# Europos Sąjungos C 158/2009

| | ISSN 1725-521X
  doi:10.3000/1725521X.C_2009.158.lit |
| --- | --- |
| Europos Sąjungos
  oficialusis leidinys | C 158 |
| | |
| Leidimas lietuvių kalba | Informacija ir prane_imai | 52 tomas2009m. liepos 11d. |

ISSN 1725-521X

doi:10.3000/1725521X.C_2009.158.lit

Europos Sąjungos

oficialusis leidinys

C 158

Leidimas lietuvių kalba

Informacija ir prane_imai

52 tomas2009m. liepos 11d.

---

| Prane_imo Nr. | Turinys | Puslapis |
| --- | --- | --- |
| | II   Komunikatai |
| | EUROPOS SĄJUNGOS INSTITUCIJŲ IR ORGANŲ PRIIMTI KOMUNIKATAI |
| | Komisija |
| 2009/C 158/01 | Neprieštaravimas praneštai koncentracijai (Byla COMP/M.5403 – Lufthansa/BMI) (
  1
  ) | 1 |

Prane_imo Nr.

Turinys

Puslapis

II   Komunikatai

EUROPOS SĄJUNGOS INSTITUCIJŲ IR ORGANŲ PRIIMTI KOMUNIKATAI

Komisija

2009/C 158/01

Neprieštaravimas praneštai koncentracijai (Byla COMP/M.5403 – Lufthansa/BMI) (
  1
  )

1

1

| | IV   Pranešimai |
| --- | --- |
| | EUROPOS SĄJUNGOS INSTITUCIJŲ IR ORGANŲ PRANEŠIMAI |
| | Komisija |
| 2009/C 158/02 | Euro kursas | 2 |
| | VALSTYBIŲ NARIŲ PRANEŠIMAI |
| 2009/C 158/03 | Reguliuojamųjų rinkų ir nacionalinių nuostatų, kuriomis įgyvendinami IPD (93/22) reikalavimai, sąrašas su pastabomis (Europos Parlamento ir Tarybos direktyva 2004/39/EB) | 3 |
| 2009/C 158/04 | Komisijos pranešimas pagal Europos Parlamento ir Tarybos reglamento Nr. 1008/2008 dėl oro susisiekimo paslaugų teikimo Bendrijoje bendrųjų taisyklių 16 straipsnio 4 dalį – Su viešosiomis paslaugomis susiję įsipareigojimai dėl reguliariojo oro susisiekimo paslaugų teikimo (
  1
  ) | 9 |

IV   Pranešimai

EUROPOS SĄJUNGOS INSTITUCIJŲ IR ORGANŲ PRANEŠIMAI

Komisija

2009/C 158/02

Euro kursas

2

VALSTYBIŲ NARIŲ PRANEŠIMAI

2009/C 158/03

Reguliuojamųjų rinkų ir nacionalinių nuostatų, kuriomis įgyvendinami IPD (93/22) reikalavimai, sąrašas su pastabomis (Europos Parlamento ir Tarybos direktyva 2004/39/EB)

3

2009/C 158/04

Komisijos pranešimas pagal Europos Parlamento ir Tarybos reglamento Nr. 1008/2008 dėl oro susisiekimo paslaugų teikimo Bendrijoje bendrųjų taisyklių 16 straipsnio 4 dalį – Su viešosiomis paslaugomis susiję įsipareigojimai dėl reguliariojo oro susisiekimo paslaugų teikimo (
  1
  )

1

9

| | V   Skelbimai |
| --- | --- |
| | ADMINISTRACINĖS PROCEDŪROS |
| | Komisija |
| 2009/C 158/05 | Kvietimas teikti paraiškas – EACEA/11/2009 – Struktūrinė parama Europos viešosios politikos tyrimų organizacijoms (moksliniams institutams) ir pilietinės visuomenės organizacijoms Europos lygmeniu – Programa Europa piliečiams, 2 veiksmas, 1 ir 2 priemonės – 2010 m. | 10 |
| | PROCEDŪROS, SUSIJUSIOS SU KONKURENCIJOS POLITIKOS ĮGYVENDINIMU |
| | Komisija |
| 2009/C 158/06 | Valstybės pagalba – Nyderlandai – Valstybės pagalba C 10/2009 (ex N 138/2009) – ING – Kvietimas teikti pastabas pagal EB sutarties 88 straipsnio 2 dalį (
  1
  ) | 13 |
| | KITI AKTAI |
| | Komisija |
| 2009/C 158/07 | Paraiškos paskelbimas pagal Tarybos reglamento (EB) Nr. 509/2006 dėl žemės ūkio produktų ir maisto produktų kaip garantuotų tradicinių gaminių 8 straipsnio 2 dalį | 24 |

V   Skelbimai

ADMINISTRACINĖS PROCEDŪROS

Komisija

2009/C 158/05

Kvietimas teikti paraiškas – EACEA/11/2009 – Struktūrinė parama Europos viešosios politikos tyrimų organizacijoms (moksliniams institutams) ir pilietinės visuomenės organizacijoms Europos lygmeniu – Programa Europa piliečiams, 2 veiksmas, 1 ir 2 priemonės – 2010 m.

10

PROCEDŪROS, SUSIJUSIOS SU KONKURENCIJOS POLITIKOS ĮGYVENDINIMU

Komisija

2009/C 158/06

Valstybės pagalba – Nyderlandai – Valstybės pagalba C 10/2009 (ex N 138/2009) – ING – Kvietimas teikti pastabas pagal EB sutarties 88 straipsnio 2 dalį (
  1
  )

1

13

KITI AKTAI

Komisija

2009/C 158/07

Paraiškos paskelbimas pagal Tarybos reglamento (EB) Nr. 509/2006 dėl žemės ūkio produktų ir maisto produktų kaip garantuotų tradicinių gaminių 8 straipsnio 2 dalį

24

| | |
| --- | --- |
| | (1)   Tekstas svarbus EEE |

---

(1)   Tekstas svarbus EEE

1

| LT | |
| --- | --- |

LT

---

II Komunikatai

EUROPOS SĄJUNGOS INSTITUCIJŲ IR ORGANŲ PRIIMTI KOMUNIKATAI

Komisija

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/1 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/1

---

Neprieštaravimas praneštai koncentracijai

(Byla COMP/M.5403 – Lufthansa/BMI)

(Tekstas svarbus EEE)

2009/C 158/01

2009 m. gegužės 14 d. Komisija nusprendė neprieštarauti pirmiau nurodytai koncentracijai, apie kurią pranešta, ir pripažinti ją suderinama su bendrąja rinka. Šis sprendimas priimtas remiantis Tarybos reglamento (EB) Nr. 139/2004 6 straipsnio 1 dalies b punktu. Visas sprendimo tekstas pateikiamas tik anglų kalba ir bus viešai paskelbtas iš jo pašalinus visą konfidencialią su verslu susijusią informaciją. Sprendimo tekstą bus galima rasti:

| — | Komisijos konkurencijos svetainės susijungimų skiltyje (http://ec.europa.eu/competition/mergers/cases/). Šioje svetainėje konkrečius sprendimus dėl susijungimo galima rasti įvairiais būdais, pavyzdžiui, pagal įmonės pavadinimą, bylos numerį, sprendimo priėmimo datą ir sektorių, |
| --- | --- |

—

Komisijos konkurencijos svetainės susijungimų skiltyje (http://ec.europa.eu/competition/mergers/cases/). Šioje svetainėje konkrečius sprendimus dėl susijungimo galima rasti įvairiais būdais, pavyzdžiui, pagal įmonės pavadinimą, bylos numerį, sprendimo priėmimo datą ir sektorių,

| — | elektroniniu formatu EUR-Lex svetainėje (http://eur-lex.europa.eu/en/index.htm). Dokumento numeris 32009M5403. EUR-Lex svetainėje galima rasti įvairių Bendrijos teisės aktų. |
| --- | --- |

—

elektroniniu formatu EUR-Lex svetainėje (http://eur-lex.europa.eu/en/index.htm). Dokumento numeris 32009M5403. EUR-Lex svetainėje galima rasti įvairių Bendrijos teisės aktų.

---

IV Pranešimai

EUROPOS SĄJUNGOS INSTITUCIJŲ IR ORGANŲ PRANEŠIMAI

Komisija

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/2 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/2

---

Euro kursas (1)

2009 m. liepos 10 d.

2009/C 158/02

1 euro =

| | Valiuta | Valiutos kursas |
| --- | --- | --- |
| USD | JAV doleris | 1,3901 |
| JPY | Japonijos jena | 128,21 |
| DKK | Danijos krona | 7,4466 |
| GBP | Svaras sterlingas | 0,85800 |
| SEK | Švedijos krona | 11,0022 |
| CHF | Šveicarijos frankas | 1,5140 |
| ISK | Islandijos krona | |
| NOK | Norvegijos krona | 9,0840 |
| BGN | Bulgarijos levas | 1,9558 |
| CZK | Čekijos krona | 26,030 |
| EEK | Estijos kronos | 15,6466 |
| HUF | Vengrijos forintas | 277,50 |
| LTL | Lietuvos litas | 3,4528 |
| LVL | Latvijos latas | 0,6993 |
| PLN | Lenkijos zlotas | 4,3740 |
| RON | Rumunijos lėja | 4,2160 |
| TRY | Turkijos lira | 2,1636 |
| AUD | Australijos doleris | 1,7940 |
| CAD | Kanados doleris | 1,6212 |
| HKD | Honkongo doleris | 10,7736 |
| NZD | Naujosios Zelandijos doleris | 2,2250 |
| SGD | Singapūro doleris | 2,0331 |
| KRW | Pietų Korėjos vonas | 1 786,89 |
| ZAR | Pietų Afrikos randas | 11,4023 |
| CNY | Kinijos ženminbi juanis | 9,4983 |
| HRK | Kroatijos kuna | 7,3315 |
| IDR | Indonezijos rupija | 14 174,11 |
| MYR | Malaizijos ringitas | 4,9731 |
| PHP | Filipinų pesas | 67,026 |
| RUB | Rusijos rublis | 45,4005 |
| THB | Tailando batas | 47,382 |
| BRL | Brazilijos realas | 2,8084 |
| MXN | Meksikos pesas | 19,0303 |
| INR | Indijos rupija | 67,8230 |

Valiuta

Valiutos kursas

USD

JAV doleris

1,3901

JPY

Japonijos jena

128,21

DKK

Danijos krona

7,4466

GBP

Svaras sterlingas

0,85800

SEK

Švedijos krona

11,0022

CHF

Šveicarijos frankas

1,5140

ISK

Islandijos krona

NOK

Norvegijos krona

9,0840

BGN

Bulgarijos levas

1,9558

CZK

Čekijos krona

26,030

EEK

Estijos kronos

15,6466

HUF

Vengrijos forintas

277,50

LTL

Lietuvos litas

3,4528

LVL

Latvijos latas

0,6993

PLN

Lenkijos zlotas

4,3740

RON

Rumunijos lėja

4,2160

TRY

Turkijos lira

2,1636

AUD

Australijos doleris

1,7940

CAD

Kanados doleris

1,6212

HKD

Honkongo doleris

10,7736

NZD

Naujosios Zelandijos doleris

2,2250

SGD

Singapūro doleris

2,0331

KRW

Pietų Korėjos vonas

1 786,89

ZAR

Pietų Afrikos randas

11,4023

CNY

Kinijos ženminbi juanis

9,4983

HRK

Kroatijos kuna

7,3315

IDR

Indonezijos rupija

14 174,11

MYR

Malaizijos ringitas

4,9731

PHP

Filipinų pesas

67,026

RUB

Rusijos rublis

45,4005

THB

Tailando batas

47,382

BRL

Brazilijos realas

2,8084

MXN

Meksikos pesas

19,0303

INR

Indijos rupija

67,8230

---

(1)  Šaltinis: valiutų perskaičiavimo kursai paskelbti ECB.

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VALSTYBIŲ NARIŲ PRANEŠIMAI

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/3 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/3

---

Reguliuojamųjų rinkų ir nacionalinių nuostatų, kuriomis įgyvendinami IPD (93/22) reikalavimai, sąrašas su pastabomis (Europos Parlamento ir Tarybos direktyva 2004/39/EB)

2009/C 158/03

Finansinių priemonių rinkų direktyvos (Direktyva 2004/39/EB, OL L 145, 2004 4 30) 47 straipsniu kiekvienai valstybei narei leidžiama suteikti reguliuojamosios rinkos statusą jos teritorijoje esančioms rinkoms, kurios atitinka taisykles.

Direktyvos 2004/39/EB 4 straipsnio 1 dalies 14 punkte reguliuojamoji rinka apibrėžiama kaip rinkos operatoriaus valdoma ir (ar) administruojama daugiašalė sistema, apjungianti arba sudaranti lengvesnes sąlygas sistemingai ir taikant neleidžiančias veikti savo nuožiūra taisykles jungti daugiašalius trečiųjų šalių interesus pirkti ir parduoti finansines priemones, sudarant sandorį dėl finansinių priemonių, kuriomis leista prekiauti taikant šios sistemos taisykles ir (arba) pačioje sistemoje, gavusi leidimą veiklai ir pastoviai veikianti laikantis Direktyvos 2004/39/EB III antraštinės dalies nuostatų.

Direktyvos 2004/39/EB 47 straipsnyje reikalaujama, kad kiekviena valstybė narė turėtų atnaujintą reguliuojamų rinkų, kurioms ji suteikė leidimą, sąrašą. Ši informacija siunčiama kitoms valstybėms narėms ir Europos Komisijai. Tame pačiame straipsnyje (Direktyvos 2004/39/EB 47 straipsnis) reikalaujama, kad Komisija kiekvienais metais skelbtų reguliuojamųjų rinkų, apie kurias jai pranešta, sąrašą Europos Sąjungos oficialiajame leidinyje. Laikantis šio reikalavimo buvo sudarytas dabartinis sąrašas.

Pridedamame sąraše nurodomi pavadinimai tų rinkų, kurios, nacionalinių kompetentingų institucijų nuomone, atitinka reguliuojamosios rinkos apibrėžtį. Jame taip pat nurodoma organizacija, atsakinga už šių rinkų valdymą, bei kompetentinga institucija, atsakinga už rinkos taisyklių nustatymą arba patvirtinimą.

Dėl sumažėjusių kliūčių patekti į rinką ir specializacijos prekybos segmentuose, reguliuojamųjų rinkų sąrašą reikia atnaujinti dažniau nei nurodyta Investicinių paslaugų direktyvoje 93/22/EEB. Finansinių priemonių rinkų direktyvos 47 straipsnyje taip pat reikalaujama, kad Europos Komisija savo svetainėje skelbtų ir reguliariai atnaujintų reguliuojamųjų rinkų sąrašus. Todėl Europos Komisija ne tik spausdins sąrašą OL kartą per metus, bet ir skelbs atnaujintą sąrašą savo oficialioje svetainėje [http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm]. Šis sąrašas bus reguliariai atnaujinamas, remiantis nacionalinių institucijų atsiųsta informacija. Pastarosios raginamos ir toliau pranešti Komisijai apie visas į reguliuojamų rinkų, kurių buveinė yra valstybė narė, sąrašus įtrauktas arba iš sąrašų išbrauktas rinkas.

| Šalis | Reguliuojamos rinkos pavadinimas | Veiklą vykdanti organizacija | Rinkos įkūrimo ir priežiūros kompetentinga institucija |
| --- | --- | --- | --- |
| Austrija | 1. | Amtlicher Handel (oficialioji rinka) |

Šalis

Reguliuojamos rinkos pavadinimas

Veiklą vykdanti organizacija

Rinkos įkūrimo ir priežiūros kompetentinga institucija

Austrija

1.

Amtlicher Handel (oficialioji rinka)

| 2. | Geregelter Freiverkehr (pusiau oficiali rinka) |
| --- | --- |

2.

