release date for existing retail deposits would be the [...]. For non-retail deposits, the indicative date for removal of the guarantees in the base case would be during [...]. Under the recession case scenario, the guarantee arrangements would be required until about 2013. The precise timing of the release of the guarantee arrangements would be driven by capital requirements and market conditions. |
| --- | --- |

(14)

As regards the State guarantees, the plan envisaged, in the base case, the removal of all guarantees by the end of 2011. There would be a staggered release. As regards the retail funding guarantee arrangements (which cover all new and existing retail deposits) in the base case, the indicative earliest release date for new retail deposits would be [...]. The indicative earliest release date for existing retail deposits would be the [...]. For non-retail deposits, the indicative date for removal of the guarantees in the base case would be during [...]. Under the recession case scenario, the guarantee arrangements would be required until about 2013. The precise timing of the release of the guarantee arrangements would be driven by capital requirements and market conditions.

| (15) | As regards management, there was a significant change in the composition of the board with the appointment of a new executive Chairman, a new Chief Financial Officer, and three new non-executive directors appointed by the Government. |
| --- | --- |

(15)

As regards management, there was a significant change in the composition of the board with the appointment of a new executive Chairman, a new Chief Financial Officer, and three new non-executive directors appointed by the Government.

| (16) | As regards compensatory measure, the Government was prepared to commit to the following specific measures:






  (i) | A targeted reduction in the balance sheet by over [...] % to about GBP 48-53 billion by 2011. |
| --- | --- | --- |

(16)

As regards compensatory measure, the Government was prepared to commit to the following specific measures:

(i)

A targeted reduction in the balance sheet by over [...] % to about GBP 48-53 billion by 2011.

| (ii) | A reduction of new residential mortgage origination from (in the base case) over GBP 30 billion in 2007 to about GBP 18-23 billion in total for the four years from 2008 to 2011, and in any event within the limits of the market share cap on gross new lending. |
| --- | --- |

(ii)

A reduction of new residential mortgage origination from (in the base case) over GBP 30 billion in 2007 to about GBP 18-23 billion in total for the four years from 2008 to 2011, and in any event within the limits of the market share cap on gross new lending.

| (iii) | A commitment to an aggressive redemption policy including the active encouragement of redeeming customers to move to competitors. |
| --- | --- |

(iii)

A commitment to an aggressive redemption policy including the active encouragement of redeeming customers to move to competitors.

| (iv) | Closure and run-off of NR’s operations in Denmark in 2008 and a commitment not to expand in other EU markets before 2011. |
| --- | --- |

(iv)

Closure and run-off of NR’s operations in Denmark in 2008 and a commitment not to expand in other EU markets before 2011.

| (v) | A commitment to a “Competitive Charter”, which would notably include commitments that:






  (i) | NR would not promote its Government backing in any market; |
| --- | --- | --- |

(v)

A commitment to a “Competitive Charter”, which would notably include commitments that:

(i)

NR would not promote its Government backing in any market;

| (ii) | NR would not allow its share of retail deposit balances to exceed 1,5 % in the UK and [0,8-1 %] in Ireland; |
| --- | --- |

(ii)

NR would not allow its share of retail deposit balances to exceed 1,5 % in the UK and [0,8-1 %] in Ireland;

| (iii) | NR would limit its share of gross new mortgage origination to below 2,5 % in any calendar year; |
| --- | --- |

(iii)

NR would limit its share of gross new mortgage origination to below 2,5 % in any calendar year;

| (iv) | NR would ensure that it would not rank within the top positions in the defined 15 Moneyfacts retail deposit categories for the remainder of 2008; |
| --- | --- |

(iv)

NR would ensure that it would not rank within the top positions in the defined 15 Moneyfacts retail deposit categories for the remainder of 2008;

| (vi) | A commitment to withdraw from unsecured personal lending and commercial lending for the restructuring period. |
| --- | --- |

(vi)

A commitment to withdraw from unsecured personal lending and commercial lending for the restructuring period.

| (vii) | A commitment not to increase the overall number of branches in the UK. |
| --- | --- |

(vii)

A commitment not to increase the overall number of branches in the UK.

| (17) | The plan envisaged that these compensatory measures, unless otherwise specified above, would remain in place until such time as the BoE/Treasury financial assistance has been fully repaid (and the liquidity facility transferred to a third party provider) and the balance sheet guarantee arrangements have been released in full. |
| --- | --- |

(17)

The plan envisaged that these compensatory measures, unless otherwise specified above, would remain in place until such time as the BoE/Treasury financial assistance has been fully repaid (and the liquidity facility transferred to a third party provider) and the balance sheet guarantee arrangements have been released in full.

2.3.   The new restructuring plan notified on 2 April 2009

| (18) | From December 2007 onwards, Northern Rock’s capital position has deteriorated significantly. By December 2008 Core Tier 1 capital had fallen to -GBP 17,1 million and total Tier 1 capital (after deductions) to -GBP 110,4 million due to severe losses incurred by Northern Rock as a result of the global financial crisis. (7) In addition the reduction in the company’s balance sheet in accordance with the original restructuring plan, combined with the effects of the financial crisis has led to an increase in the risk weighting of assets in the short to medium term as the credit quality of the remaining book decreased, leading to an effective increase in Tier 1 capital requirements. Revised projections now indicate that up to GBP [...] billion of additional capital would be required under the plan of March 2008 if the deterioration of the book continues. |
| --- | --- |

(18)

From December 2007 onwards, Northern Rock’s capital position has deteriorated significantly. By December 2008 Core Tier 1 capital had fallen to -GBP 17,1 million and total Tier 1 capital (after deductions) to -GBP 110,4 million due to severe losses incurred by Northern Rock as a result of the global financial crisis. (7) In addition the reduction in the company’s balance sheet in accordance with the original restructuring plan, combined with the effects of the financial crisis has led to an increase in the risk weighting of assets in the short to medium term as the credit quality of the remaining book decreased, leading to an effective increase in Tier 1 capital requirements. Revised projections now indicate that up to GBP [...] billion of additional capital would be required under the plan of March 2008 if the deterioration of the book continues.

| (19) | Given the significant interest rate cuts as a result of the financial crisis and the consequential reduction of Northern Rock’s SVR (8), the company also anticipates a significant reduction in the rate of mortgage redemptions in 2009. In the restructuring plan that was notified in March 2008, it was expected that 60 % of customers maturing from product deals would redeem in 2009. This is now expected to reduce to around [30 %-40 %]. |
| --- | --- |

(19)

Given the significant interest rate cuts as a result of the financial crisis and the consequential reduction of Northern Rock’s SVR (8), the company also anticipates a significant reduction in the rate of mortgage redemptions in 2009. In the restructuring plan that was notified in March 2008, it was expected that 60 % of customers maturing from product deals would redeem in 2009. This is now expected to reduce to around [30 %-40 %].

| (20) | In light of these concerns, the Government and Northern Rock have agreed a number of modifications to the restructuring plan as originally set out in March 2008 in order to recognise the significant change in market conditions over this period, address the capital position, and support the wider initiatives that the Government is taking to support the UK economy. |
| --- | --- |

(20)

In light of these concerns, the Government and Northern Rock have agreed a number of modifications to the restructuring plan as originally set out in March 2008 in order to recognise the significant change in market conditions over this period, address the capital position, and support the wider initiatives that the Government is taking to support the UK economy.

2.3.1.   The split of the bank in a bad bank and a good bank

| (21) | The core proposal is that there will be a restructuring of the business so that the majority of the back book of mortgages, and Northern Rock’s existing wholesale funding arrangements, will be managed separately from its other businesses. Northern Rock will be divided into:






  (i) | “BankCo” which will be a new company authorised by the FSA as a deposit taker. Assets will be transferred from Northern Rock to BankCo by order under the Banking (Special Provisions) Act 2008. These are expected to include the retail deposit book, currently standing at approximately GBP 19,5 bn, matched with approximately GBP [...] billion of cash assets and approximately GBP [...] billion of Northern Rock’s [...] unencumbered mortgage assets. Wholesale deposits, currently totalling approximately GBP [...] billion, will also be transferred to BankCo, matched by cash assets of an equal value. (9) BankCo will also contain the Northern Rock mortgage origination and servicing platform, its branches (including the branch in Ireland and the Guernsey subsidiary), relevant staff and systems. In addition, the intention is that the GIC accounts (10) will be transferred to BankCo, matched by cash assets of an equal value (approximately GBP [...] billion); this is likely to be dependent on the company’s rating and the decision of Granite’s trustees. |
| --- | --- | --- |

(21)

The core proposal is that there will be a restructuring of the business so that the majority of the back book of mortgages, and Northern Rock’s existing wholesale funding arrangements, will be managed separately from its other businesses. Northern Rock will be divided into:

(i)

“BankCo” which will be a new company authorised by the FSA as a deposit taker. Assets will be transferred from Northern Rock to BankCo by order under the Banking (Special Provisions) Act 2008. These are expected to include the retail deposit book, currently standing at approximately GBP 19,5 bn, matched with approximately GBP [...] billion of cash assets and approximately GBP [...] billion of Northern Rock’s [...] unencumbered mortgage assets. Wholesale deposits, currently totalling approximately GBP [...] billion, will also be transferred to BankCo, matched by cash assets of an equal value. (9) BankCo will also contain the Northern Rock mortgage origination and servicing platform, its branches (including the branch in Ireland and the Guernsey subsidiary), relevant staff and systems. In addition, the intention is that the GIC accounts (10) will be transferred to BankCo, matched by cash assets of an equal value (approximately GBP [...] billion); this is likely to be dependent on the company’s rating and the decision of Granite’s trustees.

| (ii) | “AssetCo” which will be the existing company, Northern Rock plc. The intention is that AssetCo will be left with the remaining pool of residential mortgages and Northern Rock’s wholesale funding instruments (principally its interest in the Granite securitisation vehicle and its liabilities under the covered bond and EMTN programmes, together with associated hedging) together with the associated liabilities. AssetCo will also retain the liability for the existing Government loan to Northern Rock, which will be increased by between GBP [...] and GBP [...] billion (exact amount to be set depending on the assets and liabilities that exist at the time of the split) to enable the implementation of the restructuring. In addition, the Government will provide AssetCo with a working capital facility of up to GBP [...] billion to ensure that it has adequate liquidity during the course of its [...]. A commercial rate will be charged for this facility. |
| --- | --- |

(ii)

“AssetCo” which will be the existing company, Northern Rock plc. The intention is that AssetCo will be left with the remaining pool of residential mortgages and Northern Rock’s wholesale funding instruments (principally its interest in the Granite securitisation vehicle and its liabilities under the covered bond and EMTN programmes, together with associated hedging) together with the associated liabilities. AssetCo will also retain the liability for the existing Government loan to Northern Rock, which will be increased by between GBP [...] and GBP [...] billion (exact amount to be set depending on the assets and liabilities that exist at the time of the split) to enable the implementation of the restructuring. In addition, the Government will provide AssetCo with a working capital facility of up to GBP [...] billion to ensure that it has adequate liquidity during the course of its [...]. A commercial rate will be charged for this facility.

| (22) | There will be a service agreement between the two companies under which BankCo is likely to manage AssetCo’s mortgage book and its other remaining assets and liabilities. It is envisaged that any regulated activities that AssetCo would otherwise need to perform will be carried out by BankCo under the service agreement. FSA approval of these arrangements will be required in order to enable the two entities to be capitalised separately. |
| --- | --- |

(22)

There will be a service agreement between the two companies under which BankCo is likely to manage AssetCo’s mortgage book and its other remaining assets and liabilities. It is envisaged that any regulated activities that AssetCo would otherwise need to perform will be carried out by BankCo under the service agreement. FSA approval of these arrangements will be required in order to enable the two entities to be capitalised separately.

| (23) | The current assumption is that AssetCo will be wound down [...]. To the extent that AssetCo’s assets are not sufficient to fund repayment of its liabilities [...], further Government support may be required to permit a [...]. |
| --- | --- |

(23)

The current assumption is that AssetCo will be wound down [...]. To the extent that AssetCo’s assets are not sufficient to fund repayment of its liabilities [...], further Government support may be required to permit a [...].

| (24) | In the immediate future both BankCo and AssetCo will remain wholly owned by the Government. However, it is intended that the implementation of this structure will also assist in facilitating a return of BankCo to the private sector, and to independent operation, at an earlier date than would otherwise be the case. |
| --- | --- |

(24)

In the immediate future both BankCo and AssetCo will remain wholly owned by the Government. However, it is intended that the implementation of this structure will also assist in facilitating a return of BankCo to the private sector, and to independent operation, at an earlier date than would otherwise be the case.

2.3.2.   Capital structure

| (25) | In order to address the negative evolution of Northern Rock’s regulatory capital base the Government had previously agreed in August 2008 to convert GBP 400 million of preference shares, and up to GBP 3 billion of the loan from the Government into ordinary shares of the company. In light of the proposed restructuring these proposals will not be implemented in this form, but as follows:






  — | BankCo will need to be capitalised by the Government with equity and, potentially, subordinated or other forms of long term debt in order to meet its regulatory capital requirements in a central and stress case scenario. In a stress case scenario its total capital requirement is expected to be up to GBP [...] billion. |
| --- | --- | --- |

(25)

In order to address the negative evolution of Northern Rock’s regulatory capital base the Government had previously agreed in August 2008 to convert GBP 400 million of preference shares, and up to GBP 3 billion of the loan from the Government into ordinary shares of the company. In light of the proposed restructuring these proposals will not be implemented in this form, but as follows:

—

BankCo will need to be capitalised by the Government with equity and, potentially, subordinated or other forms of long term debt in order to meet its regulatory capital requirements in a central and stress case scenario. In a stress case scenario its total capital requirement is expected to be up to GBP [...] billion.

| — | AssetCo is currently expected to be subject to a regulatory capital requirement of 1 % in the medium term, reflecting its activities as a [...]. In the medium to long term, the intention is that AssetCo will reduce its activities such that it falls outside the scope of the FSA. However, in the short term, it will need to satisfy FSA requirements before its capital requirements are reduced. In a central case AssetCo is not expected to require any capital support from the Government. However, in a stress scenario (and based on a 1 % regulatory capital requirement) AssetCo could require support of around GBP [...] billion to cover a capital shortfall in 2010-11, although capital is forecast to recover to a positive position in [...]. The current intention of the Government is to ensure AssetCo is able to fund repayment of its liabilities as they fall due and its ongoing operations should its assets not be sufficient. |
| --- | --- |

—

AssetCo is currently expected to be subject to a regulatory capital requirement of 1 % in the medium term, reflecting its activities as a [...]. In the medium to long term, the intention is that AssetCo will reduce its activities such that it falls outside the scope of the FSA. However, in the short term, it will need to satisfy FSA requirements before its capital requirements are reduced. In a central case AssetCo is not expected to require any capital support from the Government. However, in a stress scenario (and based on a 1 % regulatory capital requirement) AssetCo could require support of around GBP [...] billion to cover a capital shortfall in 2010-11, although capital is forecast to recover to a positive position in [...]. The current intention of the Government is to ensure AssetCo is able to fund repayment of its liabilities as they fall due and its ongoing operations should its assets not be sufficient.

| (26) | The capital requirements in a stress scenario under the revised structure therefore total approximately GBP [...] billion (in line with the August 2008 proposals). The reason for the lower capital requirements is that under the revised structure the bulk of the assets that are the most capital-absorptive are held in run-off in an entity which, in the medium to long term, and subject to AssetCo falling outside the scope of the FSA’s remit, is expected to have no regulatory capital requirement. |
| --- | --- |

(26)

The capital requirements in a stress scenario under the revised structure therefore total approximately GBP [...] billion (in line with the August 2008 proposals). The reason for the lower capital requirements is that under the revised structure the bulk of the assets that are the most capital-absorptive are held in run-off in an entity which, in the medium to long term, and subject to AssetCo falling outside the scope of the FSA’s remit, is expected to have no regulatory capital requirement.

| (27) | Northern Rock’s capital position has been addressed to date through a continuation of the interim arrangements that were set up at the same time as the August 2008 proposals. At the company’s request, the FSA agreed to waive the limits on use of Tier 2 capital that would otherwise have applied as a result of the reduction in the level of total Tier 1 resources. This means that all available Tier 2 capital can be included within the capital resources of the company for the purposes of meeting the Company’s minimum regulatory requirements. These arrangements were implemented on a temporary basis until the earlier of the recapitalisation of the Company or 31 December 2008. The arrangements were subsequently renewed [...]. |
| --- | --- |

(27)

Northern Rock’s capital position has been addressed to date through a continuation of the interim arrangements that were set up at the same time as the August 2008 proposals. At the company’s request, the FSA agreed to waive the limits on use of Tier 2 capital that would otherwise have applied as a result of the reduction in the level of total Tier 1 resources. This means that all available Tier 2 capital can be included within the capital resources of the company for the purposes of meeting the Company’s minimum regulatory requirements. These arrangements were implemented on a temporary basis until the earlier of the recapitalisation of the Company or 31 December 2008. The arrangements were subsequently renewed [...].

2.3.3.   Amendments to Government loan

| (28) | In addition to the increase, described above, in the existing loan to Northern Rock, there will also be an adjustment to the terms of the loan. This will extend final repayment of the loan to beyond [...] (or to the liquidation of AssetCo if earlier). The rate of interest will also be reviewed and a new future rate will be agreed between the Government and the company. Northern Rock plc currently pays interest at Bank of England base rate plus [...] bps. As set out in the loan agreement, this will revert to [...] plus [...] bps when state aid approval is granted, backdated to [...]. The future rate of interest to be charged on the loan is not yet fixed but will be at least [...]. |
| --- | --- |

(28)

In addition to the increase, described above, in the existing loan to Northern Rock, there will also be an adjustment to the terms of the loan. This will extend final repayment of the loan to beyond [...] (or to the liquidation of AssetCo if earlier). The rate of interest will also be reviewed and a new future rate will be agreed between the Government and the company. Northern Rock plc currently pays interest at Bank of England base rate plus [...] bps. As set out in the loan agreement, this will revert to [...] plus [...] bps when state aid approval is granted, backdated to [...]. The future rate of interest to be charged on the loan is not yet fixed but will be at least [...].