Geregelter Freiverkehr (pusiau oficiali rinka)

| 1–2. | Wiener Börse AG |
| --- | --- |

1–2.

Wiener Börse AG

| 1–2. | Finanzmarktaufsichtsbehörde (FMA – Finansų rinkų valdžios institucija) |
| --- | --- |

1–2.

Finanzmarktaufsichtsbehörde (FMA – Finansų rinkų valdžios institucija)

Belgija

| 1. | a) | Le marché «Euronext Brussels»/De «Euronext Brussels» markt |
| --- | --- | --- |

1.

a)

Le marché «Euronext Brussels»/De «Euronext Brussels» markt

| b) | Le marché des instruments dérivés d'Euronext Brussels/De markt voor afgeleide producten van Euronext Brussels |
| --- | --- |

b)

Le marché des instruments dérivés d'Euronext Brussels/De markt voor afgeleide producten van Euronext Brussels

| 1. | Euronext Brussels SA/NV |
| --- | --- |

1.

Euronext Brussels SA/NV

| 1. | a) | Reconnaissance: Ministre des Finances sur avis de la Commission bancaire, financière et des assurances (CBFA)
  Erkenning: Minister van Financiën op advies van de Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA) |
| --- | --- | --- |

1.

a)

Reconnaissance: Ministre des Finances sur avis de la Commission bancaire, financière et des assurances (CBFA)

Erkenning: Minister van Financiën op advies van de Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA)

| b) | Surveillance: CBFA
  Toezicht: CBFA |
| --- | --- |

b)

Surveillance: CBFA

Toezicht: CBFA

| 2. | Le marché réglementé hors bourse des obligations linéaires, des titres scindés et des certificats de trésorerie/De gereglementeerde buitenbeursmarkt van de lineaire obligaties, de gesplitste effecten en de schatkistcertificaten |
| --- | --- |

2.

Le marché réglementé hors bourse des obligations linéaires, des titres scindés et des certificats de trésorerie/De gereglementeerde buitenbeursmarkt van de lineaire obligaties, de gesplitste effecten en de schatkistcertificaten

| 2. | Fonds des rentes/Rentenfonds |
| --- | --- |

2.

Fonds des rentes/Rentenfonds

| 2. | a) | Reconnaissance: Législateur (art.144, §2 de la loi du 2.8.2002)
  Erkenning: Regelgever (art. 144, §2 van de wet van 2.8.2002) |
| --- | --- | --- |

2.

a)

Reconnaissance: Législateur (art.144, §2 de la loi du 2.8.2002)

Erkenning: Regelgever (art. 144, §2 van de wet van 2.8.2002)

| b) | Surveillance: Comité du Fonds des rentes, pour compte de la CBFA
  Toezicht: Comité van het Rentenfonds, voor rekening van de CBFA |
| --- | --- |

b)

Surveillance: Comité du Fonds des rentes, pour compte de la CBFA

Toezicht: Comité van het Rentenfonds, voor rekening van de CBFA

Bulgarija

| 1. | Официален пазар (oficialioji rinka) |
| --- | --- |

1.

Официален пазар (oficialioji rinka)

| 2. | Неофициален пазар (neoficialioji rinka) |
| --- | --- |

2.

Неофициален пазар (neoficialioji rinka)

Българска Фондова Борса—София АД (Bulgarijos vertybinių popierių birža — Sofia JSCo)

Комисия за финансов надзор (Finansų priežiūros komisija)

Kipras

Kipro vertybinių popierių birža

| 1. | Pagrindinė rinka |
| --- | --- |

1.

Pagrindinė rinka

| 2. | Paralelinė rinka |
| --- | --- |

2.

Paralelinė rinka

| 3. | Alternatyvioji rinka |
| --- | --- |

3.

Alternatyvioji rinka

| 4. | Obligacijų rinka |
| --- | --- |

4.

Obligacijų rinka

| 5. | Investicinių bendrovių rinka |
| --- | --- |

5.

Investicinių bendrovių rinka

| 6. | Didelių projektų rinka |
| --- | --- |

6.

Didelių projektų rinka

| 7. | Vandenynų laivininkystės rinka |
| --- | --- |

7.

Vandenynų laivininkystės rinka

| 1–7. | Kipro vertybinių popierių birža |
| --- | --- |

1–7.

Kipro vertybinių popierių birža

| 1–7. | Kipro vertybinių popierių ir biržos komisija |
| --- | --- |

1–7.

Kipro vertybinių popierių ir biržos komisija

Čekija

| 1. | Pagrindinė rinka (Hlavní trh) |
| --- | --- |

1.

Pagrindinė rinka (Hlavní trh)

| 2. | Laisvoji rinka (Volný trh) |
| --- | --- |

2.

Laisvoji rinka (Volný trh)

| 3. | Oficialioji rinka |
| --- | --- |

3.

Oficialioji rinka

| 4. | Būsimųjų sandorių rinka |
| --- | --- |

4.

Būsimųjų sandorių rinka

| 5. | Neatidėliotinų atsiskaitymų rinka |
| --- | --- |

5.

Neatidėliotinų atsiskaitymų rinka

| 1–2. | Prahos vertybinių popierių birža
  (Burza cenných papírů Praha, a.s.) |
| --- | --- |

1–2.

Prahos vertybinių popierių birža

(Burza cenných papírů Praha, a.s.)

| 3. | RM–SYSTEM, Čekijos vertybinių popierių birža
  (RM–SYSTÉM, česká burza cenných papírů a.s.) |
| --- | --- |

3.

RM–SYSTEM, Čekijos vertybinių popierių birža

(RM–SYSTÉM, česká burza cenných papírů a.s.)

| 4.–5 | Prahos energetikos birža
  (Energetická burza Praha) |
| --- | --- |

4.–5

Prahos energetikos birža

(Energetická burza Praha)

| 1.–5 | Čekijos nacionalinis bankas |
| --- | --- |

1.–5

Čekijos nacionalinis bankas

Danija

| 1. | NASDAQ OMX Copenhagen A/S






  — | Vertybinių popierių rinka; |
| --- | --- | --- |

1.

NASDAQ OMX Copenhagen A/S

—

Vertybinių popierių rinka;

| — | Obligacijų rinka; |
| --- | --- |

—

Obligacijų rinka;

| — | Išvestinių finansinių priemonių rinka |
| --- | --- |

—

Išvestinių finansinių priemonių rinka

| 1. | Kopenhagos vertybinių popierių birža AS |
| --- | --- |

1.

Kopenhagos vertybinių popierių birža AS

Finanstilsynet (Danijos finansų priežiūros institucija)

| 2. | Dansk Autoriseret Markedsplads A/S (Ribotos atsakomybės bendrovė „Danijos leidimą turinti rinka“ (DAMP)) (leidimą turinti rinka – reguliariai prekiaujanti vertybiniais popieriais, kuriais leidžiama prekiauti, bet kurie nėra įtraukti į biržos sąrašus) |
| --- | --- |

2.

Dansk Autoriseret Markedsplads A/S (Ribotos atsakomybės bendrovė „Danijos leidimą turinti rinka“ (DAMP)) (leidimą turinti rinka – reguliariai prekiaujanti vertybiniais popieriais, kuriais leidžiama prekiauti, bet kurie nėra įtraukti į biržos sąrašus)

| 2. | Danijos leidimą turinti ribotos atsakomybės rinka (DAMP) |
| --- | --- |

2.

Danijos leidimą turinti ribotos atsakomybės rinka (DAMP)

Estija

| 1. | Väärtpaberibörs (vertybinių popierių birža)






  — | Põhinimekiri (pagrindinis sąrašas) |
| --- | --- | --- |

1.

Väärtpaberibörs (vertybinių popierių birža)

—

Põhinimekiri (pagrindinis sąrašas)

| — | Võlakirjade nimekiri (obligacijų sąrašas ) |
| --- | --- |

—

Võlakirjade nimekiri (obligacijų sąrašas )

| — | Fondiosakute nimekri (fondo akcijų sąrašas) |
| --- | --- |

—

Fondiosakute nimekri (fondo akcijų sąrašas)

NASDAQ OMX Tallinn AS

(NASDAQ OMX Tallinn Ltd.)

Finantsinspektsioon

(Estijos finansų priežiūros institucija)

| 2. | Reguleeritud turg
  (reguliuojamoji rinka)






  — | Lisanimekiri (antrinis sąrašas) |
| --- | --- | --- |

2.

Reguleeritud turg

(reguliuojamoji rinka)

—

Lisanimekiri (antrinis sąrašas)

Suomija

Arvopaperipörssi (vertybinių popierių birža)

| — | Pörssilista (oficialusis sąrašas); |
| --- | --- |

—

Pörssilista (oficialusis sąrašas);

| — | Pre-lista (išankstinis sąrašas); |
| --- | --- |

—

Pre-lista (išankstinis sąrašas);

| — | Muut arvopaperit–lista (kitų vertybinių popierių sąrašas) |
| --- | --- |

—

Muut arvopaperit–lista (kitų vertybinių popierių sąrašas)

NASDAQ OMX Helsinki Oy (NASDAQ OMX Helsinki Ltd.)

Įkūrimas –

Finansų ministerija

Priežiūra:

| — | Taisyklių patvirtinimas – Finansų ministerija |
| --- | --- |

—

Taisyklių patvirtinimas – Finansų ministerija

| — | Atitikties priežiūra –
  Finanssivalvonta, Suomijos finansų priežiūros institucija |
| --- | --- |

—

Atitikties priežiūra –

Finanssivalvonta, Suomijos finansų priežiūros institucija

Prancūzija

| 1. | Euronext Paris |
| --- | --- |

1.

Euronext Paris

| 2. | MATIF |
| --- | --- |

2.

MATIF

| 3. | MONEP |
| --- | --- |

3.

MONEP

Euronext Paris (1-3)

Proposition de l’Autorité des marchés financiers (AMF)

Reconnaissance par le ministre chargé de l’économie (cf. article L. 421-1 du code monétaire et financier)

Vokietija

Börsenaufsichtsbehörden der Länder (federalinių žemių vertybinių popierių biržų priežiūros institucijos) ir Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

Valstybinės institucijos:

| 1. | Börse Berlin (Regulierter Markt) |
| --- | --- |

1.

Börse Berlin (Regulierter Markt)

| 1. | Börse Berlin AG |
| --- | --- |

1.

Börse Berlin AG

| 1. | Senatsverwaltung für Wirtschaft, Technologie und Frauen, Berlynas |
| --- | --- |

1.

Senatsverwaltung für Wirtschaft, Technologie und Frauen, Berlynas

| 2. | Düsseldorfer Börse (Regulierter Markt) |
| --- | --- |

2.

Düsseldorfer Börse (Regulierter Markt)

| 2. | Börse Düsseldorf AG |
| --- | --- |

2.

Börse Düsseldorf AG

| 2. | Finanzministerium des Landes Nordrhein–Westfalen, Diuseldorfas |
| --- | --- |

2.

Finanzministerium des Landes Nordrhein–Westfalen, Diuseldorfas

| 3. | Frankfurter Wertpapierbörse (Regulierter Markt) |
| --- | --- |

3.

Frankfurter Wertpapierbörse (Regulierter Markt)

| 3. | Deutsche Börse AG |
| --- | --- |

3.

Deutsche Börse AG

| 3 ir 4. | Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Visbadenas |
| --- | --- |

3 ir 4.

Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Visbadenas

| 4. | Eurex Deutschland |
| --- | --- |

4.

Eurex Deutschland

| 4. | Eurex Frankfurt AG |
| --- | --- |

4.

Eurex Frankfurt AG

| 5. | Hanseatische Wertpapierbörse Hamburg (Regulierter Markt, Startup market) |
| --- | --- |

5.

Hanseatische Wertpapierbörse Hamburg (Regulierter Markt, Startup market)

| 5. | BÖAG Börsen AG |
| --- | --- |

5.

BÖAG Börsen AG

| 5. | Freie und Hansestadt Hamburg, Behörde für Wirtschaft und Arbeit |
| --- | --- |

5.

Freie und Hansestadt Hamburg, Behörde für Wirtschaft und Arbeit

| 6. | Niedersächsische Börse zu Hannover (Regulierter Markt) |
| --- | --- |

6.

Niedersächsische Börse zu Hannover (Regulierter Markt)

| 6. | BÖAG Börsen AG |
| --- | --- |

6.

BÖAG Börsen AG

| 6. | Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hanoveris |
| --- | --- |

6.

Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hanoveris

| 7. | Börse München (Regulierter Markt) |
| --- | --- |

7.

Börse München (Regulierter Markt)

| 7. | Bayerische Börse AG |
| --- | --- |

7.

Bayerische Börse AG

| 7. | Bayerisches Staatsministerium für Wirtschaft, Infrastruktur, Verkehr und Technologie, München |
| --- | --- |

7.

Bayerisches Staatsministerium für Wirtschaft, Infrastruktur, Verkehr und Technologie, München

| 8. | Baden–Württembergische Wertpapierbörse(Regulierter Markt) |
| --- | --- |

8.

Baden–Württembergische Wertpapierbörse(Regulierter Markt)

| 8. | Börse–Stuttgart AG |
| --- | --- |

8.

Börse–Stuttgart AG

| 8. | Wirtschaftsministerium Baden–Württemberg, Štutgartas |
| --- | --- |

8.

Wirtschaftsministerium Baden–Württemberg, Štutgartas

| 9. | Hanoverio rizikos valdymo birža (Regulierter Markt) |
| --- | --- |

9.

Hanoverio rizikos valdymo birža (Regulierter Markt)

| 9. | RMX Hannover |
| --- | --- |

9.

RMX Hannover

| 9. | Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hanoveris |
| --- | --- |

9.

Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hanoveris

| 10. | Europos energetikos birža |
| --- | --- |

10.

Europos energetikos birža

| 10. | Europos energetikos birža AG, Leipcigas |
| --- | --- |

10.

Europos energetikos birža AG, Leipcigas

| 10. | Sächsisches Staatsministerium für Wirtschaft und Arbeit, Drezdenas |
| --- | --- |

10.

Sächsisches Staatsministerium für Wirtschaft und Arbeit, Drezdenas

Graikija

| 1. | Atėnų birža






  — | Vertybinių popierių rinka |
| --- | --- | --- |

1.

Atėnų birža

—

Vertybinių popierių rinka

| — | Išvestinių finansinių priemonių rinka |
| --- | --- |

—

Išvestinių finansinių priemonių rinka

| 1. | Atėnų birža |
| --- | --- |

1.

Atėnų birža

| 1. | Graikijos kapitalo rinkos komisija (HCMC) |
| --- | --- |

1.

Graikijos kapitalo rinkos komisija (HCMC)

| 2. | Elektroninė antrinė vertybinių popierių rinka (HDAT – skolos priemonių rinka) |
| --- | --- |

2.

Elektroninė antrinė vertybinių popierių rinka (HDAT – skolos priemonių rinka)

| 2. | Graikijos bankas |
| --- | --- |

2.

Graikijos bankas

| 2. | Graikijos kapitalo rinkos komisija (HCMC) |
| --- | --- |

2.

Graikijos kapitalo rinkos komisija (HCMC)

Vengrija

Budapesti Értéktőzsde Zrt. (Budapešto vertybinių popierių birža)

| — | Részvényszekció (vertybinių popierių skyrius) |
| --- | --- |

—

Részvényszekció (vertybinių popierių skyrius)

| — | Hitelpapír Szekció (skolos vertybinių popierių skyrius) |
| --- | --- |

—

Hitelpapír Szekció (skolos vertybinių popierių skyrius)

| — | Származékos Szekció (išvestinių finansinių priemonių skyrius) |
| --- | --- |

—

Származékos Szekció (išvestinių finansinių priemonių skyrius)

| — | Áru szekció (biržos prekių skyrius) |
| --- | --- |

—

Áru szekció (biržos prekių skyrius)

Budapesti Értéktőzsde Zrt. (Budapešto vertybinių popierių birža)

Pénzügyi Szervezetek Állami Felügyelete (Vengrijos finansų priežiūros institucija)

Airija

Airijos vertybinių popierių biržos pagrindinė rinka

Ribotos atsakomybės bendrovė Airijos vertybinių popierių birža (Irish Stock Exchange Ltd.)

Airijos finansinių paslaugų reguliavimo institucija (finansų reguliavimo institucija) išduoda leidimus reguliuojamoms rinkoms ir (išskyrus kotiravimo sąlygas) prižiūri, ar rinkos operatorius laikosi Finansinių priemonių rinkų direktyvos reikalavimų.

Italija

| 1. | Elektroninė akcijų rinka (MTA) |
| --- | --- |

1.

Elektroninė akcijų rinka (MTA)

| 2. | Elektroninė obligacijų rinka (MOT) |
| --- | --- |

2.

Elektroninė obligacijų rinka (MOT)

| 3. | Elektroninė atviro tipo fondų ir ETC rinka (ETF-Plus) |
| --- | --- |

3.

Elektroninė atviro tipo fondų ir ETC rinka (ETF-Plus)

| 4. | Elektroninė vertybinių popierių išvestinių finansinių priemonių rinka (SeDeX) |
| --- | --- |

4.

Elektroninė vertybinių popierių išvestinių finansinių priemonių rinka (SeDeX)

| 5. | Ne darbo valandomis veikianti rinka (TAH) |
| --- | --- |

5.

Ne darbo valandomis veikianti rinka (TAH)

| 6. | Italijos išvestinių finansinių priemonių rinka, kurioje prekiaujama finansinėmis priemonėmis, nurodytomis konsoliduoto finansų įstatymo (IDEM) 1 straipsnio 2 dalies f ir i punktuose |
| --- | --- |

6.

Italijos išvestinių finansinių priemonių rinka, kurioje prekiaujama finansinėmis priemonėmis, nurodytomis konsoliduoto finansų įstatymo (IDEM) 1 straipsnio 2 dalies f ir i punktuose

| 7. | Didmeninė Italijos ir užsienio vyriausybių obligacijų rinka (MTS) |
| --- | --- |

7.

Didmeninė Italijos ir užsienio vyriausybių obligacijų rinka (MTS)

| 8. | Didmeninė prekyba nevyriausybinėmis obligacijomis ir vertybiniais popieriais, kuriuos išleidžia tarptautinės organizacijos dalyvaujant vyriausybėms (MTS Corporate) |
| --- | --- |

8.

Didmeninė prekyba nevyriausybinėmis obligacijomis ir vertybiniais popieriais, kuriuos išleidžia tarptautinės organizacijos dalyvaujant vyriausybėms (MTS Corporate)

| 9. | Didmeninė prekyba internetu vyriausybinėmis obligacijomis (BondVision) |
| --- | --- |

9.

Didmeninė prekyba internetu vyriausybinėmis obligacijomis (BondVision)

| 10. | TLX rinka |
| --- | --- |

10.

TLX rinka

| 1–6. | Borsa Italiana S.p.A. |
| --- | --- |

1–6.

Borsa Italiana S.p.A.

| 7–9. | Società per il Mercato dei Titoli di Stato – MTS S.p.A. |
| --- | --- |

7–9.

Società per il Mercato dei Titoli di Stato – MTS S.p.A.

| 10. | TLX s.p.a. |
| --- | --- |

10.

TLX s.p.a.

Consob išduoda leidimus bendrovėms, valdančioms rinkas, ir tvirtina jų įstatus.

Veiklą vykdanti bendrovė gauna leidimą iš Ūkio ir finansų ministerijos, kuri atsižvelgia į Consob ir Banca d'Italia nuomonę, prekiauti vyriausybiniais vertybiniais popieriais didmeninėje rinkoje.

Latvija

NASDAQ OMX Riga:

| — | Pagrindinis sąrašas; |
| --- | --- |

—

Pagrindinis sąrašas;

| — | Skolos vertybinių popierių sąrašas; |
| --- | --- |

—

Skolos vertybinių popierių sąrašas;

| — | Antrinis sąrašas; |
| --- | --- |

—

Antrinis sąrašas;

| — | Fondų sąrašas |
| --- | --- |

—

Fondų sąrašas

JSC NASDAQ OMX Riga

Finanšu un kapitāla tirgus komisija (Finansų ir kapitalo rinkų komisija)

Lietuva

Nasdaq OMX Vilnius:

| — | Nasdaq OMX Vilnius pagrindinis sąrašas |
| --- | --- |

—

Nasdaq OMX Vilnius pagrindinis sąrašas

| — | Nasdaq OMX Vilnius antrinis sąrašas |
| --- | --- |

—

Nasdaq OMX Vilnius antrinis sąrašas

| — | Nasdaq OMX Vilnius skolos vertybinių popierių sąrašas |
| --- | --- |

—

Nasdaq OMX Vilnius skolos vertybinių popierių sąrašas

| — | Nasdaq OMX Vilnius fondų sąrašas |
| --- | --- |

—

Nasdaq OMX Vilnius fondų sąrašas

Nasdaq OMX Vilnius

Lietuvos vertybinių popierių komisija

Liuksemburgas

Bourse de Luxembourg

Société de la Bourse de Luxembourg S.A.

Commission de surveillance du Secteur Financier

Malta

Maltos vertybinių popierių birža

Maltos vertybinių popierių birža

Maltos finansinių paslaugų priežiūros institucija

Nyderlandai

| 1. | a) | Euronext Amsterdam pinigų rinka:






  — | Euronext Amsterdam |
| --- | --- | --- | --- |

1.

a)

Euronext Amsterdam pinigų rinka:

—

Euronext Amsterdam

| b) | Euronext Amsterdam išvestinių finansinių priemonių rinka |
| --- | --- |

b)

Euronext Amsterdam išvestinių finansinių priemonių rinka

| 1. | NYSE Euronext (International) BV, NYSE Euronext (Holding) BV, Euronext NV, Euronext (Holdings) NV en Euronext Amsterdam NV |
| --- | --- |

1.

NYSE Euronext (International) BV, NYSE Euronext (Holding) BV, Euronext NV, Euronext (Holdings) NV en Euronext Amsterdam NV

| 1-3. | Licenciją išdavė Finansų ministras, pasikonsultavęs su Nyderlandų finansų rinkų valdžios institucija.
  Prižiūrima Nyderlandų finansinių rinkų valdžios institucijos ir Nyderlandų finansų ministerijos. |
| --- | --- |

1-3.

Licenciją išdavė Finansų ministras, pasikonsultavęs su Nyderlandų finansų rinkų valdžios institucija.

Prižiūrima Nyderlandų finansinių rinkų valdžios institucijos ir Nyderlandų finansų ministerijos.

| 2. | Endex |
| --- | --- |

2.

Endex

| 2. | ENDEX Europos energetikos išvestinių finansinių priemonių birža N.V. |
| --- | --- |

2.

ENDEX Europos energetikos išvestinių finansinių priemonių birža N.V.

| 3. | MTS Amsterdam |
| --- | --- |

3.

MTS Amsterdam

| 3. | MTS Amsterdam N.V. |
| --- | --- |

3.

MTS Amsterdam N.V.

Lenkija

| 1. | Rynek podstawowy (pagrindinė rinka) |
| --- | --- |

1.

Rynek podstawowy (pagrindinė rinka)

| 2. | Rynek równolegly (paralelinė rinka) |
| --- | --- |

2.

Rynek równolegly (paralelinė rinka)

| 3. | Rynek Papierów Wartosciowych CeTO (regulowany rynek pozagieldowy) (CeTO vertybinių popierių rinka, reguliiojama nebiržinės rinkos) |
| --- | --- |

3.

Rynek Papierów Wartosciowych CeTO (regulowany rynek pozagieldowy) (CeTO vertybinių popierių rinka, reguliiojama nebiržinės rinkos)

| 1 ir 2. | Gielda Papierów Wartościowych w Warszawie (Varšuvos vertybinių popierių rinka) |
| --- | --- |

1 ir 2.

Gielda Papierów Wartościowych w Warszawie (Varšuvos vertybinių popierių rinka)

| 3. | MTS–CeTO S.A. |
| --- | --- |

3.

MTS–CeTO S.A.

Komisja Nadzoru Finansowego (Finansų priežiūros komisija)

Portugalija

| 1. | Eurolist sudarytas Euronext Lisbon (oficialiojo sąrašo rinka) |
| --- | --- |

1.

Eurolist sudarytas Euronext Lisbon (oficialiojo sąrašo rinka)

| 2. | Mercado de Futuros e Opções (būsimųjų sandorių ir pasirinkimo sandorių rinka) |
| --- | --- |

2.

Mercado de Futuros e Opções (būsimųjų sandorių ir pasirinkimo sandorių rinka)

| 3. | MEDIP — Mercado Especial de Dívida Pública (speciali valstybės skolos rinka) |
| --- | --- |

3.

MEDIP — Mercado Especial de Dívida Pública (speciali valstybės skolos rinka)

| 4. | MIBEL — Mercado Regulamentado de Derivados do MIBEL. |
| --- | --- |

4.

MIBEL — Mercado Regulamentado de Derivados do MIBEL.

(energetikos rinka)

| 1-2. | Euronext Lisbon — Sociedade Gestora de Mercados Regulamentados, S.A. |
| --- | --- |

1-2.

Euronext Lisbon — Sociedade Gestora de Mercados Regulamentados, S.A.

| 3. | MTS Portugal — Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A. |
| --- | --- |

3.

MTS Portugal — Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A.

| 4. | OMIP — Operador do Mercado Ibérico de Energia (Pólo Português), Sociedade Gestora de Mercado Regulamentado, SA (OMIP) |
| --- | --- |

4.

OMIP — Operador do Mercado Ibérico de Energia (Pólo Português), Sociedade Gestora de Mercado Regulamentado, SA (OMIP)

Finansų ministerija išduoda rinkoms leidimus, remdamasi Comissão do Mercado de Valores Mobiliários Mobiliários (CMVM, kuri yra atsakinga už rinkos reguliavimą ir priežiūrą) pasiūlymu.

Rumunija

| 1. | Piața reglementată (reguliuojama neatidėliotinų atsiskaitymų rinka – BVB) |
| --- | --- |

1.

Piața reglementată (reguliuojama neatidėliotinų atsiskaitymų rinka – BVB)

| 2. | Piața reglementată la termen (reguliuojama išvestinių finansinių priemonių rinka – BVB) |
| --- | --- |

2.

Piața reglementată la termen (reguliuojama išvestinių finansinių priemonių rinka – BVB)

| 3. | Piața reglementată (reguliuojama finansinių priemonių rinka – BMFMS) |
| --- | --- |

3.

Piața reglementată (reguliuojama finansinių priemonių rinka – BMFMS)

| 1 ir 2. | S.C. Bursa de Valori București S.A. (Bukarešto vertybinių popierių birža) |
| --- | --- |

1 ir 2.

S.C. Bursa de Valori București S.A. (Bukarešto vertybinių popierių birža)

| 3. | S.C. Bursa Monetar Financiară și de Mărfuri S.A. Sibiu (Pinigų ir finansų bei prekių birža S.A. Sibiu) |
| --- | --- |

3.

S.C. Bursa Monetar Financiară și de Mărfuri S.A. Sibiu (Pinigų ir finansų bei prekių birža S.A. Sibiu)

Comisia Națională a Valorilor Mobiliare (Rumunijos nacionalinė vertybinių popierių komisija)

Comisia Națională a Valorilor Mobiliare (Rumunijos nacionalinė vertybinių popierių komisija)

Slovakija

| 1. | Kotiruojamų vertybinių popierių rinka






  — | Pagrindinė kotiruojamų VP rinka |
| --- | --- | --- |

1.

Kotiruojamų vertybinių popierių rinka

—

Pagrindinė kotiruojamų VP rinka

| — | Paralelinė kotiruojamų VP rinka |
| --- | --- |

—

Paralelinė kotiruojamų VP rinka

| 2. | Reguliuojama laisva rinka |
| --- | --- |

2.

Reguliuojama laisva rinka

Bratislavos vertybinių popierių birža

Slovakijos nacionalinis bankas

Slovėnija

Liublianos oficialioji vertybinių popierių rinka (Borzni trg)

Liublianos vertybinių popierių birža (Ljubljanska borza)

Vertybinių popierių rinkų agentūra

(Agencija za trg vrednostnih papirjev)

Ispanija

| A. | Bolsas de Valores (iš viso apima pirmosios ir antrosios rinkų segmentus) |
| --- | --- |

A.

Bolsas de Valores (iš viso apima pirmosios ir antrosios rinkų segmentus)

CNMV (Comisión Nacional del Mercado de Valores)

Banco de España, atsakingas už rinką ir valstybės skolą.

| 1. | Bolsa de Valores de Barcelona |
| --- | --- |

1.

Bolsa de Valores de Barcelona

| A1: | Sociedad Rectora de la Bolsa de Valores de Barcelona S.A. |
| --- | --- |

A1:

Sociedad Rectora de la Bolsa de Valores de Barcelona S.A.

| 2. | Bolsa de Valores de Bilbao |
| --- | --- |

2.

Bolsa de Valores de Bilbao

| A2: | Soc. Rectora de la Bolsa de Valores de Bilbao S.A. |
| --- | --- |

A2:

Soc. Rectora de la Bolsa de Valores de Bilbao S.A.

| 3. | Bolsa de Valores de Madrid |
| --- | --- |

3.

Bolsa de Valores de Madrid

| A3: | Soc. Rectora de la Bolsa de Valores de Madrid S.A. |
| --- | --- |

A3:

Soc. Rectora de la Bolsa de Valores de Madrid S.A.

| 4. | Bolsa de valores de Valencia |
| --- | --- |

4.

Bolsa de valores de Valencia

| A4: | Soc. Recotora de la Bolsa de Valores de Valencia S.A. |
| --- | --- |

A4:

Soc. Recotora de la Bolsa de Valores de Valencia S.A.

| B. | Mercados oficiales de Productos Financieros Derivados |
| --- | --- |

B.

Mercados oficiales de Productos Financieros Derivados

| 1. | MEFF Renta Fija |
| --- | --- |

1.

MEFF Renta Fija

| B1: | Soc. Rectora de Productos Financieros Derivados de RENTA Fija S.A. |
| --- | --- |

B1:

Soc. Rectora de Productos Financieros Derivados de RENTA Fija S.A.

| 2. | MEFF Renta Variable |
| --- | --- |

2.

MEFF Renta Variable

| B2: | Soc. Rectora de Productos Financieros Derivados de Renta Variable S.A. |
| --- | --- |

B2:

Soc. Rectora de Productos Financieros Derivados de Renta Variable S.A.

| C. | Mercado MFAO de Futuros del Aceite de Oliva |
| --- | --- |

C.

Mercado MFAO de Futuros del Aceite de Oliva

| C: | (MFAO) Sociedad rectora del Mercado de Futuros del Aceite de Oliva, S.A. |
| --- | --- |

C:

(MFAO) Sociedad rectora del Mercado de Futuros del Aceite de Oliva, S.A.

| D. | AIAF Mercado de Renta Fija |
| --- | --- |

D.

AIAF Mercado de Renta Fija

| D: | AIAF Mercado de Renta Fija |
| --- | --- |

D:

AIAF Mercado de Renta Fija

| E. | Mercados de Deuda Pública en Anotaciones |
| --- | --- |

E.

Mercados de Deuda Pública en Anotaciones

| E: | Banco de España |
| --- | --- |

E:

Banco de España

Švedija

Nasdaq OMX Stockholm AB

| — | reguliuojama akcijų ir joms prilygstančių finansinių priemonių rinka |
| --- | --- |

—

reguliuojama akcijų ir joms prilygstančių finansinių priemonių rinka

| — | reguliuojama išvestinių finansinių priemonių rinka |
| --- | --- |

—

reguliuojama išvestinių finansinių priemonių rinka

| — | reguliuojama obligacijų ir joms prilygstančių finansinių priemonių rinka |
| --- | --- |

—

reguliuojama obligacijų ir joms prilygstančių finansinių priemonių rinka

OMX Nordic Stokholmo birža AB

Finansinspektionen (Finansų priežiūros institucija)

Jungtinė Karalystė

| 1. | EDX |
| --- | --- |

1.