2.3.4.   Amendments to lending strategy

| (29) | On 19 January 2009 the Government announced a series of measures designed to reinforce the stability of the financial system, increase capacity and confidence to lend, and in turn to support the recovery of the UK economy. This included an announcement that Northern Rock would no longer actively pursue a policy of rapidly reducing its mortgage book. On 23 February 2009 a further press release confirmed that Northern Rock would be increasing mortgage lending by up to GBP 14 billion over the next two years (GBP 5 billion in 2009 and up to GBP 9 billion in 2010) on a range of products. Existing customers will also no longer be actively encouraged to leave Northern Rock when their mortgage arrangements become freely renewable. The new lending will be subject to market demand and will take place on commercial terms. The new lending will be funded from the opening cash transferred to the BankCo business, deposits with BankCo, and repayments on its loan book. |
| --- | --- |

(29)

On 19 January 2009 the Government announced a series of measures designed to reinforce the stability of the financial system, increase capacity and confidence to lend, and in turn to support the recovery of the UK economy. This included an announcement that Northern Rock would no longer actively pursue a policy of rapidly reducing its mortgage book. On 23 February 2009 a further press release confirmed that Northern Rock would be increasing mortgage lending by up to GBP 14 billion over the next two years (GBP 5 billion in 2009 and up to GBP 9 billion in 2010) on a range of products. Existing customers will also no longer be actively encouraged to leave Northern Rock when their mortgage arrangements become freely renewable. The new lending will be subject to market demand and will take place on commercial terms. The new lending will be funded from the opening cash transferred to the BankCo business, deposits with BankCo, and repayments on its loan book.

2.3.5.   [...] guarantee arrangements

| (30) | The March 2008 business plan envisaged the release of all guarantees by the end of 2011 (in the base case). This date was conditional on a number of factors, including repayment of the Government loan and a robust capital position ([...]). [...]. |
| --- | --- |

(30)

The March 2008 business plan envisaged the release of all guarantees by the end of 2011 (in the base case). This date was conditional on a number of factors, including repayment of the Government loan and a robust capital position ([...]). [...].

| (31) | [...]. All guarantee arrangements are subject to a minimum period of three months between the Government giving notice and guarantees being lifted. However, some products (such as fixed term bonds) are guaranteed for their term, so in these instances guarantees will roll off as the products expire. |
| --- | --- |

(31)

[...]. All guarantee arrangements are subject to a minimum period of three months between the Government giving notice and guarantees being lifted. However, some products (such as fixed term bonds) are guaranteed for their term, so in these instances guarantees will roll off as the products expire.

| (32) | [...]. It is likely that BankCo will need to achieve an A- long term rating from credit rating agencies in order to be able to access the wholesale markets. [...]. The wholesale guarantee arrangements for AssetCo are likely to remain in place until exit or liquidation. |
| --- | --- |

(32)

[...]. It is likely that BankCo will need to achieve an A- long term rating from credit rating agencies in order to be able to access the wholesale markets. [...]. The wholesale guarantee arrangements for AssetCo are likely to remain in place until exit or liquidation.

2.3.6.   Revised Competitive Framework

| (33) | NR has operated within the terms of the Competitive Framework to date. It is proposed that the Competitive Framework will continue to restrict the activities of BankCo for 12 months [...], although there will be some adjustments required to accommodate the revised lending strategy. More specifically:






  — | BankCo will limit its new mortgage lending to GBP 5 billion in the UK in 2009 and GBP 4,5 billion in the first half of 2010. |
| --- | --- | --- |

(33)

NR has operated within the terms of the Competitive Framework to date. It is proposed that the Competitive Framework will continue to restrict the activities of BankCo for 12 months [...], although there will be some adjustments required to accommodate the revised lending strategy. More specifically:

—

BankCo will limit its new mortgage lending to GBP 5 billion in the UK in 2009 and GBP 4,5 billion in the first half of 2010.

| — | It will also restrict the level of total retail deposit balances to no more than GBP 21 billion at any stage prior to 30 June 2010 (current retail balances amount to GBP 19,5 billion). The effect of this will be an earlier increase in the level of retail deposits than forecasted in the original plan. The March 2008 plan envisaged retail deposits of GBP 15 billion in 2009 growing to approximately GBP 26 billion in 2013. These will now be approximately GBP [...] billion in 2009 [...] growing to an indicative figure of GBP 25 billion by 2013. |
| --- | --- |

—

It will also restrict the level of total retail deposit balances to no more than GBP 21 billion at any stage prior to 30 June 2010 (current retail balances amount to GBP 19,5 billion). The effect of this will be an earlier increase in the level of retail deposits than forecasted in the original plan. The March 2008 plan envisaged retail deposits of GBP 15 billion in 2009 growing to approximately GBP 26 billion in 2013. These will now be approximately GBP [...] billion in 2009 [...] growing to an indicative figure of GBP 25 billion by 2013.

| — | BankCo would also continue to follow the previous commitments to not promoting its Government backing. |
| --- | --- |

—

BankCo would also continue to follow the previous commitments to not promoting its Government backing.

| (34) | Modified commitments in the Competitive Charter have been framed in terms of absolute numbers, rather than market shares as this is more predictable and easier to assess given the volatility in the size and composition of the market. |
| --- | --- |

(34)

Modified commitments in the Competitive Charter have been framed in terms of absolute numbers, rather than market shares as this is more predictable and easier to assess given the volatility in the size and composition of the market.

3.   POSITION OF THE UK

| (35) | The UK Government recalls that since the notification of the restructuring plan in March 2008, the situation of the world financial market and the UK economy has dramatically worsened. Several financial institutions which were present in the UK have withdrawn from the country and some of the largest UK banks are facing extreme difficulties which causes them to reduce their lending (and risk weighted assets) in order to reduce their capital requirements and improve their solvency ratios. As a consequence, the supply of mortgage loans has been severely reduced, especially for loans with high loan-to-value ratios (LTV). House prices in the UK have already declined by around 20 % compared to their highest level. Each additional decline is creating additional losses for banks, which further depletes their capital, and is increasing the risk weighting of their existing loans. Consequently, the banks further reduce new lending, which in turn contributes to reduce the demand for houses and increases downwards pressure on house prices, thus creating a downwards spiral. |
| --- | --- |

(35)

The UK Government recalls that since the notification of the restructuring plan in March 2008, the situation of the world financial market and the UK economy has dramatically worsened. Several financial institutions which were present in the UK have withdrawn from the country and some of the largest UK banks are facing extreme difficulties which causes them to reduce their lending (and risk weighted assets) in order to reduce their capital requirements and improve their solvency ratios. As a consequence, the supply of mortgage loans has been severely reduced, especially for loans with high loan-to-value ratios (LTV). House prices in the UK have already declined by around 20 % compared to their highest level. Each additional decline is creating additional losses for banks, which further depletes their capital, and is increasing the risk weighting of their existing loans. Consequently, the banks further reduce new lending, which in turn contributes to reduce the demand for houses and increases downwards pressure on house prices, thus creating a downwards spiral.

| (36) | In response to this crisis, the Government has introduced new measures (11) and granted aid to several banks. |
| --- | --- |

(36)

In response to this crisis, the Government has introduced new measures (11) and granted aid to several banks.

| (37) | The UK authorities recall that Northern Rock has made significant progress in repaying the Government loan to date, primarily as a result of its mortgage redemption programme under which it provides assistance to customers to access new products with alternative lenders. From a peak of approximately GBP 27 billion at the end of December 2007, Northern Rock had repaid GBP 12,5 billion on a gross basis by the end of March 2009 and remains ahead of schedule on its loan repayments. The company has also been successful in implementing other elements of the plan, including a significant reduction in its balance sheet from GBP 107 billion as at December 2007 to GBP 93 billion as at 31 December 2008 (excluding the fair value of derivatives) and an increase in its level of retail funding from 10 % (at year end 2007) to 20 % (at year end 2008), withdrawal from the Danish market and from its unsecured lending business, and full compliance with the market share caps and pricing restrictions set out in its Competitive Framework. This has required Northern Rock to forego significant commercial opportunities, including giving up a large number of high credit quality profitable customers through its active mortgage redemption programme. |
| --- | --- |

(37)

The UK authorities recall that Northern Rock has made significant progress in repaying the Government loan to date, primarily as a result of its mortgage redemption programme under which it provides assistance to customers to access new products with alternative lenders. From a peak of approximately GBP 27 billion at the end of December 2007, Northern Rock had repaid GBP 12,5 billion on a gross basis by the end of March 2009 and remains ahead of schedule on its loan repayments. The company has also been successful in implementing other elements of the plan, including a significant reduction in its balance sheet from GBP 107 billion as at December 2007 to GBP 93 billion as at 31 December 2008 (excluding the fair value of derivatives) and an increase in its level of retail funding from 10 % (at year end 2007) to 20 % (at year end 2008), withdrawal from the Danish market and from its unsecured lending business, and full compliance with the market share caps and pricing restrictions set out in its Competitive Framework. This has required Northern Rock to forego significant commercial opportunities, including giving up a large number of high credit quality profitable customers through its active mortgage redemption programme.