EDX

| 1. | EDX London Limited |
| --- | --- |

1.

EDX London Limited

| 1.–6. | Finansinių paslaugų institucija |
| --- | --- |

1.–6.

Finansinių paslaugų institucija

| 2. | PLUS – Markets Group – PLUS kotiruojamų vertybinių popierių rinka |
| --- | --- |

2.

PLUS – Markets Group – PLUS kotiruojamų vertybinių popierių rinka

| 2. | PLUS Markets plc |
| --- | --- |

2.

PLUS Markets plc

| 3. | Londono tarptautinė būsimųjų finansinių sandorių ir pasirinkimo sandorių birža (LIFFE) |
| --- | --- |

3.

Londono tarptautinė būsimųjų finansinių sandorių ir pasirinkimo sandorių birža (LIFFE)

| 3. | LIFFE Administration and Management |
| --- | --- |

3.

LIFFE Administration and Management

| 4. | Londono metalų birža |
| --- | --- |

4.

Londono metalų birža

| 4. | The London Metal Exchange Limited |
| --- | --- |

4.

The London Metal Exchange Limited

| 5. | Intercontinental Exchange – ICE Futures Europe |
| --- | --- |

5.

Intercontinental Exchange – ICE Futures Europe

| 5. | ICE Futures Europe |
| --- | --- |

5.

ICE Futures Europe

| 6. | Londono vertybinių popierių birža – reguliuojama rinka |
| --- | --- |

6.

Londono vertybinių popierių birža – reguliuojama rinka

| 6. | London Stock Exchange plc |
| --- | --- |

6.

London Stock Exchange plc

Islandija

OMX Nordic Exchange á Islandi (reguliuojama rinka)

OMX Nordic Exchange

Fjármálaeftirlitið (Finansų priežiūros institucija)

Lichtenšteinas

Netaikoma

Netaikoma

Netaikoma

Norvegija

| 1. | Oslo vertybinių popierių birža (oficialusis sąrašas)






  — | Akcijų rinka |
| --- | --- | --- |

1.

Oslo vertybinių popierių birža (oficialusis sąrašas)

—

Akcijų rinka

| — | Išvestinių finansinių priemonių rinka |
| --- | --- |

—

Išvestinių finansinių priemonių rinka

| — | Obligacijų rinka |
| --- | --- |

—

Obligacijų rinka

| 1. | Oslo Børs ASA |
| --- | --- |

1.

Oslo Børs ASA

Kredittilsynet (Norvegijos finansų priežiūros institucija)

| 2. | Oslo Axess






  — | Akcijų rinka |
| --- | --- | --- |

2.

Oslo Axess

—

Akcijų rinka

| 2. | Oslo Børs ASA |
| --- | --- |

2.

Oslo Børs ASA

| 3. | Nord Pool (oficialusis sąrašas)






  — | Išvestinių finansinių priemonių rinka (prekės) |
| --- | --- | --- |

3.

Nord Pool (oficialusis sąrašas)

—

Išvestinių finansinių priemonių rinka (prekės)

| 3. | Nord Pool ASA |
| --- | --- |

3.

Nord Pool ASA

| 4. | Imarex






  — | Išvestinių finansinių priemonių rinka (prekės) |
| --- | --- | --- |

4.

Imarex

—

Išvestinių finansinių priemonių rinka (prekės)

| 4. | Imarex ASA |
| --- | --- |

4.

Imarex ASA

| 5. | Fish Pool






  — | Išvestinių finansinių priemonių rinka (prekės) |
| --- | --- | --- |

5.

Fish Pool

—

Išvestinių finansinių priemonių rinka (prekės)

| 5. | Fish Pool ASA |
| --- | --- |

5.

Fish Pool ASA

---

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/9 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/9

---

Komisijos pranešimas pagal Europos Parlamento ir Tarybos reglamento Nr. 1008/2008 dėl oro susisiekimo paslaugų teikimo Bendrijoje bendrųjų taisyklių 16 straipsnio 4 dalį

Su viešosiomis paslaugomis susiję įsipareigojimai dėl reguliariojo oro susisiekimo paslaugų teikimo

(Tekstas svarbus EEE)

2009/C 158/04

| Valstybė narė | Italija |
| --- | --- |
| Maršrutas | Bolzano – Roma Fiumicino ir Roma Fiumicino – Bolzano |
| Su viešosiomis paslaugomis susijusių įsipareigojimų įsigaliojimo diena | 2009 m. gruodžio 1 d. |
| Adresas, kuriuo galima gauti su viešosiomis paslaugomis susijusių įsipareigojimų tekstą ir visą atitinkamą su tais įsipareigojimais susijusią informaciją ir (arba) dokumentus | E.N.A.C. Ente nazionale dell’aviazione civile
  Direzione centrale regolazione economica





  Direzione trasporto aereo |
| Viale del Castro Pretorio, n. 118 |
| 00185 Roma |
| ITALIA |
| www.enac-italia.it |
| E-mail: trasporto.aereo@enac.gov.it |

Valstybė narė

Italija

Maršrutas

Bolzano – Roma Fiumicino ir Roma Fiumicino – Bolzano

Su viešosiomis paslaugomis susijusių įsipareigojimų įsigaliojimo diena

2009 m. gruodžio 1 d.

Adresas, kuriuo galima gauti su viešosiomis paslaugomis susijusių įsipareigojimų tekstą ir visą atitinkamą su tais įsipareigojimais susijusią informaciją ir (arba) dokumentus

E.N.A.C. Ente nazionale dell’aviazione civile

Direzione centrale regolazione economica

Direzione trasporto aereo

Viale del Castro Pretorio, n. 118

00185 Roma

ITALIA

www.enac-italia.it

E-mail: trasporto.aereo@enac.gov.it

---

V Skelbimai

ADMINISTRACINĖS PROCEDŪROS

Komisija

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/10 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/10

---

KVIETIMAS TEIKTI PARAIŠKAS – EACEA/11/2009

Struktūrinė parama Europos viešosios politikos tyrimų organizacijoms (moksliniams institutams) ir pilietinės visuomenės organizacijoms Europos lygmeniu

Programa „Europa piliečiams“, 2 veiksmas, 1 ir 2 priemonės – 2010 m.

2009/C 158/05

1.   TIKSLAI IR APRAŠYMAS

Šio kvietimo teikti paraiškas EACEA/11/2009 pagrindas – Europos Parlamento ir Tarybos sprendimas, kuriuo buvo įkurta 2007–2013 m. programa „Europa piliečiams“ aktyviam Europos pilietiškumui skatinti (1) (toliau – Programa).

Programa laikoma šio kvietimo teikti paraiškas teisiniu pagrindu ir konkrečiai apima antrojo veiksmo „Aktyvi Europos pilietinė visuomenė“ pirmą ir antrą priemones – struktūrinę paramą Europos viešosios politikos tyrimų organizacijoms (moksliniams institutams) ir pilietinės visuomenės organizacijoms Europos lygmeniu.

1.1.   Bendrieji programos tikslai

Programa siekiama šių bendrųjų tikslų:

| a) | suteikti piliečiams galimybę veikti kartu ir dalyvauti kuriant glaudesnę, demokratinę bei į pasaulį orientuotą ir kultūrų įvairovės pagrindu suvienytą ir praturtintą Europą ir taip stiprinti Europos Sąjungos pilietiškumą; |
| --- | --- |

a)

suteikti piliečiams galimybę veikti kartu ir dalyvauti kuriant glaudesnę, demokratinę bei į pasaulį orientuotą ir kultūrų įvairovės pagrindu suvienytą ir praturtintą Europą ir taip stiprinti Europos Sąjungos pilietiškumą;

| b) | ugdyti Europos identiteto jausmą, grindžiamą bendromis vertybėmis, bendra istorija ir kultūra; |
| --- | --- |

b)

ugdyti Europos identiteto jausmą, grindžiamą bendromis vertybėmis, bendra istorija ir kultūra;

| c) | skatinti Europos piliečių dalyvavimą Europos Sąjungos veikloje; |
| --- | --- |

c)

skatinti Europos piliečių dalyvavimą Europos Sąjungos veikloje;

| d) | didinti Europos piliečių tarpusavio supratimą, gerbti ir skatinti kultūrų ir kalbų įvairovę, prisidėti prie kultūrų dialogo. |
| --- | --- |

d)

didinti Europos piliečių tarpusavio supratimą, gerbti ir skatinti kultūrų ir kalbų įvairovę, prisidėti prie kultūrų dialogo.

1.2.   Specialieji kvietimo teikti paraiškas tikslai

Specialieji šio kvietimo teikti paraiškas tikslai:

| a) | Siekti, kad ekspertų grupių (mokslo struktūrų) ir Europos lygmeniu veikiančių pilietinės visuomenės organizacijų veikla ir bendradarbiavimas skatintų veiklą, diskusijas ir svarstymus, susijusius su Europos pilietiškumu ir demokratija, bendromis vertybėmis, bendra istorija ir kultūra; |
| --- | --- |

a)

Siekti, kad ekspertų grupių (mokslo struktūrų) ir Europos lygmeniu veikiančių pilietinės visuomenės organizacijų veikla ir bendradarbiavimas skatintų veiklą, diskusijas ir svarstymus, susijusius su Europos pilietiškumu ir demokratija, bendromis vertybėmis, bendra istorija ir kultūra;

| b) | Skatinti piliečių ir pilietinės visuomenės organizacijų sąveiką, prisidėti prie kultūrų dialogo ir pabrėžti Europos įvairovę bei vienybę. |
| --- | --- |

b)

Skatinti piliečių ir pilietinės visuomenės organizacijų sąveiką, prisidėti prie kultūrų dialogo ir pabrėžti Europos įvairovę bei vienybę.

1.3.   Teminiai prioritetai

| — | Europos Sąjungos ir jos pagrindinių vertybių ateitis, |
| --- | --- |

—

Europos Sąjungos ir jos pagrindinių vertybių ateitis,

| — | Aktyvus Europos pilietiškumas, dalyvavimas ir demokratija, |
| --- | --- |

—

Aktyvus Europos pilietiškumas, dalyvavimas ir demokratija,

| — | Kultūrų dialogas, |
| --- | --- |

—

Kultūrų dialogas,

| — | Bendrijos politikos poveikis visuomenėms, |
| --- | --- |

—

Bendrijos politikos poveikis visuomenėms,

| — | Žmonių gerovė Europoje, užimtumas, socialinė sanglauda ir tvarus vystymasis. |
| --- | --- |

—

Žmonių gerovė Europoje, užimtumas, socialinė sanglauda ir tvarus vystymasis.

1.4.   Kvietimo teikti paraiškas aprašymas

Šis kvietimas teikti paraiškas susijęs su struktūrinės paramos (toliau – veiklos dotacija) teikimu organizacijoms, siekiančioms Europos bendros svarbos interesų. Veiklos dotacijos – tai finansinė parama padengiant dalį veiklos išlaidų, patirtų tinkamai vykdant pastovią pasirinktos organizacijos veiklą.

Atsižvelgiant į tam tikrus kriterijus ši parama gali būti suteikta mokant metinę dotaciją arba vykdant ilgalaikę strateginę partnerystę. Ilgalaikė strateginė partnerystė – tai organizacijos ir Švietimo, garso ir vaizdo bei kultūros vykdomosios įstaigos (toliau – Vykdomoji įstaiga) bendradarbiavimo mechanizmas, pagal kurį mokamos konkrečios dotacijos. Pagal šį kvietimą partnerystė gali būti vykdoma trejus metus.

2.   REIKALAVIMUS ATITINKANTYS PAREIŠKĖJAI

2.1.   Organizacijos

Veiklos dotacijos suteikimo reikalavimus atitinka tokios Europos bendros svarbos interesų siekiančios organizacijos:

| a) | ne pelno siekiančios organizacijos, kurios yra juridiniai asmenys; jei sukurtas tinklas, neturintis atskiros veiklos struktūros su nuosavais įstatais, paraišką gali pateikti už tinklo koordinavimą atsakinga organizacija narė; |
| --- | --- |

a)

ne pelno siekiančios organizacijos, kurios yra juridiniai asmenys; jei sukurtas tinklas, neturintis atskiros veiklos struktūros su nuosavais įstatais, paraišką gali pateikti už tinklo koordinavimą atsakinga organizacija narė;

| b) | Europos pilietiškumo srityje veikiančios organizacijos, kaip apibūdinta jų įstatuose arba užduočių deklaracijoje, atitinkančios vieną iš šių organizacijų kategorijų: | 1 priemonė







  A. | Europos viešosios politikos tyrimų organizacijos ir moksliniai institutai (ekspertų grupės – mokslo struktūros). |
| --- | --- | --- | --- |

b)

Europos pilietiškumo srityje veikiančios organizacijos, kaip apibūdinta jų įstatuose arba užduočių deklaracijoje, atitinkančios vieną iš šių organizacijų kategorijų:

1 priemonė

A.

Europos viešosios politikos tyrimų organizacijos ir moksliniai institutai (ekspertų grupės – mokslo struktūros).

| | 2 priemonė







  B. | Europos mastu veikiančios pilietinės visuomenės organizacijos.






  — | Europos pagrindinės organizacijos (platformos), |
| --- | --- | --- | --- |

2 priemonė

B.

Europos mastu veikiančios pilietinės visuomenės organizacijos.

—

Europos pagrindinės organizacijos (platformos),

| — | Europos tinklai, |
| --- | --- |

—

Europos tinklai,

| — | Organizacijos, vystančios Europos mastu didelę įtaką darančią veiklą. |
| --- | --- |

—

Organizacijos, vystančios Europos mastu didelę įtaką darančią veiklą.

| C. | Pilietinės visuomenės organizacijos, susijusios su Europos atmintimi. |
| --- | --- |

C.

Pilietinės visuomenės organizacijos, susijusios su Europos atmintimi.

| D. | Paneuropinės organizacijų platformos. |
| --- | --- |

D.

Paneuropinės organizacijų platformos.

| c) | organizacijos, didžiąją dalį veiklos vykdančios reikalavimus atitinkančiose valstybėse (žr. 2.2 punktą).

  Ilgalaikės strateginės partnerystės atveju organizacijos turi būti teisėtai įsteigtos vienoje iš reikalavimus atitinkančių valstybių ir būti juridiniai asmenys ilgiau kaip ketverius (4) metus (2009 m. spalio 15 d.), o toliau nurodytų kategorijų organizacijos turi apimti šią geografinę teritoriją:






  — | Europos pagrindinė organizacija arba Europos tinklas – turėti narių ne mažiau kaip dvylikoje (12) reikalavimus atitinkančių valstybių, |
| --- | --- | --- |

c)

organizacijos, didžiąją dalį veiklos vykdančios reikalavimus atitinkančiose valstybėse (žr. 2.2 punktą).

Ilgalaikės strateginės partnerystės atveju organizacijos turi būti teisėtai įsteigtos vienoje iš reikalavimus atitinkančių valstybių ir būti juridiniai asmenys ilgiau kaip ketverius (4) metus (2009 m. spalio 15 d.), o toliau nurodytų kategorijų organizacijos turi apimti šią geografinę teritoriją:

—

Europos pagrindinė organizacija arba Europos tinklas – turėti narių ne mažiau kaip dvylikoje (12) reikalavimus atitinkančių valstybių,

| — | organizacija, vystanti Europos mastu didelę įtaką darančią veiklą, turi veikti ne mažiau kaip dvylikoje (12) reikalavimus atitinkančių valstybių, |
| --- | --- |

—

organizacija, vystanti Europos mastu didelę įtaką darančią veiklą, turi veikti ne mažiau kaip dvylikoje (12) reikalavimus atitinkančių valstybių,

| — | paneuropinės organizacijų platformos narės turi būti ne mažiau kaip šešios (6) pagrindinės organizacijos, per kurias platforma turi veikti 27 valstybėse narėse. |
| --- | --- |

—

paneuropinės organizacijų platformos narės turi būti ne mažiau kaip šešios (6) pagrindinės organizacijos, per kurias platforma turi veikti 27 valstybėse narėse.