| (38) | The Government takes the view that the amendments that are proposed to the Northern Rock plan do not materially change the analysis of these arrangements under the rescue and restructuring guidelines. In particular:






  — | The increase in mortgage lending is consistent with the strong progress that the company has made to redeem its existing mortgage book and repay Government lending. It should also be regarded as a measure in support of wider Government intervention to address concerns about the impact of the financial crisis on the wider economy. |
| --- | --- | --- |

(38)

The Government takes the view that the amendments that are proposed to the Northern Rock plan do not materially change the analysis of these arrangements under the rescue and restructuring guidelines. In particular:

—

The increase in mortgage lending is consistent with the strong progress that the company has made to redeem its existing mortgage book and repay Government lending. It should also be regarded as a measure in support of wider Government intervention to address concerns about the impact of the financial crisis on the wider economy.

| — | Although retail deposits will increase sooner than previously envisaged, they will remain within the limits set out in the revised Competitive Framework and by 2013 the level of deposits is forecast to be less than the March 2008 business plan. |
| --- | --- |

—

Although retail deposits will increase sooner than previously envisaged, they will remain within the limits set out in the revised Competitive Framework and by 2013 the level of deposits is forecast to be less than the March 2008 business plan.

| — | The restructuring proposals will assist in minimising the overall level of aid to Northern Rock by reducing the overall regulatory capital requirement of the two businesses. |
| --- | --- |

—

The restructuring proposals will assist in minimising the overall level of aid to Northern Rock by reducing the overall regulatory capital requirement of the two businesses.

| — | [...]. |
| --- | --- |

—

[...].

| — | The company has made a significant contribution to the costs of the restructuring in the form of the sale of the Herm portfolio and the accelerated monetisation of assets to date as described in the March 2008 plan as well as the closure of Northern Rock’s branch in Denmark in June 2008. |
| --- | --- |

—

The company has made a significant contribution to the costs of the restructuring in the form of the sale of the Herm portfolio and the accelerated monetisation of assets to date as described in the March 2008 plan as well as the closure of Northern Rock’s branch in Denmark in June 2008.

| — | The Competitive Framework will continue to restrict the activities of BankCo for 12 months [...], although there will be some adjustments required to accommodate the revised lending strategy. Distortions of competition as a result of the aid will therefore continue to be minimised, and in reality the competitive impact of the arrangements in relation to Northern Rock are in any event likely to be eclipsed by the wider dislocations in the market for some time. |
| --- | --- |

—

The Competitive Framework will continue to restrict the activities of BankCo for 12 months [...], although there will be some adjustments required to accommodate the revised lending strategy. Distortions of competition as a result of the aid will therefore continue to be minimised, and in reality the competitive impact of the arrangements in relation to Northern Rock are in any event likely to be eclipsed by the wider dislocations in the market for some time.

4.   ASSESSMENT

4.1.   Existence of aid

| (39) | The Commission must assess whether the measures introduced or modified by the new restructuring plan constitute State aid. Article 87(1) EC lays down that 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 is, insofar as it affects trade between Member States, incompatible with the common market. |
| --- | --- |

(39)

The Commission must assess whether the measures introduced or modified by the new restructuring plan constitute State aid. Article 87(1) EC lays down that 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 is, insofar as it affects trade between Member States, incompatible with the common market.

| (40) | The UK Government intends to introduce new measures and to amend existing ones in favour of AssetCo and BankCo. As such, all measures described below (increased amount of government loans, working capital facility, guarantees and capital injections in favour of AssetCo and asset relief measure in favour of BankCo, see paragraph (45)) are financed through State resources. Before individually describing these measures in more detail and assessing whether they confer a selective advantage on AssetCo and BankCo, the Commission will first assess whether State support is able to distort competition and affect trade between the Member States. |
| --- | --- |

(40)

The UK Government intends to introduce new measures and to amend existing ones in favour of AssetCo and BankCo. As such, all measures described below (increased amount of government loans, working capital facility, guarantees and capital injections in favour of AssetCo and asset relief measure in favour of BankCo, see paragraph (45)) are financed through State resources. Before individually describing these measures in more detail and assessing whether they confer a selective advantage on AssetCo and BankCo, the Commission will first assess whether State support is able to distort competition and affect trade between the Member States.

| (41) | Under the new plan, AssetCo will presumably not carry out any economic activities on markets where it will be in competition with other banks. It will not collect any new deposits and will not make any new loans. Instead, it will, according to the UK authorities, only realise its assets as they mature and use the proceeds of these to repay its debts as they become due and fund its ongoing operational requirements as well as any retained historic liabilities. |
| --- | --- |

(41)

Under the new plan, AssetCo will presumably not carry out any economic activities on markets where it will be in competition with other banks. It will not collect any new deposits and will not make any new loans. Instead, it will, according to the UK authorities, only realise its assets as they mature and use the proceeds of these to repay its debts as they become due and fund its ongoing operational requirements as well as any retained historic liabilities.

| (42) | The Commission considers that this fact does however not entail that the State measures in favour of AssetCo do not distort competition. Indeed, all the notified State measures in favour of AssetCo allow a [...] of the latter, meaning that the creditors of AssetCo will be repaid [...]. If the State were not to ensure the [...] of AssetCo, the creditors of AssetCo would not allow the transfer of the [...] assets and [...] liabilities to BankCo as it would reduce their chances of obtaining repayment of their claims by AssetCo. The notified State aids which are in favour of AssetCo are therefore necessary to facilitate the transfer to BankCo of AssetCo/NR’s retail deposits, mortgage writing platform and some of its good quality mortgages in order for it to continue to operate on the market (12). |
| --- | --- |

(42)

The Commission considers that this fact does however not entail that the State measures in favour of AssetCo do not distort competition. Indeed, all the notified State measures in favour of AssetCo allow a [...] of the latter, meaning that the creditors of AssetCo will be repaid [...]. If the State were not to ensure the [...] of AssetCo, the creditors of AssetCo would not allow the transfer of the [...] assets and [...] liabilities to BankCo as it would reduce their chances of obtaining repayment of their claims by AssetCo. The notified State aids which are in favour of AssetCo are therefore necessary to facilitate the transfer to BankCo of AssetCo/NR’s retail deposits, mortgage writing platform and some of its good quality mortgages in order for it to continue to operate on the market (12).

| (43) | The Commission therefore considers that the State measures ensuring a [...] of AssetCo are also directly benefiting BankCo, as it will be able to continue its activities relatively unburdened by possible impairments on the lower quality assets, since they would have been transferred to AssetCo. As a result, BankCo has an advantage over its competitors that are faced with impairments on lower quality assets, which they have to absorb, limiting the funds available for new lending. This leads to a distortion of competition. |
| --- | --- |

(43)

The Commission therefore considers that the State measures ensuring a [...] of AssetCo are also directly benefiting BankCo, as it will be able to continue its activities relatively unburdened by possible impairments on the lower quality assets, since they would have been transferred to AssetCo. As a result, BankCo has an advantage over its competitors that are faced with impairments on lower quality assets, which they have to absorb, limiting the funds available for new lending. This leads to a distortion of competition.

| (44) | It observes that BankCo will be a bank competing among others on the UK retail deposit market and on the UK mortgage lending market. In these two markets, some competitors are subsidiaries of foreign banks. The Commission concludes that since the State measures favouring AssetCo also directly favour BankCo, they distort competition and affect trade between Member States. |
| --- | --- |

(44)

It observes that BankCo will be a bank competing among others on the UK retail deposit market and on the UK mortgage lending market. In these two markets, some competitors are subsidiaries of foreign banks. The Commission concludes that since the State measures favouring AssetCo also directly favour BankCo, they distort competition and affect trade between Member States.

| (45) | The State measures which confer a selective advantage on AssetCo are the following ones:






  (i) | The State plans to inject up to GBP [...] billion in AssetCo (in a stress case scenario). The Commission considers that the private investor test is not applicable to this capital injection since this transaction follows several aid measures in favour of NR/AssetCo and is implemented in parallel with several additional aid measures (13). In addition, if it were applicable, this test would not be fulfilled since AssetCo’s assets will be made of NR’s [...] mortgage loans, unsecured personal loans and commercial loans, which are all likely to show a significant rate of default in this period of severe recession. It is therefore unlikely to be profitable for a private investor to provide capital to AssetCo. This measure favours AssetCo by allowing it to have sufficient capital to meet the FSA requirement. This allows a [...] of AssetCo and therefore favours also BankCo, as explained above. On that basis, the Commission concludes that this measure constitutes aid and invites the UK authorities to provide more information on the size of the capital injection and its terms. |
| --- | --- | --- |

(45)

The State measures which confer a selective advantage on AssetCo are the following ones:

(i)

The State plans to inject up to GBP [...] billion in AssetCo (in a stress case scenario). The Commission considers that the private investor test is not applicable to this capital injection since this transaction follows several aid measures in favour of NR/AssetCo and is implemented in parallel with several additional aid measures (13). In addition, if it were applicable, this test would not be fulfilled since AssetCo’s assets will be made of NR’s [...] mortgage loans, unsecured personal loans and commercial loans, which are all likely to show a significant rate of default in this period of severe recession. It is therefore unlikely to be profitable for a private investor to provide capital to AssetCo. This measure favours AssetCo by allowing it to have sufficient capital to meet the FSA requirement. This allows a [...] of AssetCo and therefore favours also BankCo, as explained above. On that basis, the Commission concludes that this measure constitutes aid and invites the UK authorities to provide more information on the size of the capital injection and its terms.

| (ii) | The State guarantees covering the wholesale liabilities of AssetCo are likely to remain in place until State exit or liquidation. The Commission already concluded that these arrangements are State aid in the opening decision. The UK authorities are invited to provide details on the total exposures covered by these guarantee arrangements and their anticipated amortisation over time under the new plan. These State guarantees allow a [...] of AssetCo and therefore favour BankCo. On that basis, the Commission concludes that these measures constitute aid. |
| --- | --- |

(ii)

The State guarantees covering the wholesale liabilities of AssetCo are likely to remain in place until State exit or liquidation. The Commission already concluded that these arrangements are State aid in the opening decision. The UK authorities are invited to provide details on the total exposures covered by these guarantee arrangements and their anticipated amortisation over time under the new plan. These State guarantees allow a [...] of AssetCo and therefore favour BankCo. On that basis, the Commission concludes that these measures constitute aid.

| (iii) | Government will provide AssetCo with a working capital facility of up to GBP [...] billion to ensure that it has adequate liquidity during the course of its [...]. The Commission invites the UK authorities to provide it with more information on this facility. More generally, the UK authorities intend to ensure a [...] of AssetCo and therefore intend to commit to provide any additional support necessary to AssetCo to allow it to [...]. This working capital facility and this State commitment of providing further aid if necessary allows a [...] of AssetCo. As explained above, this favours BankCo. On that basis, the Commission concludes that these State measures constitute aid. |
| --- | --- |

(iii)

Government will provide AssetCo with a working capital facility of up to GBP [...] billion to ensure that it has adequate liquidity during the course of its [...]. The Commission invites the UK authorities to provide it with more information on this facility. More generally, the UK authorities intend to ensure a [...] of AssetCo and therefore intend to commit to provide any additional support necessary to AssetCo to allow it to [...]. This working capital facility and this State commitment of providing further aid if necessary allows a [...] of AssetCo. As explained above, this favours BankCo. On that basis, the Commission concludes that these State measures constitute aid.

| (iv) | The State will increase the overall level and duration of its lending to NR/AssetCo. It will increase by between GBP [...] and GBP [...] billion and ultimate repayment will be deferred to beyond [...]. The delayed reimbursement allows a [...] of AssetCo. The increased lending allows AssetCo to transfer billions of cash to BankCo. It is therefore clear that the new tenor and amount of the State lending favour also BankCo. On that basis, the Commission concludes that these State measures constitute aid and requests the UK authorities to submit more information on these measures. |
| --- | --- |

(iv)

The State will increase the overall level and duration of its lending to NR/AssetCo. It will increase by between GBP [...] and GBP [...] billion and ultimate repayment will be deferred to beyond [...]. The delayed reimbursement allows a [...] of AssetCo. The increased lending allows AssetCo to transfer billions of cash to BankCo. It is therefore clear that the new tenor and amount of the State lending favour also BankCo. On that basis, the Commission concludes that these State measures constitute aid and requests the UK authorities to submit more information on these measures.

| (46) | As indicated above, all the State measures ensuring a [...] of AssetCo allow the separation of AssetCo/NR branches, its mortgage writing platform, some of its [...] mortgage loans and the retail deposits into BankCo. Taking into account all the above considerations, the Commission considers that the effect of the measures in favour of AssetCo is equivalent, from an economic point of view, to a purchase of the assets of Northern Rock by the State for the following reasons. Firstly, a private operator would not have been able to structure such an operation. Indeed, it seems that the State had to make use of its prerogative powers to structure this operation. Indeed, any private operators placed in a similar situation as NR would not have been able to separate the good assets from the bad and to maintain NR economic activity without a significant capital increase. Secondly, the operation of the State [...] of AssetCo’s liabilities can be considered from an economic point of view to be equivalent to a purchase of non-performing assets of NR, which would allow BankCo to continue to pursue NR’s economic activities. Indeed, the Commission considers that, although BankCo is newly created, it continues NR’s economic activities since it provides services to the whole existing back book of NR before the operation. In particular, the customer relationship and the management of performing assets are all confined to BankCo. As confirmed by the reduced capital required by the FSA, the Commission considers that AssetCo could be seen as a State-owned vehicle whose aim is to reduce the capital requirements for BankCo pursuing NR’s economic activities. Finally, the Commission considers that the State aid in the present case is not aimed at liquidating a financial institution in difficulty and limiting the State exposure by auctioning the economic activity and/or financial institution’s assets on the market, but at reducing the capital injection that the State would have had to carry out otherwise as the unique shareholder of NR. |
| --- | --- |

(46)

As indicated above, all the State measures ensuring a [...] of AssetCo allow the separation of AssetCo/NR branches, its mortgage writing platform, some of its [...] mortgage loans and the retail deposits into BankCo. Taking into account all the above considerations, the Commission considers that the effect of the measures in favour of AssetCo is equivalent, from an economic point of view, to a purchase of the assets of Northern Rock by the State for the following reasons. Firstly, a private operator would not have been able to structure such an operation. Indeed, it seems that the State had to make use of its prerogative powers to structure this operation. Indeed, any private operators placed in a similar situation as NR would not have been able to separate the good assets from the bad and to maintain NR economic activity without a significant capital increase. Secondly, the operation of the State [...] of AssetCo’s liabilities can be considered from an economic point of view to be equivalent to a purchase of non-performing assets of NR, which would allow BankCo to continue to pursue NR’s economic activities. Indeed, the Commission considers that, although BankCo is newly created, it continues NR’s economic activities since it provides services to the whole existing back book of NR before the operation. In particular, the customer relationship and the management of performing assets are all confined to BankCo. As confirmed by the reduced capital required by the FSA, the Commission considers that AssetCo could be seen as a State-owned vehicle whose aim is to reduce the capital requirements for BankCo pursuing NR’s economic activities. Finally, the Commission considers that the State aid in the present case is not aimed at liquidating a financial institution in difficulty and limiting the State exposure by auctioning the economic activity and/or financial institution’s assets on the market, but at reducing the capital injection that the State would have had to carry out otherwise as the unique shareholder of NR.

Aid at the level of BankCo

| (47) | Taking into account the above considerations, BankCo is a “good bank” which will operate the healthy assets of NR and will be freed from all the bad assets of NR. Under the Communication from the Commission on the Treatment of Impaired Assets in the Community Banking Sector
   (14) (‘the Impaired Assets Communication’), the aid element in such a transaction is the difference between the market value of the assets guaranteed or purchased by the State and the price at which these assets have been guaranteed or purchased. In the present case, the aid element to BankCo is therefore the difference between the market value of the assets remaining in AssetCo and their value in the books of AssetCo (15). The Commission therefore invites the UK authorities to provide this information. |
| --- | --- |

(47)

Taking into account the above considerations, BankCo is a “good bank” which will operate the healthy assets of NR and will be freed from all the bad assets of NR. Under the Communication from the Commission on the Treatment of Impaired Assets in the Community Banking Sector
   (14) (‘the Impaired Assets Communication’), the aid element in such a transaction is the difference between the market value of the assets guaranteed or purchased by the State and the price at which these assets have been guaranteed or purchased. In the present case, the aid element to BankCo is therefore the difference between the market value of the assets remaining in AssetCo and their value in the books of AssetCo (15). The Commission therefore invites the UK authorities to provide this information.

| (48) | In addition to the foregoing measures granted to AssetCo, the Government also intends to inject up to GBP [...] billion (in a stress case scenario) of capital in BankCo. It is not excluded that BankCo will be a profitable company, since it will have a portfolio of good quality mortgages and a lot of cash to make new lending. It is therefore possible that this investment will be profitable and that even a private investor could have done such investment. However, the Commission considers that the private investor test is not applicable to this capital injection since this transaction follows several aid measures in favour of NR (16) and is implemented in parallel with several additional aid measures. The measure can therefore not be assessed separately from the rest of the state interventions in favour of NR/AssetCo, which allows the transfer to BankCo of the good assets and liabilities of NR and a significant amount of cash. The selective measures in favour of BankCo therefore constitute aid. |
| --- | --- |

(48)

In addition to the foregoing measures granted to AssetCo, the Government also intends to inject up to GBP [...] billion (in a stress case scenario) of capital in BankCo. It is not excluded that BankCo will be a profitable company, since it will have a portfolio of good quality mortgages and a lot of cash to make new lending. It is therefore possible that this investment will be profitable and that even a private investor could have done such investment. However, the Commission considers that the private investor test is not applicable to this capital injection since this transaction follows several aid measures in favour of NR (16) and is implemented in parallel with several additional aid measures. The measure can therefore not be assessed separately from the rest of the state interventions in favour of NR/AssetCo, which allows the transfer to BankCo of the good assets and liabilities of NR and a significant amount of cash. The selective measures in favour of BankCo therefore constitute aid.

| (49) | Finally, in order for the Commission to properly assess the aid measures, the UK authorities are invited to present, in addition to the information on the notified measures, a full list of the measures already granted or planned to be granted to Northern Rock under any existing aid scheme. |
| --- | --- |

(49)

Finally, in order for the Commission to properly assess the aid measures, the UK authorities are invited to present, in addition to the information on the notified measures, a full list of the measures already granted or planned to be granted to Northern Rock under any existing aid scheme.