Metinės dotacijos atveju organizacijos turi būti teisėtai įsteigtos vienoje iš reikalavimus atitinkančių valstybių ir būti juridiniai asmenys ilgiau kaip vienus (1) metus (2009 m. spalio 15 d.), o toliau nurodytų kategorijų organizacijos turi apimti šią geografinę teritoriją:

| — | Europos pagrindinė organizacija arba Europos tinklas – turėti narių ne mažiau kaip aštuoniose (8) reikalavimus atitinkančiose valstybėse, |
| --- | --- |

—

Europos pagrindinė organizacija arba Europos tinklas – turėti narių ne mažiau kaip aštuoniose (8) reikalavimus atitinkančiose valstybėse,

| — | organizacija, vystanti Europos mastu didelę įtaką darančią veiklą, turi veikti ne mažiau kaip aštuoniose (8) reikalavimus atitinkančiose valstybėse, |
| --- | --- |

—

organizacija, vystanti Europos mastu didelę įtaką darančią veiklą, turi veikti ne mažiau kaip aštuoniose (8) reikalavimus atitinkančiose valstybėse,

Paneuropinės organizacijų platformos paraišką gali pateikti tik dėl ilgalaikės strateginės partnerystės.

Fiziniai asmenys ir viešosios įstaigos neatitinka šio kvietimo reikalavimų.

2.2.   Reikalavimus atitinkančios valstybės

| a) | Europos Sąjungos valstybės narės: Airija, Austrija, Belgija, Bulgarija, Čekija, Danija, Estija, Graikija, Ispanija, Italija, Jungtinė Karalystė, Kipras, Latvija, Lenkija, Lietuva, Liuksemburgas, Malta, Nyderlandai, Portugalija, Prancūzija, Rumunija, Slovakija, Slovėnija, Suomija, Švedija, Vengrija, Vokietija; |
| --- | --- |

a)

Europos Sąjungos valstybės narės: Airija, Austrija, Belgija, Bulgarija, Čekija, Danija, Estija, Graikija, Ispanija, Italija, Jungtinė Karalystė, Kipras, Latvija, Lenkija, Lietuva, Liuksemburgas, Malta, Nyderlandai, Portugalija, Prancūzija, Rumunija, Slovakija, Slovėnija, Suomija, Švedija, Vengrija, Vokietija;

| b) | Kroatija; |
| --- | --- |

b)

Kroatija;

| c) | Buvusioji Jugoslavijos Respublika Makedonija; |
| --- | --- |

c)

Buvusioji Jugoslavijos Respublika Makedonija;

| d) | Albanija. |
| --- | --- |

d)

Albanija.

3.   REIKALAVIMUS ATITINKANTI VEIKLA

Paraišką teikiančios organizacijos veikla turi konkrečiai padėti vystyti ir įgyvendinti šio kvietimo teikti paraiškas specialiuosius tikslus ir teminius prioritetus. Ji turi apimti ne mažiau kaip vieną specialųjį tikslą ir vieną teminį prioritetą iš nurodytųjų 1 punkte.

Paraišką teikiančios organizacijos 2010 m. veiklos programa ir trejų metų strateginė programa (ilgalaikės strateginės partnerystės atveju) turi apimti jos įstatuose nurodytą veiklą, visų pirma konferencijas, seminarus, apskritojo stalo susitikimus, reprezentacinę, komunikacinę ir vertės didinimo veiklą bei kitas Europoje vykdomos pakartotinės veiklos sritis.

Leistinas veiklos vykdymo laikotarpis

Ir metinės dotacijos, ir ilgalaikės strateginės partnerystės atveju leistinas veiklos vykdymo laikotarpis turi sutapti su pareiškėjo biudžetiniais metais, nurodytais patvirtintose organizacijos ataskaitose. Jei šie biudžetiniai metai sutampa su kalendoriniais metais, leistinas veiklos vykdymo laikotarpis yra 2009 m. sausio 1 d.–2010 m gruodžio 31 d.

Jei pareiškėjų biudžetiniai metai nesutampa su kalendoriniais metais, leistinas veiklos vykdymo laikotarpis yra 12 mėnesių nuo jų 2010 biudžetinių metų pradžios.

4.   VERTINIMO KRITERIJAI

Tinkamumo ir atmetimo kriterijus atitinkančias paraiškas pagal vertinimo kriterijus vertina vertinimo komitetas, siekdamas atrinkti paraiškas, pagal kurias gali būti skiriamas papildomas finansavimas.

Taikomi toliau nurodyti vertinimo kriterijai. Kokybės ir kiekybės kriterijai atitinkamai sudaro 80 proc. ir 20 proc. skiriamo balo. Ilgalaikės strateginės partnerystės atveju tas pats procentas skiriamas 12 mėnesių veiklos programai ir trejų metų strateginei programai.

4.1.   Kokybės kriterijai (80 proc.)

Vertinami tokie veiksniai:

| a) | ar paraiška atitinka programos „Europa piliečiams“ tikslus ir prioritetus (30 proc.); |
| --- | --- |

a)

ar paraiška atitinka programos „Europa piliečiams“ tikslus ir prioritetus (30 proc.);

| b) | veiklos programos adekvatumas, rišlumas ir išbaigtumas (20 proc.); |
| --- | --- |

b)

veiklos programos adekvatumas, rišlumas ir išbaigtumas (20 proc.);

| c) | veiklos programos poveikis (10 proc.); |
| --- | --- |

c)

veiklos programos poveikis (10 proc.);

| d) | nauda Europai (10 proc.); |
| --- | --- |

d)

nauda Europai (10 proc.);

| e) | veiklos matomumas, informacijos apie rezultatus teikimas Europos piliečiams ir kitiems suinteresuotiesiems asmenims bei jos naudojimas (10 proc.). |
| --- | --- |

e)

veiklos matomumas, informacijos apie rezultatus teikimas Europos piliečiams ir kitiems suinteresuotiesiems asmenims bei jos naudojimas (10 proc.).

4.2.   Kiekybės kriterijai (20 proc.)

Vertinami tokie veiksniai:

| a) | veiklos programos veiksmuose dalyvaujančių reikalavimus atitinkančių valstybių skaičius (10 proc.); |
| --- | --- |

a)

veiklos programos veiksmuose dalyvaujančių reikalavimus atitinkančių valstybių skaičius (10 proc.);

| b) | galimų tiesioginių naudos gavėjų skaičius (10 proc.). |
| --- | --- |

b)

galimų tiesioginių naudos gavėjų skaičius (10 proc.).

5.   BIUDŽETAS

2010 m. papildomam finansavimui, skiriant veiklos dotacijas, numatyta apie 8,2 mln. EUR. Vykdomoji įstaiga pagal šį kvietimą ketina finansuoti apie 55 organizacijas, tačiau, remdamasi paraiškų kokybe, pasilieka sau teisę nepaskirstyti visų turimų lėšų.

Orientaciniais duomenimis, ilgalaikės strateginės partnerystės dotacijos sudaro apie 85 proc. turimo biudžeto, o metinės dotacijos – apie 15 proc.

Ši parama teikiama pagal Europos Sąjungos bendrojo biudžeto 15.06.66 eilutę.

6.   GALUTINĖ PARAIŠKŲ PATEIKIMO DATA

Galutinė paraiškų pateikimo data – 2009 m. spalio 15 d.

Vykdomoji įstaiga šiuo metu kuria elektroninę visų paraiškų teikimo sistemą.

Pagal šį kvietimą teikti paraiškas pareiškėjai savo paraišką turi atsiųsti užpildydami elektroninę formą, kurią bus galima naudoti nuo 2009 m. rugsėjo 15 d. Ši versija (įskaitant priedus) laikoma pagrindine. Iki šios dienos Vykdomoji įstaiga siūlo naudoti formos PDF versiją, kad pareiškėjai galėtų pradėti rengti savo dokumentus.

Be to, popierinė paraiškos dokumentų versija iki galutinės datos turi būti išsiųsta paštu šiuo adresu:

| Education, Audiovisual and Culture Executive Agency |
| --- |
| Unit P7 |
| Call for proposals EACEA/11/2009 |
| Avenue du Bourget 1 (BOUR 01/17) |
| 1140 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

Education, Audiovisual and Culture Executive Agency

Unit P7

Call for proposals EACEA/11/2009

Avenue du Bourget 1 (BOUR 01/17)

1140 Bruxelles/Brussel

BELGIQUE/BELGIË

Priimamos tik tos paraiškos, kurios pateiktos tinkamai užpildžius oficialią formą, kuriose nurodyta tiksli data ir kurios yra pasirašytos asmens, įgalioto prisiimti teisinius įsipareigojimus paraišką pateikusios organizacijos vardu.

7.   PAPILDOMA INFORMACIJA

Išsamios pareiškėjams skirtos gairės ir paraiškos formos pateikiamos šiuo adresu: http://eacea.ec.europa.eu/citizenship/index_en.htm

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(1)  2006 m. gruodžio 12 d. Europos Parlamento ir Tarybos sprendimas 1904/2006/EB (OL L 378, 2006 12 27, p. 32), su pakeitimais, padarytais 2008 m. gruodžio 16 d. Europos Parlamento ir Tarybos sprendimu 1358/2008/EB (OL L 350, 2008 12 30).

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PROCEDŪROS, SUSIJUSIOS SU KONKURENCIJOS POLITIKOS ĮGYVENDINIMU

Komisija

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/13 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/13

---

VALSTYBĖS PAGALBA – NYDERLANDAI

Valstybės pagalba C 10/2009 (ex N 138/2009) – ING

Kvietimas teikti pastabas pagal EB sutarties 88 straipsnio 2 dalį

(Tekstas svarbus EEE)

2009/C 158/06

2009 m. kovo 31 d. raštu, originalo kalba pateiktu po šios santraukos, Komisija pranešė Nyderlandams apie savo sprendimą pradėti EB sutarties 88 straipsnio 2 dalyje nustatytą procedūrą dėl minėtos priemonės.

Per vieną mėnesį nuo šios santraukos ir prie jos pridėto rašto paskelbimo dienos suinteresuotosios šalys gali pateikti pastabas apie priemonę, dėl kurios Komisija pradeda procedūrą, adresu:

| European Commission |
| --- |
| Directorate-General for Competition |
| State aid Greffe |
| Office: SPA3, 6/5 |
| 1049 Brussels |
| BELGIQUE/BELGIË |
| Fax +32 22961242 |

European Commission

Directorate-General for Competition

State aid Greffe

Office: SPA3, 6/5

1049 Brussels

BELGIQUE/BELGIË

Fax +32 22961242

Šios pastabos bus perduotos Nyderlandams. Pastabas teikianti suinteresuotoji šalis gali pateikti pagrįstą rašytinį prašymą neatskleisti jos tapatybės.

SANTRAUKA

PROCEDŪRA

2009 m. kovo 4 d. Nyderlandų valdžios institucijos pranešė Komisijai apie atsarginį nelikvidų „ING Support Holding“ („ING Group“ tiesiogiai pavaldi bendrovė) turtą.

FAKTAI

ING, kurios buveinė yra Nyderlanduose, yra viena didžiausių finansų įstaigų pasaulyje, kurios visa balanso suma sudaro 1 332 mlrd. EUR. 2009 m. sausio mėn. Nyderlandų valstybė ir ING pasirašė bendrąjį susitarimą dėl rizikos perdavimo ir RMBS portfelio, kurį ING turi JAV, dalies grąžinimo. Portfelį sudaro daugiausia alternatyvūs A vertybiniai popieriai (angl. „Alt–A securities“). Nesumokėtas ING portfelio likutis sudaro 39 mlrd. JAV dolerių (USD) (nominali vertė 30 mlrd. EUR).

Numatytą priemonę sudaro grynųjų pinigų srautų mainai tarp Nyderlandų valstybės ir ING, kai ING perveda pajamas, sudarančias 80 % portfelio nominalios vertės (palūkanos ir pagrindinės sumos grąžinimo įmokos), gaudama garantuotus mokėjimus iš valstybės, sudarančius 72 % (t. y. 80 % nuo 90 %) portfelio nominalios vertės (tik pagrindinės sumos), papildytus 3,50 % finansavimo mokesčiu, kurį valstybė moka ING už portfelį sudarančių fiksuotų palūkanų vertybinių popierių dalį, ir vieno mėnesio Libor normos (USD) + 50 bp mokestį už kintančių palūkanų vertybinių popierių dalį portfelyje.

Nyderlandų valstybė moka ING papildomą metinį 25 bp vertės valdymo mokestį nuo pagrindinės mokėtinos sumos. Mainais ING Nyderlandų valstybei kasmet moka 55 bp vertės garantijos mokestį nuo 80 % portfelio mokėtinos pagrindinės sumos.

ĮVERTINIMAS

Komisija įvertino sandorį pagal Komisijos Sumažėjusios vertės turto komunikatą (toliau – SVTK). Šiame etape Komisija abejoja dėl vertinimo ir ypatingai dėl vertinimo metodikos, siekiant nustatyti realiąją ekonominę vertę. Komisijai reikia toliau tirti pagrindines prielaidas, kurias pateikė Nyderlandų valstybė, ypatingai dėl i) pasirinktos diskonto normos, ii) būsto kainų prielaidų, iii) kredito vertės didinimo lygio ir iv) kitų su vertinimų susijusių dalykų.

Todėl Komisija taip pat abejoja dėl tinkamo naštos pasidalijimo tarp valstybės ir ING. Vis dėlto Komisija, atsižvelgdama į pirmiau išsakytas abejones dėl vertinimo įvertinimo, nėra tikra, ar bankas tikrai skiria portfelio nominalią vertę nuo realiosios ekonominės vertės. Komisija taip pat nėra įsitikinusi, ar pirmiau minėtieji grynųjų pinigų srautų mainai iš tikrųjų yra naudingi valstybei, kaip teigiama. Komisija abejoja portfelio valdymo mokesčio pagrįstumu, kadangi, atrodo, kad veiklos nėra daug.

Laikydamasi SVTK sąlygų ir tinkamai atsižvelgusi į tai, kad reikia išlaikyti finansinį stabilumą, Komisija nusprendė patvirtinti priemonę šešiems mėnesiams. Tuo pačiu metu, atsižvelgdama į pirmiau išdėstytas prielaidas, Komisija taip pat nusprendė pradėti EB sutarties 88 straipsnio 2 dalyje numatytą procedūrą, kad patikrintų SVTK sąlygas, susijusias su priemonės vertinimu (įskaitant vertinimo metodiką) ir naštos pasidalijimu.

RAŠTO TEKSTAS

„The Commission wishes to inform the Netherlands that, having examined the information supplied by your authorities on the measure referred to above, it has decided to approve the measure temporarily for six months and to initiate the procedure laid down in Article 88(2) of the EC Treaty since the Commission has doubts as to the compatibility of certain aspects of the measure when assessed in the light of the Commission's Communication on the treatment of impaired assets.