4.2.   Compatibility of the aid

4.2.1.   The legal basis for the compatibility assessment of the aid

| (50) | In its first opening decision of 2 April 2008, the Commission’s position was that the measure could at that stage not be found compatible with the common market pursuant to Article 87(3)(b) EC, because the aid did not seem to tackle a disturbance in an entire Member State, but instead aimed to address individual problems specific to the situation of NR. (17) In particular, the Commission observed in the opening decision that, although a bankruptcy of NR would have had negative spill-over effects for other banks, the information provided by the UK had not convinced it at that point in time that these negative consequences could have reached a size constituting a serious disturbance in the economy of the UK within the meaning of Article 87(3)(b) EC. |
| --- | --- |

(50)

In its first opening decision of 2 April 2008, the Commission’s position was that the measure could at that stage not be found compatible with the common market pursuant to Article 87(3)(b) EC, because the aid did not seem to tackle a disturbance in an entire Member State, but instead aimed to address individual problems specific to the situation of NR. (17) In particular, the Commission observed in the opening decision that, although a bankruptcy of NR would have had negative spill-over effects for other banks, the information provided by the UK had not convinced it at that point in time that these negative consequences could have reached a size constituting a serious disturbance in the economy of the UK within the meaning of Article 87(3)(b) EC.

| (51) | In the meantime, the Commission has acknowledged in its three Communications (18) and in its various approvals of the measures undertaken by the UK to combat the financial crisis (19), that there is serious disturbance in the UK economy and that measures supporting banks are apt to remedy serious disturbance in the UK economy. Therefore the legal basis for the assessment of the aid measures shall be Article 87(3)(b) EC. |
| --- | --- |

(51)

In the meantime, the Commission has acknowledged in its three Communications (18) and in its various approvals of the measures undertaken by the UK to combat the financial crisis (19), that there is serious disturbance in the UK economy and that measures supporting banks are apt to remedy serious disturbance in the UK economy. Therefore the legal basis for the assessment of the aid measures shall be Article 87(3)(b) EC.

| (52) | As the Commission has set out in the three Communications adopted in the context of the current financial crisis (20), aid measures granted to banks in the context of the ongoing financial crisis should be assessed in line with the principles of the rescue and restructuring aid Guidelines, while taking into consideration the particular features of the systemic crisis in the financial markets (21). That means that the principles of the rescue and restructuring aid Guidelines may have to be adapted when applied to the restructuring of Northern Rock in the present crisis, which is assessed on the basis of Article 87(3)(b) EC. Within this context attention should be given to the rules set out in the rescue and restructuring aid Guidelines for own contribution. Given the fact that the external financing for Northern Rock has dried up and that the 50 % requirement set in rescue and restructuring aid Guidelines appears unfeasible in the current economic setting, the Commission accepts that during the crisis in the financial markets it may not be appropriate to request that the own contribution represents a predefined proportion of the costs of restructuring. Furthermore the design and implementation of measures to limit distortion of competition may also need to be reconsidered in so far as Northern Rock may need more time for their implementation due to the current market circumstances. |
| --- | --- |

(52)

As the Commission has set out in the three Communications adopted in the context of the current financial crisis (20), aid measures granted to banks in the context of the ongoing financial crisis should be assessed in line with the principles of the rescue and restructuring aid Guidelines, while taking into consideration the particular features of the systemic crisis in the financial markets (21). That means that the principles of the rescue and restructuring aid Guidelines may have to be adapted when applied to the restructuring of Northern Rock in the present crisis, which is assessed on the basis of Article 87(3)(b) EC. Within this context attention should be given to the rules set out in the rescue and restructuring aid Guidelines for own contribution. Given the fact that the external financing for Northern Rock has dried up and that the 50 % requirement set in rescue and restructuring aid Guidelines appears unfeasible in the current economic setting, the Commission accepts that during the crisis in the financial markets it may not be appropriate to request that the own contribution represents a predefined proportion of the costs of restructuring. Furthermore the design and implementation of measures to limit distortion of competition may also need to be reconsidered in so far as Northern Rock may need more time for their implementation due to the current market circumstances.

| (53) | As the Commission has indicated in previous guidance, the depth of restructuring required to return to viability should at least be in direct proportion on the one hand to the scope and volume of the aid provided to NR and on the other to the fragility of its business model. |
| --- | --- |

(53)

As the Commission has indicated in previous guidance, the depth of restructuring required to return to viability should at least be in direct proportion on the one hand to the scope and volume of the aid provided to NR and on the other to the fragility of its business model.

4.2.2.   Compatibility assessment under Article 87(3)(b) EC

| (54) | In view of the above it follows that in order to assess the compatibility of the aid to NR on the basis of Article 87(3)(b) EC, the Commission has to assess (i) whether the restructuring plan is able to restore the long-term viability, (ii) whether the aid is limited to the minimum and (iii) whether the negative spill-over effects of the aid is limited. |
| --- | --- |

(54)

In view of the above it follows that in order to assess the compatibility of the aid to NR on the basis of Article 87(3)(b) EC, the Commission has to assess (i) whether the restructuring plan is able to restore the long-term viability, (ii) whether the aid is limited to the minimum and (iii) whether the negative spill-over effects of the aid is limited.

| (55) | More generally, and in line with paragraph (47) above, the Commission invites the UK authorities to present all the necessary information justifying that the measure is consistent with the guidance set out in the Impaired Assets Communication. In particular, the UK authorities are invited to present more information on the national legal basis of the measure, whether the assets retained in AssetCo fulfilled the eligibility conditions and whether the valuation and pricing of the measure is consistent with these requirements. |
| --- | --- |

(55)

More generally, and in line with paragraph (47) above, the Commission invites the UK authorities to present all the necessary information justifying that the measure is consistent with the guidance set out in the Impaired Assets Communication. In particular, the UK authorities are invited to present more information on the national legal basis of the measure, whether the assets retained in AssetCo fulfilled the eligibility conditions and whether the valuation and pricing of the measure is consistent with these requirements.

(i)   Restoration of long-term viability

| (56) | With regard to the restoration of long term viability, the new restructuring plan seems to ensure the long term viability of BankCo. Indeed under the plan BankCo will not inherit the problems of NR. [...] loans of NR will remain with AssetCo. In addition, BankCo will initially have a very liquid balance sheet thanks to large amounts of cash received from AssetCo. Moreover, the about [...] % of the funding will come from retail deposits, thereby diversifying the sources of liquidity. |
| --- | --- |

(56)

With regard to the restoration of long term viability, the new restructuring plan seems to ensure the long term viability of BankCo. Indeed under the plan BankCo will not inherit the problems of NR. [...] loans of NR will remain with AssetCo. In addition, BankCo will initially have a very liquid balance sheet thanks to large amounts of cash received from AssetCo. Moreover, the about [...] % of the funding will come from retail deposits, thereby diversifying the sources of liquidity.

| (57) | It would seem therefore that BankCo, as a result of these measures, does not risk encountering the same liquidity problems as faced by NR due to its high dependence on wholesale funding combined with long term assets. Nevertheless, the Commission observes that the UK authorities have not provided a detailed business plan that explains how BankCo will become a viable entity on a sustainable basis over the medium to long term. At this stage, viability of BankCo therefore has not been demonstrated. The Commission therefore invites the UK authorities and third parties to comment on this issue. |
| --- | --- |

(57)

It would seem therefore that BankCo, as a result of these measures, does not risk encountering the same liquidity problems as faced by NR due to its high dependence on wholesale funding combined with long term assets. Nevertheless, the Commission observes that the UK authorities have not provided a detailed business plan that explains how BankCo will become a viable entity on a sustainable basis over the medium to long term. At this stage, viability of BankCo therefore has not been demonstrated. The Commission therefore invites the UK authorities and third parties to comment on this issue.

(ii)   Aid limited to the minimum/own contribution

| (58) | As regards the limitation of the aid to the minimum, the Commission observes that the aid is of such a type and quantity that it would allow BankCo to be freed of having to obtain expensive funding on the current market in order to absorb the losses on a large majority of high risk loans made by NR in the past. Therefore, it would not have to support the losses on these loans. Also, BankCo would be freed from having to pay back the government loans, as they would be transferred to AssetCo. BankCo would [...] receive the [...] assets of NR and will initially have a lot of cash. In other words, the aid seems to allow the creation of a very competitive new bank, instead of only restoring the long term viability of the existing bank. The Commission therefore strongly doubts that the aid is limited to the minimum. It seems that recapitalising NR would have requested less aid and of a much shorter duration. |
| --- | --- |

(58)

As regards the limitation of the aid to the minimum, the Commission observes that the aid is of such a type and quantity that it would allow BankCo to be freed of having to obtain expensive funding on the current market in order to absorb the losses on a large majority of high risk loans made by NR in the past. Therefore, it would not have to support the losses on these loans. Also, BankCo would be freed from having to pay back the government loans, as they would be transferred to AssetCo. BankCo would [...] receive the [...] assets of NR and will initially have a lot of cash. In other words, the aid seems to allow the creation of a very competitive new bank, instead of only restoring the long term viability of the existing bank. The Commission therefore strongly doubts that the aid is limited to the minimum. It seems that recapitalising NR would have requested less aid and of a much shorter duration.

| (59) | As regards the limitation of the aid to the minimum, the Commission also notes that according to the Impaired Assets Communication, the State should guarantee or purchase impaired assets at a value not exceeding their real economic value. In the present case, the State accepts to fully finance and support the losses of the assets of AssetCo, whereas their book value seems significantly higher than their real economic value, since this book value does not take into account future losses on these risky loans which will be caused by the current recession. This seems to be an additional indication that the aid is above the minimum necessary and that there is no adequate burden sharing as requested in paragraph 5.2 of the Impaired Assets Communication. |
| --- | --- |

(59)

As regards the limitation of the aid to the minimum, the Commission also notes that according to the Impaired Assets Communication, the State should guarantee or purchase impaired assets at a value not exceeding their real economic value. In the present case, the State accepts to fully finance and support the losses of the assets of AssetCo, whereas their book value seems significantly higher than their real economic value, since this book value does not take into account future losses on these risky loans which will be caused by the current recession. This seems to be an additional indication that the aid is above the minimum necessary and that there is no adequate burden sharing as requested in paragraph 5.2 of the Impaired Assets Communication.

| (60) | Furthermore, the Commission’s doubts as regards the own contribution of NR to the restructuring have not been allayed by the UK authorities. The Commission observes that the restriction on new lending and the active redemption policy, which had allowed the accelerated redemption of the State loan in the last quarter, as planned in the original restructuring plan, has been abandoned and even reversed. Indeed, the AssetCo will draw additional resources under the loan facility. The Commission therefore doubts that the own contribution is sufficient and invites the UK authorities and third parties to comment on this issue. |
| --- | --- |

(60)

Furthermore, the Commission’s doubts as regards the own contribution of NR to the restructuring have not been allayed by the UK authorities. The Commission observes that the restriction on new lending and the active redemption policy, which had allowed the accelerated redemption of the State loan in the last quarter, as planned in the original restructuring plan, has been abandoned and even reversed. Indeed, the AssetCo will draw additional resources under the loan facility. The Commission therefore doubts that the own contribution is sufficient and invites the UK authorities and third parties to comment on this issue.

(iii)   Limiting negative spill-over effects and undue distortion competition/measures which limit the distortion of competition

| (61) | The funding provided to BankCo for the mortgage lending through the split-up of NR into BankCo and AssetCo could have negative spill-over effects on competitors. As a result of the funding, BankCo could increase its mortgage lending and consequently potentially increase its presence on that market at the expense of other competitors. The limits imposed by the Competitive Framework, as mentioned above, could contribute to limiting these negative spill-over effects. The Commission is interested to receive comments regarding this issue. |
| --- | --- |

(61)

The funding provided to BankCo for the mortgage lending through the split-up of NR into BankCo and AssetCo could have negative spill-over effects on competitors. As a result of the funding, BankCo could increase its mortgage lending and consequently potentially increase its presence on that market at the expense of other competitors. The limits imposed by the Competitive Framework, as mentioned above, could contribute to limiting these negative spill-over effects. The Commission is interested to receive comments regarding this issue.

| (62) | As regards the avoidance of undue distortions of competition, the Commission strongly doubts that sufficient measures are taken to offset the negative effects of the aid. Indeed, under the new plan, AssetCo will receive a very large amount of aid which will allow it to retain the large majority of NR’s assets on a solvent basis and to transfer to BankCo all the [...] assets and liabilities of NR. It will also transfer to it a large amount of cash. As a consequence of all this aid, it seems that BankCo will be a very competitive firm. This bank will not have to support the losses due to all the risky lending made by NR in the past. In addition, it will not have to finance these loans, which is difficult to do on a profitable basis due to increased borrowing costs on the financial markets. Conversely, under the service agreement with AssetCo, it will manage the loans of AssetCo. In other words, it will not have to support the disadvantages of the loans made by NR in the past, but will keep the advantages, namely the contacts with the existing clients. In this sense, it is doubtful that the fact that BankCo will have a small balance sheet is really a measure limiting its market presence and can be considered as a measure which limits the distortion of competition. The Commission would therefore also welcome comments on this point. |
| --- | --- |

(62)

As regards the avoidance of undue distortions of competition, the Commission strongly doubts that sufficient measures are taken to offset the negative effects of the aid. Indeed, under the new plan, AssetCo will receive a very large amount of aid which will allow it to retain the large majority of NR’s assets on a solvent basis and to transfer to BankCo all the [...] assets and liabilities of NR. It will also transfer to it a large amount of cash. As a consequence of all this aid, it seems that BankCo will be a very competitive firm. This bank will not have to support the losses due to all the risky lending made by NR in the past. In addition, it will not have to finance these loans, which is difficult to do on a profitable basis due to increased borrowing costs on the financial markets. Conversely, under the service agreement with AssetCo, it will manage the loans of AssetCo. In other words, it will not have to support the disadvantages of the loans made by NR in the past, but will keep the advantages, namely the contacts with the existing clients. In this sense, it is doubtful that the fact that BankCo will have a small balance sheet is really a measure limiting its market presence and can be considered as a measure which limits the distortion of competition. The Commission would therefore also welcome comments on this point.

| (63) | The Commission in this context also observes that the amount of aid received by NR is so large that it is not certain that sufficient measures [...] implemented to avoid undue distortion of competition, [...]. [...]. |
| --- | --- |

(63)

The Commission in this context also observes that the amount of aid received by NR is so large that it is not certain that sufficient measures [...] implemented to avoid undue distortion of competition, [...]. [...].

| (64) | Furthermore, the Commission observes that some of the most relevant measures which aim to limit the distortion of competition proposed in the original restructuring plan have been amended. Under the new plan, aid is granted to allow the bank to make new loans of GBP 5 billion in 2009 and GBP 9 billion in 2010 (compared to GBP 5 billion each year in the original plan). In addition, NR has ceased the active redemption of maturing mortgages under its redemption programme. This programme, which has been operated by NR since 2008, has had the effect of further reducing the net supply of mortgage loans by NR. |
| --- | --- |

(64)

Furthermore, the Commission observes that some of the most relevant measures which aim to limit the distortion of competition proposed in the original restructuring plan have been amended. Under the new plan, aid is granted to allow the bank to make new loans of GBP 5 billion in 2009 and GBP 9 billion in 2010 (compared to GBP 5 billion each year in the original plan). In addition, NR has ceased the active redemption of maturing mortgages under its redemption programme. This programme, which has been operated by NR since 2008, has had the effect of further reducing the net supply of mortgage loans by NR.

| (65) | The Commission acknowledges that in the context of the current financial crisis, a severe reduction of NR’s offer of new mortgage loans combined with its active retail mortgage redemption programme, in a period when there is already a general reduction of the supply of loans due to the other banks’ difficulties may increase a risk that NR contributes to worsen the situation. However, this does not release NR from the obligation to enact measures which aim to limit the distortion of competition to offset the distortions of competition. The Commission invites the interested parties to comment on this issue and to indicate to what extend a reduction in NR’s mortgage lending, taking into account its market share and presence, contributes to the problems on mortgage lending and until when they expect supply of mortgage loans to be constrained. Also, the Commission invites the UK to provide evidence concerning the problems regarding the supply of mortgages to the market. |
| --- | --- |

(65)

The Commission acknowledges that in the context of the current financial crisis, a severe reduction of NR’s offer of new mortgage loans combined with its active retail mortgage redemption programme, in a period when there is already a general reduction of the supply of loans due to the other banks’ difficulties may increase a risk that NR contributes to worsen the situation. However, this does not release NR from the obligation to enact measures which aim to limit the distortion of competition to offset the distortions of competition. The Commission invites the interested parties to comment on this issue and to indicate to what extend a reduction in NR’s mortgage lending, taking into account its market share and presence, contributes to the problems on mortgage lending and until when they expect supply of mortgage loans to be constrained. Also, the Commission invites the UK to provide evidence concerning the problems regarding the supply of mortgages to the market.

5.   CONCLUSION

| (66) | The Commission doubts at this stage that the aid measures included in the new restructuring plan are compatible with the common market. In particular, on the basis of the information available to it, the Commission cannot ascertain whether the notified aid is limited to the minimum necessary and the distortions of competition outweigh the positive effects of the aid. |
| --- | --- |

(66)

The Commission doubts at this stage that the aid measures included in the new restructuring plan are compatible with the common market. In particular, on the basis of the information available to it, the Commission cannot ascertain whether the notified aid is limited to the minimum necessary and the distortions of competition outweigh the positive effects of the aid.