I.   PROCEDURE

| (1) | On 26 January 2009 the Dutch authorities informed the Commission of their intention to implement an illiquid assets back-up facility in favour of ING Support Holding (a direct subsidiary of ING Group) subject to Commission approval. On 30 January the Commission sent an information request to the Dutch authorities, which was partially answered with the notification. On 4 March the Dutch authorities notified the measure formally with the Commission. |
| --- | --- |

(1)

On 26 January 2009 the Dutch authorities informed the Commission of their intention to implement an illiquid assets back-up facility in favour of ING Support Holding (a direct subsidiary of ING Group) subject to Commission approval. On 30 January the Commission sent an information request to the Dutch authorities, which was partially answered with the notification. On 4 March the Dutch authorities notified the measure formally with the Commission.

| (2) | The measure notified is the second individual aid announced in favour of ING in the context of this financial crisis. ING has already received an emergency recapitalisation of EUR 10 billion from the Netherlands which the Commission approved on 13 November 2008. (1) Furthermore, ING has access to the Dutch Credit Guarantee scheme where the Dutch State granted a guarantee in the amount of USD 9 billion (of which ING has already used USD 8 billion through bond issuance) and an additional EUR 5 billion of granted guarantees of which ING has already used EUR 4 billion by issuing a bond. |
| --- | --- |

(2)

The measure notified is the second individual aid announced in favour of ING in the context of this financial crisis. ING has already received an emergency recapitalisation of EUR 10 billion from the Netherlands which the Commission approved on 13 November 2008. (1) Furthermore, ING has access to the Dutch Credit Guarantee scheme where the Dutch State granted a guarantee in the amount of USD 9 billion (of which ING has already used USD 8 billion through bond issuance) and an additional EUR 5 billion of granted guarantees of which ING has already used EUR 4 billion by issuing a bond.

| (3) | On 17, 23 and 26 March meetings between the Dutch authorities and the Commission services were held. In the meantime a great number of information exchanges via email and phone took place. |
| --- | --- |

(3)

On 17, 23 and 26 March meetings between the Dutch authorities and the Commission services were held. In the meantime a great number of information exchanges via email and phone took place.

| (4) | On 13 March, the Commission asked the Dutch authorities to waive the confidentiality requirements for allowing technical experts from the European Central Bank (ECB) to assist the Commission in the assessment of the ING US Residential Mortgage-Backed Security (RMBS) portfolio affected by the aid measure under the Impaired Assets Communication (IAC). Confirmation was provided on 19 March. Thereafter the Commission forwarded to the ECB designated expert all available information to which the technical experts from the ECB replied. |
| --- | --- |

(4)

On 13 March, the Commission asked the Dutch authorities to waive the confidentiality requirements for allowing technical experts from the European Central Bank (ECB) to assist the Commission in the assessment of the ING US Residential Mortgage-Backed Security (RMBS) portfolio affected by the aid measure under the Impaired Assets Communication (IAC). Confirmation was provided on 19 March. Thereafter the Commission forwarded to the ECB designated expert all available information to which the technical experts from the ECB replied.

II.   DESCRIPTION OF THE FACTS

1.   The beneficiary

| (5) | Based in Amsterdam, ING Group offers banking, insurance and asset management to over 85 million private, corporate and institutional clients in more than 50 countries. With a global workforce of about 130,000 people, ING comprises a broad spectrum of prominent companies that serve their clients under the ING brand. |
| --- | --- |

(5)

Based in Amsterdam, ING Group offers banking, insurance and asset management to over 85 million private, corporate and institutional clients in more than 50 countries. With a global workforce of about 130,000 people, ING comprises a broad spectrum of prominent companies that serve their clients under the ING brand.

| (6) | ING is composed of ING Groep N.V., the mother holding company that controls 100 % of ING Bank N.V. and ING Verzekeringen N.V., two sub-holding companies respectively controlling ING's banking and insurance subsidiaries. |
| --- | --- |

(6)

ING is composed of ING Groep N.V., the mother holding company that controls 100 % of ING Bank N.V. and ING Verzekeringen N.V., two sub-holding companies respectively controlling ING's banking and insurance subsidiaries.

| (7) | ING is the 19th biggest financial institution globally by market value (based on October 2008 values) with a total balance sheet of EUR 1,332 billion at the end of 2008 and total risk weighed assets of EUR 343 billion. In Q4 2008 the group made a total net loss of EUR 3,7 billion and a loss of EUR 0,7 billion for the full year 2008. The Tier-1 capital ratio of ING stands at 9,3 % at the end of 2008. These numbers do not take into account the new measure. |
| --- | --- |

(7)

ING is the 19th biggest financial institution globally by market value (based on October 2008 values) with a total balance sheet of EUR 1,332 billion at the end of 2008 and total risk weighed assets of EUR 343 billion. In Q4 2008 the group made a total net loss of EUR 3,7 billion and a loss of EUR 0,7 billion for the full year 2008. The Tier-1 capital ratio of ING stands at 9,3 % at the end of 2008. These numbers do not take into account the new measure.

2.   The US RMBS portfolio of ING

| (8) | On January 26, 2009 the Dutch State and ING signed a term sheet to transfer the risk and cash flows of a portion of ING’s US based RMBS portfolio (thereafter referred to as “the portfolio”). |
| --- | --- |

(8)

On January 26, 2009 the Dutch State and ING signed a term sheet to transfer the risk and cash flows of a portion of ING’s US based RMBS portfolio (thereafter referred to as “the portfolio”).

| (9) | [...] (2) |
| --- | --- |

(9)

[...] (2)

| (10) | The outstanding balance of the portfolio amounts to USD 38,7 billion (par value, EUR 30 billion) (3), of which most is held by ING Direct (USD 34,1 billion), a US subsidiary of ING. ING Insurance Americas has a portfolio of USD 4,5 billion US mortgage-backed securities divided over several insurance companies. |
| --- | --- |

(10)

The outstanding balance of the portfolio amounts to USD 38,7 billion (par value, EUR 30 billion) (3), of which most is held by ING Direct (USD 34,1 billion), a US subsidiary of ING. ING Insurance Americas has a portfolio of USD 4,5 billion US mortgage-backed securities divided over several insurance companies.

| (11) | About 2/3rds of the portfolio is composed of Alt-A residential mortgage backed securities (RMBS) and about 1/3rd in Prime RMBS. All securities in the portfolio are senior RMBS tranches and were originally rated triple A, according to ING. This implies a high level of loss protection. However, following the recent developments in the US mortgage markets, a significant proportion of these tranches were downgraded by rating agencies. Currently, about 29 % of the securities (weighted by outstanding amounts) carry still a triple A rating, with a negative outlook attached to 6 % of them. Depending on the rating agency used and according to information provided by the Dutch authorities, about 56 % are now rated sub-investment grade. So far the level of credit enhancement provided in the structures has been sufficient and explains why few actual impairments have been accounted for on the portfolio and no actual credit loss has occurred. |
| --- | --- |

(11)

About 2/3rds of the portfolio is composed of Alt-A residential mortgage backed securities (RMBS) and about 1/3rd in Prime RMBS. All securities in the portfolio are senior RMBS tranches and were originally rated triple A, according to ING. This implies a high level of loss protection. However, following the recent developments in the US mortgage markets, a significant proportion of these tranches were downgraded by rating agencies. Currently, about 29 % of the securities (weighted by outstanding amounts) carry still a triple A rating, with a negative outlook attached to 6 % of them. Depending on the rating agency used and according to information provided by the Dutch authorities, about 56 % are now rated sub-investment grade. So far the level of credit enhancement provided in the structures has been sufficient and explains why few actual impairments have been accounted for on the portfolio and no actual credit loss has occurred.

| (12) | The Dutch authorities state that the market for Alt-A loans has dried up and there are few if any buyers and sellers willing to transact at these low levels. |
| --- | --- |

(12)

The Dutch authorities state that the market for Alt-A loans has dried up and there are few if any buyers and sellers willing to transact at these low levels.

| (13) | Although the Alt-A portfolio is not large in terms of ING's total balance sheet, it is significant relative to its equity. This was already noted in the explanation of the events triggering the State recapitalisation measure of ING during 2008, when the Commission noted that the “perceived toxicity of the Alt-A portfolio of ING was a particular cause for concern.” (4) |
| --- | --- |

(13)

Although the Alt-A portfolio is not large in terms of ING's total balance sheet, it is significant relative to its equity. This was already noted in the explanation of the events triggering the State recapitalisation measure of ING during 2008, when the Commission noted that the “perceived toxicity of the Alt-A portfolio of ING was a particular cause for concern.” (4)

| (14) | The underlying mortgages of the portfolio are heavily concentrated in California (almost 39 % of all underlying mortgages) and another combined 5,5 % of mortgages were originated in Arizona and Nevada. A further 7,6 % were originated in Florida. In the portfolio, about 61 % of all mortgages were originated either in 2006 or in 2007. About 30 % of ING's total portfolio is currently made up of so-called Option adjustable rate mortgages (Option ARMS) (5) which are part of the almost 70 % of all mortgages which have adjustable interest rates. The remaining 30 % have fixed interest rates. |
| --- | --- |

(14)

The underlying mortgages of the portfolio are heavily concentrated in California (almost 39 % of all underlying mortgages) and another combined 5,5 % of mortgages were originated in Arizona and Nevada. A further 7,6 % were originated in Florida. In the portfolio, about 61 % of all mortgages were originated either in 2006 or in 2007. About 30 % of ING's total portfolio is currently made up of so-called Option adjustable rate mortgages (Option ARMS) (5) which are part of the almost 70 % of all mortgages which have adjustable interest rates. The remaining 30 % have fixed interest rates.

| (15) | The “fair value” of the portfolio — an available for sale asset — was alleged to be on the 31 December 2008 EUR 18,442 million that is 71,5 % of its book value (EUR 25,809 million). (6) The book value of the portfolio is for the most part based on a mark-to-model with valuation techniques not supported by observable market inputs. Due to this decline in valuation from the original value, the bank had to build a negative revaluation reserve of EUR 7 billion (pre-tax), which is subtracted from shareholder equity under IFRS (7). However, this negative revaluation reserve is not taken into account for regulatory capital calculations due to so-called prudential filters introduced by supervisors for mitigating the effects of fair value changes on regulatory capital. A valuation change in an “available for sales” asset is only reflected through the profits and loss account at the point when an asset against which there has been a negative revaluation reserve is “impaired”. (8) |
| --- | --- |

(15)

The “fair value” of the portfolio — an available for sale asset — was alleged to be on the 31 December 2008 EUR 18,442 million that is 71,5 % of its book value (EUR 25,809 million). (6) The book value of the portfolio is for the most part based on a mark-to-model with valuation techniques not supported by observable market inputs. Due to this decline in valuation from the original value, the bank had to build a negative revaluation reserve of EUR 7 billion (pre-tax), which is subtracted from shareholder equity under IFRS (7). However, this negative revaluation reserve is not taken into account for regulatory capital calculations due to so-called prudential filters introduced by supervisors for mitigating the effects of fair value changes on regulatory capital. A valuation change in an “available for sales” asset is only reflected through the profits and loss account at the point when an asset against which there has been a negative revaluation reserve is “impaired”. (8)

| (16) | The par value of the portfolio is USD 38,7 billion. Due mostly to USD 2,7 billion (EUR 2,1 billion) impairments on the portfolio, the cost basis from an accountant’s point of view under IFRS amounts to USD 36 billion as per 31 December 2008. The agreed base for the measure is 90 percent of the par value of the portfolio. |
| --- | --- |

(16)

The par value of the portfolio is USD 38,7 billion. Due mostly to USD 2,7 billion (EUR 2,1 billion) impairments on the portfolio, the cost basis from an accountant’s point of view under IFRS amounts to USD 36 billion as per 31 December 2008. The agreed base for the measure is 90 percent of the par value of the portfolio.

3.   The measure

| (17) | In order to avoid dealing with the various subsidiaries holding the securities (see above) it is proposed that the legal owners of the securities enter into a participation agreement with ING Support Holding (a direct subsidiary of ING Group) to transfer 80 % of the economic risk from that portfolio while retaining legal ownership. ING Support Holding then enters into a so-called illiquid asset back-up facility for transferring this risk and all respective incoming payments (interest and principal repayments) to the Dutch State. |
| --- | --- |

(17)

In order to avoid dealing with the various subsidiaries holding the securities (see above) it is proposed that the legal owners of the securities enter into a participation agreement with ING Support Holding (a direct subsidiary of ING Group) to transfer 80 % of the economic risk from that portfolio while retaining legal ownership. ING Support Holding then enters into a so-called illiquid asset back-up facility for transferring this risk and all respective incoming payments (interest and principal repayments) to the Dutch State.

| (18) | The transaction is constructed as a cash-flow swap in which both the Dutch State and ING agree to exchange different cash flows over the duration of the deal. During the deal, the portfolio will not be actively managed as it mostly be held until maturity, although there might be activity expected due to possible legislative change in the US. |
| --- | --- |

(18)

The transaction is constructed as a cash-flow swap in which both the Dutch State and ING agree to exchange different cash flows over the duration of the deal. During the deal, the portfolio will not be actively managed as it mostly be held until maturity, although there might be activity expected due to possible legislative change in the US.

| (19) | In the transaction 80 % of the incoming payment flows, i.e. repayment and prepayment of principal and interest (thereafter called: portfolio cash flow) from ING's portfolio is swapped against an over-time payment from the Dutch State of the guaranteed amount of USD 28 billion which together with an interest component constitutes the funding fee. This interest component paid by the Dutch State amounts to 350 bp on the outstanding fixed part of the portfolio (amounting to 57 % of the portfolio) and to one month USD Libor + 50 bp on the variable part of the portfolio (amounting to 43 % of the portfolio). |
| --- | --- |

(19)

In the transaction 80 % of the incoming payment flows, i.e. repayment and prepayment of principal and interest (thereafter called: portfolio cash flow) from ING's portfolio is swapped against an over-time payment from the Dutch State of the guaranteed amount of USD 28 billion which together with an interest component constitutes the funding fee. This interest component paid by the Dutch State amounts to 350 bp on the outstanding fixed part of the portfolio (amounting to 57 % of the portfolio) and to one month USD Libor + 50 bp on the variable part of the portfolio (amounting to 43 % of the portfolio).

| (20) | For evaluating the terms of this deal it is necessary to look at the expected net present value of the various cash flows. For arriving at a net present value of the above cash flows it is necessary to apply a discount rate. (9) The transaction foresees a discount rate of 3 % for all cash flows in the swap. This discount rate is applied to all cash flows, regardless of whether they come from the Dutch State, from ING or from the portfolio transiting via ING to the Dutch State. The reason why a 3 % discount rate is used is because the Dutch State estimates its cost of funding in USD to be around 3 % for a maturity of 5-7 years, corresponding to the weighted average life of the portfolio. The Dutch State has provided two supporting opinions on this from its primary dealers. |
| --- | --- |

(20)

For evaluating the terms of this deal it is necessary to look at the expected net present value of the various cash flows. For arriving at a net present value of the above cash flows it is necessary to apply a discount rate. (9) The transaction foresees a discount rate of 3 % for all cash flows in the swap. This discount rate is applied to all cash flows, regardless of whether they come from the Dutch State, from ING or from the portfolio transiting via ING to the Dutch State. The reason why a 3 % discount rate is used is because the Dutch State estimates its cost of funding in USD to be around 3 % for a maturity of 5-7 years, corresponding to the weighted average life of the portfolio. The Dutch State has provided two supporting opinions on this from its primary dealers.