DECISION

In the light of the foregoing considerations, the Commission has decided to extend the procedure laid down in Article 88(2) of the EC Treaty with respect to the measures notified on 2 April 2009. The Commission requires the UK, within one month of receipt of this letter, to provide in addition to all documents already received, all the relevant information and data needed for the assessment of these measures.

In particular, the Commission would wish to receive comments on the points on which it raised doubts. The UK is requested to forward a copy of this letter to the potential recipient of the aid immediately.

The Commission wishes to remind the UK that Article 88(3) of the EC Treaty has suspensory effect, and would draw your attention to Article 14 of Council Regulation (EC) No 659/1999, which provides that all unlawful aid may be recovered from the recipient.

The Commission warns the UK that it will inform interested parties by publishing this letter and a meaningful summary of it in the Official Journal of the European Communities. 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 Communities, 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)  abrangido pela obrigação de sigilo profissional

1

(2)  Trata-se de contas bancárias em nome da estrutura de titularização Granite detidas junto do NR.

2

(3)  OJ C 135, 3.6.2008, p. 21.

3

(4)  Gross lending is total advances, and net lending is advances less redemptions and repayments.

4

(5)  OJ C 43, 16.2.2008.

5

(6)  Business secret, where possible, figures have been replaced by ranges in [brackets].

6

(7)  NR has registered a pre-tax loss of approximately GBP 1,4 billion over 2008 and the reserves decreased significantly if compared to the end of 2007 as stated in its 2008 annual accounts http://companyinfo.northernrock.co.uk/downloads/2008_annual_report.pdf

7

(8)  UK term for each lender’s standard variable mortgage lending rate.

8

(9)  The total cash transfer that is necessary to ensure that the value of the liabilities transferred to BankCo does not outweigh the value of the assets transferred will be funded principally through the extension of the current loan to Northern Rock (liability for which will rest with AssetCo).

9

(10)  These are bank accounts in the name of the Granite securitisation structure that are held with NR.

10

(11)  Aid to Bradford & Bingley in late September 2008, introduction of a recapitalisation scheme and a of a credit guarantee scheme in October 2008, announcement of an asset protection scheme on 19 July 2009.

11

(12)  This is consistent with the Commission’s analysis in the Bradford and Bingley decision, NN41/2008, Bradford and Bingley, OJ C 290 13.11.2008, p. 1.

12

Bradford and Bingley

(13)  Since AssetCo is the existing company Northern Rock plc, the Commission can at this stage not exclude that the injection of capital into AssetCo is the implementation of the commitment made by HM Treasury that it will ensure that NR will operate above the minimum capital requirements (this commitment was discussed in paragraph 91 of the opening decision). The Commission invites the UK authorities to provide their comments on that issue. If this capital injection is the implementation of the prior commitment, this would entail that the aid was granted already at that date but this would not affect the qualification of the measure as constituting aid or not.

13

(14)  OJ C 72, 26.3.2009, p. 1.

14

(15)  Indeed, AssetCo will be financed, capitalised and guaranteed by the State. In other words, any loss incurred on the assets of AssetCo compared to the current book value will be supported by the State. The Commission therefore considers the transfer value in the meaning of the Impaired Asset Communication to be the current book value of the assets of AssetCo.

15

(16)  It is recalled that BankCo will be created on the basis of the retail deposit balances and the mortgage lending platform of NR.

16

(17)  Paragraphs 100 and 101 of the first opening decision.

17

(18)  Banking Communication, OJ C 270, 25.10.2008 p. 8, Recapitalisation Communication, OJ C 10, 15.1.2009 p. 2, and Impaired Assets Communication (see footnote 7 above).

18

(19)  See amongst others Commission Decisions regarding: Financial support measures to banking sector in the UK (N 507/2008), OJ C 290 13.11.2008 p. 1 and the Working Capital Guarantee Scheme (N 111/2008) to be published in OJ.

19

(20)  Communication from the Commission — Application of the State Aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis, OJ C 270, 25.10.2008, p. 8. points 10, 32, 42; Communication from the Commission — Recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition, OJ C 10, 15.1.2009, p. 2, point 44. Communication from the Commission on the Treatment of Impaired Assets in the Community banking sector, OJ C 72, 26.3.2009, p. 1, point 17 and 58 et seq.

20

(21)  See explicitly the Banking Communication — Application of the State Aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis, OJ C 270, 25.10.2008, p. 8. point 42.

21

---

| 1.7.2009 | PT | Jornal Oficial da União Europeia | C 149/27 |
| --- | --- | --- | --- |

1.7.2009

PT

Jornal Oficial da União Europeia

C 149/27

---

Notificação prévia de uma concentração

(Processo COMP/M.5551 — F2i/Finavias/ERG)

Processo susceptível de beneficiar do procedimento simplificado

(Texto relevante para efeitos do EEE)

2009/C 149/10

| 1. | A Comissão recebeu, em 23 de Junho de 2009, uma notificação de um projecto de concentração nos termos do artigo 4.o do Regulamento (CE) n.o 139/2004 do Conselho (1), através da qual as empresas F2i Fondi Italiani per le Infrastrutture S.G.R. S.p.A. («F2i», Itália) e Finavias S.à.r.l. («Finavias», Luxemburgo), uma empresa detida indirectamente pelo grupo AXA, adquirem, na acepção do n.o 1, alínea b), do artigo 3.o do Regulamento do Conselho, o controlo conjunto de uma participação maioritária na empresa ENEL Rete Gas S.p.A. («ERG», Itália), mediante aquisição de acções. |
| --- | --- |

1.

A Comissão recebeu, em 23 de Junho de 2009, uma notificação de um projecto de concentração nos termos do artigo 4.o do Regulamento (CE) n.o 139/2004 do Conselho (1), através da qual as empresas F2i Fondi Italiani per le Infrastrutture S.G.R. S.p.A. («F2i», Itália) e Finavias S.à.r.l. («Finavias», Luxemburgo), uma empresa detida indirectamente pelo grupo AXA, adquirem, na acepção do n.o 1, alínea b), do artigo 3.o do Regulamento do Conselho, o controlo conjunto de uma participação maioritária na empresa ENEL Rete Gas S.p.A. («ERG», Itália), mediante aquisição de acções.

| 2. | As actividades das empresas em causa são:






  — | F2i: fundo de investimento especializado nos sectores das infra-estruturas, |
| --- | --- | --- |

2.

As actividades das empresas em causa são:

—

F2i: fundo de investimento especializado nos sectores das infra-estruturas,

| — | Finavias: actividades nos domínios dos capitais de investimento (private equity) e da gestão de activos, |
| --- | --- |

—

Finavias: actividades nos domínios dos capitais de investimento (private equity) e da gestão de activos,

| — | ERG: distribuição de gás através de gasodutos de baixa pressão. |
| --- | --- |

—

ERG: distribuição de gás através de gasodutos de baixa pressão.

| 3. | Após uma análise preliminar, a Comissão considera que a operação de concentração notificada pode encontrar-se abrangida pelo âmbito de aplicação do Regulamento (CE) n.o 139/2004. Contudo, a Comissão reserva-se a faculdade de tomar uma decisão final sobre este ponto. De acordo com a Comunicação da Comissão relativa a um procedimento simplificado de tratamento de certas operações de concentração nos termos do Regulamento (CE) n.o 139/2004 do Conselho (2), o referido processo é susceptível de beneficiar da aplicação do procedimento previsto na Comunicação. |
| --- | --- |

3.

Após uma análise preliminar, a Comissão considera que a operação de concentração notificada pode encontrar-se abrangida pelo âmbito de aplicação do Regulamento (CE) n.o 139/2004. Contudo, a Comissão reserva-se a faculdade de tomar uma decisão final sobre este ponto. De acordo com a Comunicação da Comissão relativa a um procedimento simplificado de tratamento de certas operações de concentração nos termos do Regulamento (CE) n.o 139/2004 do Conselho (2), o referido processo é susceptível de beneficiar da aplicação do procedimento previsto na Comunicação.

| 4. | A Comissão solicita aos terceiros interessados que lhe apresentem as suas eventuais observações sobre o projecto de concentração em causa.
  As observações devem ser recebidas pela Comissão no prazo de 10 dias após a data de publicação da presente comunicação. Podem ser enviadas por fax (+32 2 2964301 ou 296744) ou pelo correio, com a referência COMP/M.5551 — F2i/Finavias/ERG, para o seguinte endereço:





  Comissão Europeia |
| --- | --- |
| Direcção-Geral da Concorrência |
| Registo das Concentrações |
| J-70 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

A Comissão solicita aos terceiros interessados que lhe apresentem as suas eventuais observações sobre o projecto de concentração em causa.

As observações devem ser recebidas pela Comissão no prazo de 10 dias após a data de publicação da presente comunicação. Podem ser enviadas por fax (+32 2 2964301 ou 296744) ou pelo correio, com a referência COMP/M.5551 — F2i/Finavias/ERG, para o seguinte endereço:

Comissão Europeia

Direcção-Geral da Concorrência

Registo das Concentrações

J-70

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  JO L 24 de 29.1.2004, p. 1.

(2)  JO C 56 de 5.3.2005, p. 32.

---