(a)   Valuation: methodology, scenarios and discount rate

| (21) | The Dutch State commissioned Dynamic Credit Partners to analyse the portfolio of ING for determining the real economic value of the portfolio. The overall approach consists in projecting the probability of default and loss severities on a tranche per tranche basis for the whole portfolio in order to calculate the expected losses. |
| --- | --- |

(21)

The Dutch State commissioned Dynamic Credit Partners to analyse the portfolio of ING for determining the real economic value of the portfolio. The overall approach consists in projecting the probability of default and loss severities on a tranche per tranche basis for the whole portfolio in order to calculate the expected losses.

| (22) | Dynamic Credit performed a bottom up evaluation of the underlying mortgages in each securitization deal (from which ING bought a tranche) and was able to calculate the expected losses it estimated would arise on the underlying mortgage loans. Such calculations were based on — inter alia — factors such as the original ratio between the value of the house and the principal (loan to value), the type of loan, the type of lender, the location at postcode level and the estimated change in house prices at postcode level since the loan was granted. |
| --- | --- |

(22)

Dynamic Credit performed a bottom up evaluation of the underlying mortgages in each securitization deal (from which ING bought a tranche) and was able to calculate the expected losses it estimated would arise on the underlying mortgage loans. Such calculations were based on — inter alia — factors such as the original ratio between the value of the house and the principal (loan to value), the type of loan, the type of lender, the location at postcode level and the estimated change in house prices at postcode level since the loan was granted.

| (23) | As a second step, the so-called cash waterfall is considered, as for a given securitization deal, there are various tranches each with different levels of seniority (or “credit cushion”) and credit enhancement. In practice, this means that any incoming cash flow shortfalls are first to be taken by more subordinated tranches, while more senior tranches are still being serviced by remaining cash flows and reserves built-up during times when there had not been defaults. The Dutch authorities claim that ING's portfolio has only very secure senior tranches. |
| --- | --- |

(23)

As a second step, the so-called cash waterfall is considered, as for a given securitization deal, there are various tranches each with different levels of seniority (or “credit cushion”) and credit enhancement. In practice, this means that any incoming cash flow shortfalls are first to be taken by more subordinated tranches, while more senior tranches are still being serviced by remaining cash flows and reserves built-up during times when there had not been defaults. The Dutch authorities claim that ING's portfolio has only very secure senior tranches.

| (24) | Two scenarios are projected: a scenario deemed more likely by the Dutch State, the base case, and a less likely stress case scenario. According to the Dutch authorities, key assumptions in the base case are house price declines of about 35 % nationwide peak to trough (2006 to 2009) and up to 65 % in hardest hit areas such as California and a US unemployment rate of 8 % in 2009. An annual decline in US GDP is assumed by 6 % in the fourth quarter of 2008 and 3 % in the first quarter of 2009. The stress case scenario assumes US home price declines of 45 % peak-to-trough and a 70-75 % peak-to-trough decline in the most vulnerable areas and an increase of the US unemployment rate to 9,5 % in 2009. Both scenarios assume a voluntary prepayment rate of 5 % over the lifetime of the mortgages figure when compared with the pre-crisis period. The Dutch State points out that this is a prudent assumption. Both scenarios are then translated into different total expected losses on the portfolio. |
| --- | --- |

(24)

Two scenarios are projected: a scenario deemed more likely by the Dutch State, the base case, and a less likely stress case scenario. According to the Dutch authorities, key assumptions in the base case are house price declines of about 35 % nationwide peak to trough (2006 to 2009) and up to 65 % in hardest hit areas such as California and a US unemployment rate of 8 % in 2009. An annual decline in US GDP is assumed by 6 % in the fourth quarter of 2008 and 3 % in the first quarter of 2009. The stress case scenario assumes US home price declines of 45 % peak-to-trough and a 70-75 % peak-to-trough decline in the most vulnerable areas and an increase of the US unemployment rate to 9,5 % in 2009. Both scenarios assume a voluntary prepayment rate of 5 % over the lifetime of the mortgages figure when compared with the pre-crisis period. The Dutch State points out that this is a prudent assumption. Both scenarios are then translated into different total expected losses on the portfolio.

| (25) | After having determined the expected net cash flows (net of expected losses), they are discounted at a discount rate of 3 % for arriving at a net present value. Alternatively, this corresponds to a discount rate of 4,19 % if gross cash flows (assuming no losses) were considered, under a base case valuation. Based on these calculations the Dutch authorities arrive at a valuation of 97 % of par in the base case scenario. In the stress case scenario, the value of the portfolio would be 89 % of par. |
| --- | --- |

(25)

After having determined the expected net cash flows (net of expected losses), they are discounted at a discount rate of 3 % for arriving at a net present value. Alternatively, this corresponds to a discount rate of 4,19 % if gross cash flows (assuming no losses) were considered, under a base case valuation. Based on these calculations the Dutch authorities arrive at a valuation of 97 % of par in the base case scenario. In the stress case scenario, the value of the portfolio would be 89 % of par.

(b)   Effect on ING's capital ratio

| (26) | The replacement of the risky portfolio by a secure government receivable reduces the capital required to be held against the risky asset by the bank. In regulatory terms, the Dutch authorities state that this results in a capital relief of EUR 1,26 billion, (10) deriving from a reduction of 13 billion risk weighted asset (RWA) based on 31 December 2008. This capital relief of EUR 1,26 billion can be used for additional lending. |
| --- | --- |

(26)

The replacement of the risky portfolio by a secure government receivable reduces the capital required to be held against the risky asset by the bank. In regulatory terms, the Dutch authorities state that this results in a capital relief of EUR 1,26 billion, (10) deriving from a reduction of 13 billion risk weighted asset (RWA) based on 31 December 2008. This capital relief of EUR 1,26 billion can be used for additional lending.

| (27) | According to the Dutch authorities from an accounting point of view the IFRS equity capital relief is EUR 5,6 billion — 80 % of pre-tax of the total equity capital relief of EUR 7 billion — which translates into approximately EUR 5 billion post tax. This is caused by the release of the negative revaluation reserve that in turn resulted from a sharp deterioration in market prices of RMBS over the last two years. However, this EUR 5 billion cannot be used for additional lending without reducing the regulatory ratios. |
| --- | --- |

(27)

According to the Dutch authorities from an accounting point of view the IFRS equity capital relief is EUR 5,6 billion — 80 % of pre-tax of the total equity capital relief of EUR 7 billion — which translates into approximately EUR 5 billion post tax. This is caused by the release of the negative revaluation reserve that in turn resulted from a sharp deterioration in market prices of RMBS over the last two years. However, this EUR 5 billion cannot be used for additional lending without reducing the regulatory ratios.

(c)   Additional fees

| (28) | In addition ING will pay a guarantee fee to the State amounting to 55 bp p.a. on the outstanding value of the portfolio. The guarantee fee will decline in line with the declining amounts outstanding on the portfolio, the declining RWA relief and the declining risk for the State. As an illustrative example in the first five years the expected guarantee fee will be: USD 170 million, (2009), USD 146 million (2010), USD 127 million (2011), USD 109 million (2012), USD 94 million (2013). |
| --- | --- |

(28)

In addition ING will pay a guarantee fee to the State amounting to 55 bp p.a. on the outstanding value of the portfolio. The guarantee fee will decline in line with the declining amounts outstanding on the portfolio, the declining RWA relief and the declining risk for the State. As an illustrative example in the first five years the expected guarantee fee will be: USD 170 million, (2009), USD 146 million (2010), USD 127 million (2011), USD 109 million (2012), USD 94 million (2013).

| (29) | Furthermore, the State has to pay to ING a management fee amounting to 0,25 bp p.a. of the outstanding portfolio, expected to amount in the first five years, for instance, to USD 77 million, USD 66 million, USD 58 million, USD 50 million, USD 43 million. |
| --- | --- |

(29)

Furthermore, the State has to pay to ING a management fee amounting to 0,25 bp p.a. of the outstanding portfolio, expected to amount in the first five years, for instance, to USD 77 million, USD 66 million, USD 58 million, USD 50 million, USD 43 million.

(d)   Remuneration of the measure

| (30) | Given the above description of the measure the expected discounted cash flows are in the following table. This would imply according to the Dutch authorities that the state would make a gain in both scenarios. |
| --- | --- |

(30)

Given the above description of the measure the expected discounted cash flows are in the following table. This would imply according to the Dutch authorities that the state would make a gain in both scenarios.

Table 1: Projected net present value flows (11), in million USD

| | Base case | Stress case |
| --- | --- | --- |
| P & I payments to State (12) | 30,376 | 27,728 |
| Guarantee fee to State | 1,011 | 1,011 |
| (Guaranteed value to ING) (12) | (28,844) | (28,844) |
| Expected gain (loss) to state | 2,867 | 219 |

Base case

Stress case

P & I payments to State (12)

30,376

27,728

Guarantee fee to State

1,011

1,011

(Guaranteed value to ING) (12)

(28,844)

(28,844)

Expected gain (loss) to state

2,867

219

| (31) | The Dutch authorities state, however, that the management fee is an integral part of the deal and this has to be taken into account when looking at remuneration. Table 2 recalculates therefore the calculations with the management fee included. Based on this calculation, the remuneration for the State amounts to slightly more than USD 2 billion in the base case, but the remuneration is negative in the stress case. |
| --- | --- |

(31)

The Dutch authorities state, however, that the management fee is an integral part of the deal and this has to be taken into account when looking at remuneration. Table 2 recalculates therefore the calculations with the management fee included. Based on this calculation, the remuneration for the State amounts to slightly more than USD 2 billion in the base case, but the remuneration is negative in the stress case.

Table 2: Projected net present value flows (14), in million USD

| | Base case | Stress case |
| --- | --- | --- |
| P & I payments to State (15) | 30,376 | 27,728 |
| Guarantee fee to State | 1,011 | 1,011 |
| (Guaranteed value to ING) (16) | (28,844) | (28,844) |
| (Management fee to ING) | (460) | (460) |
| Expected gain (loss) to state | 2,083 | (564) |

Base case

Stress case

P & I payments to State (15)

30,376

27,728

Guarantee fee to State

1,011

1,011

(Guaranteed value to ING) (16)

(28,844)

(28,844)

(Management fee to ING)

(460)

(460)

Expected gain (loss) to state

2,083

(564)

(e)   Duration and end of the measure

| (32) | The agreement between the State and ING provides for an exit mechanism whereby the State and ING will meet every year to discuss whether the entire facility should be terminated. If both parties wish to terminate the facility the value will be determined using an exit mechanism commonly used in major financial transactions: |
| --- | --- |

(32)

The agreement between the State and ING provides for an exit mechanism whereby the State and ING will meet every year to discuss whether the entire facility should be terminated. If both parties wish to terminate the facility the value will be determined using an exit mechanism commonly used in major financial transactions:

| (33) | Each party will appoint an independent advisor to evaluate the outstanding portfolio. If there is little difference between these valuations the average of the two will be used as the basis for the transaction. If the valuations differ widely, the parties will jointly appoint a third independent advisor. The value will then be established as the average of the value as calculated by the third advisor and the value of whichever of the earlier valuations is closest to the third advisor's estimates. |
| --- | --- |

(33)

Each party will appoint an independent advisor to evaluate the outstanding portfolio. If there is little difference between these valuations the average of the two will be used as the basis for the transaction. If the valuations differ widely, the parties will jointly appoint a third independent advisor. The value will then be established as the average of the value as calculated by the third advisor and the value of whichever of the earlier valuations is closest to the third advisor's estimates.

| (34) | As an exit mechanism the State is entitled to compel ING to sell the underlying securities once they are being traded on the market again at the price which ING paid when it purchased them. |
| --- | --- |

(34)

As an exit mechanism the State is entitled to compel ING to sell the underlying securities once they are being traded on the market again at the price which ING paid when it purchased them.

| (35) | If neither the exit mechanism nor the exit incentives lead to the portfolio being run down, or the State being bought out entirely, the facility can in theory remain in operation until the last mortgage has been repaid. This could mean that there will be cash flows between the State and ING resulting from this transaction up until 2047. However, the estimated cash flows are such that majority of the portfolio will be redeemed within a few years (the weighed average life of this portfolio is about 6 years). |
| --- | --- |

(35)

If neither the exit mechanism nor the exit incentives lead to the portfolio being run down, or the State being bought out entirely, the facility can in theory remain in operation until the last mortgage has been repaid. This could mean that there will be cash flows between the State and ING resulting from this transaction up until 2047. However, the estimated cash flows are such that majority of the portfolio will be redeemed within a few years (the weighed average life of this portfolio is about 6 years).

III.   THE POSITION OF THE NETHERLANDS

| (36) | The Dutch authorities informed the Commission on 17 March that in case the Alt-A Transaction does not close before 31 March 2009 and the risk transfer would not be effected, they would have serious concerns that this would result in a [...] financial markets and the Dutch economy. A delay in closing would mean that the Alt-A Transaction would not have the intended positive effects on revaluation reserves, IFRS equity and capital adequacy ratios. In view of the volatility of the financial markets this might lead to substantial increase in uncertainty about the position of ING. Another issue that could increase the uncertainty about the position of ING is the accounting notion [...] (17) [...]. Both issues, i.e. a delay in closing or a significant change [...], could, in the view of the authorities, have a material adverse effect on the stability of ING and hence the [...] financial markets and economy. This is confirmed in a letter by the supervisory authority. |
| --- | --- |

(36)

The Dutch authorities informed the Commission on 17 March that in case the Alt-A Transaction does not close before 31 March 2009 and the risk transfer would not be effected, they would have serious concerns that this would result in a [...] financial markets and the Dutch economy. A delay in closing would mean that the Alt-A Transaction would not have the intended positive effects on revaluation reserves, IFRS equity and capital adequacy ratios. In view of the volatility of the financial markets this might lead to substantial increase in uncertainty about the position of ING. Another issue that could increase the uncertainty about the position of ING is the accounting notion [...] (17) [...]. Both issues, i.e. a delay in closing or a significant change [...], could, in the view of the authorities, have a material adverse effect on the stability of ING and hence the [...] financial markets and economy. This is confirmed in a letter by the supervisory authority.

| (37) | In addition, they note that, without Commission approval, ING's [...] with all the possible consequences this might have for confidence in the banking sector in general and ING in particular, but also for the Dutch and European economy in these times of uncertainty and recession. The Dutch authorities point to the Commission decision on the recapitalisation N 528/2008, where the Commission had already recognised the importance of ING for the Dutch economy. |
| --- | --- |

(37)

In addition, they note that, without Commission approval, ING's [...] with all the possible consequences this might have for confidence in the banking sector in general and ING in particular, but also for the Dutch and European economy in these times of uncertainty and recession. The Dutch authorities point to the Commission decision on the recapitalisation N 528/2008, where the Commission had already recognised the importance of ING for the Dutch economy.

| (38) | The Dutch authorities underline that ING is a sound financial institution with sufficient liquidity and solvency, but it is suffering from exceptional conditions worldwide. ING would therefore certainly not qualify as a firm in difficulties, as defined in the Community guidelines on state aid for rescuing and restructuring firms in difficulty. |
| --- | --- |

(38)

The Dutch authorities underline that ING is a sound financial institution with sufficient liquidity and solvency, but it is suffering from exceptional conditions worldwide. ING would therefore certainly not qualify as a firm in difficulties, as defined in the Community guidelines on state aid for rescuing and restructuring firms in difficulty.

| (39) | The Dutch authorities acknowledge that the measure constitutes state aid within the meaning of Article 87(1) EC, which is compatible with the Treaty pursuant to Article 87(3)(b) EC, for remedying a serious disturbance in the economy of a Member State. In particular, the measure has been specially designed for the current exceptional circumstances in which, because of their illiquidity, certain assets have to be written down more than their economic value would warrant, for satisfying accounting requirements. They note that the measure was appropriate at such time for tackling the specific problems and at the same time is the least far-reaching and least risky way for the State to assist ING. |
| --- | --- |

(39)

The Dutch authorities acknowledge that the measure constitutes state aid within the meaning of Article 87(1) EC, which is compatible with the Treaty pursuant to Article 87(3)(b) EC, for remedying a serious disturbance in the economy of a Member State. In particular, the measure has been specially designed for the current exceptional circumstances in which, because of their illiquidity, certain assets have to be written down more than their economic value would warrant, for satisfying accounting requirements. They note that the measure was appropriate at such time for tackling the specific problems and at the same time is the least far-reaching and least risky way for the State to assist ING.

| (40) | The Dutch authorities confirmed that they have reviewed whether there has been a full prior transparency by ING having disclosed all impairments and there were no indications to believe that this was not the case. In addition, the Dutch authorities note that the valuation of the portfolio is performed by independent experts under an appropriate methodology. The Dutch authorities are of the view that the valuation of ING’s portfolio was particularly complex as there was no active markets for these assets. The Dutch authorities have instructed Dynamic Credit who have undertaken an alternative valuation which they considered the best approximation of the true value of the portfolio. The valuation has been affirmed by the Dutch supervisory authority. |
| --- | --- |

(40)

The Dutch authorities confirmed that they have reviewed whether there has been a full prior transparency by ING having disclosed all impairments and there were no indications to believe that this was not the case. In addition, the Dutch authorities note that the valuation of the portfolio is performed by independent experts under an appropriate methodology. The Dutch authorities are of the view that the valuation of ING’s portfolio was particularly complex as there was no active markets for these assets. The Dutch authorities have instructed Dynamic Credit who have undertaken an alternative valuation which they considered the best approximation of the true value of the portfolio. The valuation has been affirmed by the Dutch supervisory authority.

| (41) | The authorities state that the total package provides an adequate remuneration for the risk taken over by the state. The authorities point to the more likely base case scenario which shows an overall gain for the Dutch State. The Dutch authorities state that the management fee is part of the overall remuneration package. The total package was considered appropriate at such time. There is also adequate burden sharing, due to the first loss already borne by the bank, and a future loss split in the relationship of 80 % for the State and 20 % for the bank. |
| --- | --- |

(41)

The authorities state that the total package provides an adequate remuneration for the risk taken over by the state. The authorities point to the more likely base case scenario which shows an overall gain for the Dutch State. The Dutch authorities state that the management fee is part of the overall remuneration package. The total package was considered appropriate at such time. There is also adequate burden sharing, due to the first loss already borne by the bank, and a future loss split in the relationship of 80 % for the State and 20 % for the bank.

| (42) | As regards to the management of the assets, the authorities explain that ING remains partly responsible for the portfolio, giving it the perfect incentive to continue to manage the portfolio as efficiently as possible. They underline with reference to point 46 IAC that the Securities are held solely by ING Support Holding and not by ING Groep and that for the duration of this agreement the State, ING Support Holding and ING Groep will establish an operating committee to discuss recent developments, market outlook, data and pricing in respect of the Securities. |
| --- | --- |

(42)

As regards to the management of the assets, the authorities explain that ING remains partly responsible for the portfolio, giving it the perfect incentive to continue to manage the portfolio as efficiently as possible. They underline with reference to point 46 IAC that the Securities are held solely by ING Support Holding and not by ING Groep and that for the duration of this agreement the State, ING Support Holding and ING Groep will establish an operating committee to discuss recent developments, market outlook, data and pricing in respect of the Securities.

| (43) | The Dutch authorities state that it would be admissible to use a single discount rate for all cash flows involved. The Dutch authorities state that a higher discount rate for cash flows from ING or for cash flows transiting from ING to the State, due to their higher perceived riskiness, would over-adjust for the flow's riskiness. They explain that the credit risk in the portfolio is more than offset by the positive net present value for the State under the swap transaction. |
| --- | --- |

(43)

The Dutch authorities state that it would be admissible to use a single discount rate for all cash flows involved. The Dutch authorities state that a higher discount rate for cash flows from ING or for cash flows transiting from ING to the State, due to their higher perceived riskiness, would over-adjust for the flow's riskiness. They explain that the credit risk in the portfolio is more than offset by the positive net present value for the State under the swap transaction.

| (44) | The Dutch government provides the following commitments: |
| --- | --- |

(44)

The Dutch government provides the following commitments:

| — | Presentation of a viability review in line with conditions set out in the IAC |
| --- | --- |

—

Presentation of a viability review in line with conditions set out in the IAC

| — | Presentation of a restructuring plan in line with conditions set out in the IAC |
| --- | --- |

—

Presentation of a restructuring plan in line with conditions set out in the IAC

| — | The Dutch State is willing to change the provisions of valuation and burden sharing by means of claw back, increase of the Guarantee fee under the illiquid assets back-up facilities or any other form of remuneration, without compensating ING via changes in the other cash flows ( i.e. the funding fee, the Alt A cash flows and management fee) if the Commission comes to the conclusion that the valuation at 26 January 2009 of the portfolio underlying the illiquid assets back-up facilities or its burden sharing proves to be materially in contradiction with EC State aid rules on impaired assets. |
| --- | --- |

—

The Dutch State is willing to change the provisions of valuation and burden sharing by means of claw back, increase of the Guarantee fee under the illiquid assets back-up facilities or any other form of remuneration, without compensating ING via changes in the other cash flows ( i.e. the funding fee, the Alt A cash flows and management fee) if the Commission comes to the conclusion that the valuation at 26 January 2009 of the portfolio underlying the illiquid assets back-up facilities or its burden sharing proves to be materially in contradiction with EC State aid rules on impaired assets.

IV.   CONSULTATION OF THE TECHNICAL EXPERTS FROM THE EUROPEAN CENTRAL BANK

| (45) | As explained in point 4, the Commission has been consulting the technical experts from the ECB for assistance in assessing the valuation of the portfolio. The experts of the ECB reviewed the provided documents and concluded that they did not have all the information needed to properly assess the valuation of the impaired assets portfolio of ING. |
| --- | --- |

(45)

As explained in point 4, the Commission has been consulting the technical experts from the ECB for assistance in assessing the valuation of the portfolio. The experts of the ECB reviewed the provided documents and concluded that they did not have all the information needed to properly assess the valuation of the impaired assets portfolio of ING.

V.   ASSESSMENT OF THE AID

1.   Existence of aid

| (46) | The Commission first assesses whether the measures constitute state aid within the meaning of Article 87 (1) EC. According to this provision state aid is 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, in so far as it affects trade between Member States. |
| --- | --- |

(46)

The Commission first assesses whether the measures constitute state aid within the meaning of Article 87 (1) EC. According to this provision state aid is 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, in so far as it affects trade between Member States.

| (47) | The Commission finds that the measure reduces the amount of capital ING has to hold against these assets. Given that the market value of the portfolio is less than the price paid it is evident that no market operator would provide such a facility under similar conditions. |
| --- | --- |

(47)

The Commission finds that the measure reduces the amount of capital ING has to hold against these assets. Given that the market value of the portfolio is less than the price paid it is evident that no market operator would provide such a facility under similar conditions.

| (48) | As the measure is favouring only ING it is selective and leads to a distortion of competition and affects intra-Community trade because the banking sector operates internationally. Thus, the Commission concludes that the measure constitutes state aid. |
| --- | --- |

(48)

As the measure is favouring only ING it is selective and leads to a distortion of competition and affects intra-Community trade because the banking sector operates internationally. Thus, the Commission concludes that the measure constitutes state aid.

| (49) | The IAC states that the aid amount corresponds to the difference between the transfer value of the assets (based on their real economic value) and the market price. To this end the assets should be valued on the basis of their current market value, whenever possible. Given that the market for the assets in the portfolio has mostly dried up, as claimed by the Dutch authorities, this implies that there is no market price in the absence of a market as defined by the IAC. Therefore the calculated aid amount as regards the portfolio is the full net present value of all the sums provided to ING by the Dutch government. |
| --- | --- |

(49)

The IAC states that the aid amount corresponds to the difference between the transfer value of the assets (based on their real economic value) and the market price. To this end the assets should be valued on the basis of their current market value, whenever possible. Given that the market for the assets in the portfolio has mostly dried up, as claimed by the Dutch authorities, this implies that there is no market price in the absence of a market as defined by the IAC. Therefore the calculated aid amount as regards the portfolio is the full net present value of all the sums provided to ING by the Dutch government.

2.   Compatibility of the financial support measures

| (50) | The Netherlands intends to provide impaired asset relief in favour of ING. Given the present circumstances in the financial market, the Commission considers that this measure may be examined directly under the Treaty rules and in particular under Article 87(3)(b) EC. |
| --- | --- |

(50)

The Netherlands intends to provide impaired asset relief in favour of ING. Given the present circumstances in the financial market, the Commission considers that this measure may be examined directly under the Treaty rules and in particular under Article 87(3)(b) EC.

| (51) | Article 87(3)(b) EC empowers the Commission to declare aid compatible with the common market if it is intended “to remedy a serious disturbance in the economy of a Member State”. The Commission would point out that the Court of First Instance has expressly stated that Article 87(3)(b) EC is to be applied restrictively so that the aid may not benefit only one firm or one sector of the economy, but must serve to remedy a disturbance in the whole economy of a Member State. (18) |
| --- | --- |

(51)

Article 87(3)(b) EC empowers the Commission to declare aid compatible with the common market if it is intended “to remedy a serious disturbance in the economy of a Member State”. The Commission would point out that the Court of First Instance has expressly stated that Article 87(3)(b) EC is to be applied restrictively so that the aid may not benefit only one firm or one sector of the economy, but must serve to remedy a disturbance in the whole economy of a Member State. (18)

| (52) | The Commission considers that market conditions deteriorated all over the world in the last quarter of 2008 and certain assets classes are no longer frequently traded. This is problematic for financial institutions because accounting provisions (IFRS accounting standards) might require them to write down these illiquid assets (on the basis of their fair value) to a greater extent than is warranted by their economic value. The uncertainty in the market about the scale of the write-downs, the market value of these assets and the high leverage ratios have also had an impact on the financial institutions′ overall risk perceptions. The present measure is designed to address these problems. Therefore it finds that the scheme aims at remedying a serious disturbance in the Dutch economy. |
| --- | --- |

(52)

The Commission considers that market conditions deteriorated all over the world in the last quarter of 2008 and certain assets classes are no longer frequently traded. This is problematic for financial institutions because accounting provisions (IFRS accounting standards) might require them to write down these illiquid assets (on the basis of their fair value) to a greater extent than is warranted by their economic value. The uncertainty in the market about the scale of the write-downs, the market value of these assets and the high leverage ratios have also had an impact on the financial institutions′ overall risk perceptions. The present measure is designed to address these problems. Therefore it finds that the scheme aims at remedying a serious disturbance in the Dutch economy.

| (53) | The Commission has provided guidance on the treatment of asset relief measures by Member States under Article 87(3)(b) EC through the IAC. Impaired assets correspond to categories of assets on which banks are likely to incur losses (e.g. US sub-prime mortgage backed securities, Alt-A loans). The IAC complements and refines the Banking Communication (19) where the Commission set out the principles governing the application of the State aid rules to any support measure for banks in the context of the global financial crisis. The IAC sets out principles that must be followed by any asset relief measure. It should be noted that the Commission emphasises that a common European approach is needed to deal with the treatment of impaired assets, to make sure that foreseeable losses are disclosed, valued and accompanied by an adequate level in terms of burden sharing and remuneration. |
| --- | --- |

(53)

The Commission has provided guidance on the treatment of asset relief measures by Member States under Article 87(3)(b) EC through the IAC. Impaired assets correspond to categories of assets on which banks are likely to incur losses (e.g. US sub-prime mortgage backed securities, Alt-A loans). The IAC complements and refines the Banking Communication (19) where the Commission set out the principles governing the application of the State aid rules to any support measure for banks in the context of the global financial crisis. The IAC sets out principles that must be followed by any asset relief measure. It should be noted that the Commission emphasises that a common European approach is needed to deal with the treatment of impaired assets, to make sure that foreseeable losses are disclosed, valued and accompanied by an adequate level in terms of burden sharing and remuneration.

| (54) | The IAC leaves the methods and design for impaired asset relief measures to the Member Sates, but defines impaired asset relief as all measures whereby a bank is dispensed from the need for severe downward value adjustments of certain asset classes. This is also the case for the present measure. Therefore the present measure must fulfil the conditions for the compatibility of asset relieve as spelled out in the IAC. (20) |
| --- | --- |

(54)

The IAC leaves the methods and design for impaired asset relief measures to the Member Sates, but defines impaired asset relief as all measures whereby a bank is dispensed from the need for severe downward value adjustments of certain asset classes. This is also the case for the present measure. Therefore the present measure must fulfil the conditions for the compatibility of asset relieve as spelled out in the IAC. (20)

(a)   Eligibility of assets

| (55) | As regards the eligibility of the assets, the IAC indicates in section 5.4 that asset relief requires a clear identification of impaired assets (21) and that certain limits apply in relation to eligibility to ensure compatibility. US mortgage backed securities (i.e. RMBS) are mentioned as prime examples of impaired assets which can be included in relief operations without doubts as to their eligibility. The Commission notes in this respect that all assets in the portfolio are related to US RMBS. The impaired assets are therefore sufficiently identified and do not raise issues of eligibility. |
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(55)

As regards the eligibility of the assets, the IAC indicates in section 5.4 that asset relief requires a clear identification of impaired assets (21) and that certain limits apply in relation to eligibility to ensure compatibility. US mortgage backed securities (i.e. RMBS) are mentioned as prime examples of impaired assets which can be included in relief operations without doubts as to their eligibility. The Commission notes in this respect that all assets in the portfolio are related to US RMBS. The impaired assets are therefore sufficiently identified and do not raise issues of eligibility.

(b)   Transparency and disclosure

| (56) | As regards transparency and disclosure the Commission notes that the IAC demands in section 5.1 full ex-ante transparency and disclosure of impairments by eligible banks on the assets which will be covered by the relief measures, based on adequate valuation, certified by recognised independent experts and validated by the relevant supervisory authority. In other word the IAC requires that disclosure and valuation should take place prior to government intervention. Moreover, transparency needs to be based on appropriate valuation certified by an independent expert and validated by a letter of the head of the supervisory authority. |
| --- | --- |

(56)

As regards transparency and disclosure the Commission notes that the IAC demands in section 5.1 full ex-ante transparency and disclosure of impairments by eligible banks on the assets which will be covered by the relief measures, based on adequate valuation, certified by recognised independent experts and validated by the relevant supervisory authority. In other word the IAC requires that disclosure and valuation should take place prior to government intervention. Moreover, transparency needs to be based on appropriate valuation certified by an independent expert and validated by a letter of the head of the supervisory authority.

| (57) | The Commission notes first that the Dutch authorities have engaged an independent expert. Second, as indicated above in point 42 the Dutch authorities have pursuant to point 20 IAC produced the necessary documents from the supervisory authorities. |
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(57)

The Commission notes first that the Dutch authorities have engaged an independent expert. Second, as indicated above in point 42 the Dutch authorities have pursuant to point 20 IAC produced the necessary documents from the supervisory authorities.

| (58) | Finally, the Commission notes that the requirements concerning transparency and disclosure concerning the asset portfolio covered by the relief measure are met in principle, with the exception of the issue of proper valuation dealt with separately below. Full disclosure on the entirety of impaired assets on ING's balance sheet has not however been provided in the context of the notified measure and will have to be provided in the viability review. At this stage the provisions for transparency and disclosure are thus sufficiently complied with. |
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(58)

Finally, the Commission notes that the requirements concerning transparency and disclosure concerning the asset portfolio covered by the relief measure are met in principle, with the exception of the issue of proper valuation dealt with separately below. Full disclosure on the entirety of impaired assets on ING's balance sheet has not however been provided in the context of the notified measure and will have to be provided in the viability review. At this stage the provisions for transparency and disclosure are thus sufficiently complied with.

(c)   Management of assets

| (59) | As regards the management of assets, the IAC in section 5.6 stipulates the necessity of ensuring a clear functional and organisational separation between the beneficiary bank and its assets, notably as to their management, staff and clientele. The Communication states in that respect that this should allow the bank to focus on the restoration of viability and to prevent possible conflicts of interest. |
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(59)

As regards the management of assets, the IAC in section 5.6 stipulates the necessity of ensuring a clear functional and organisational separation between the beneficiary bank and its assets, notably as to their management, staff and clientele. The Communication states in that respect that this should allow the bank to focus on the restoration of viability and to prevent possible conflicts of interest.

| (60) | In that respect, the Commission notes that 80 % of the portfolio will be derecognised by ING. However ING remains the legal owner of all the assets. In order to achieve a functional and organisational separation, ING has appointed a special committee to deal with the portfolio as indicated above in point 42. In view of this arrangement the asset management is thus in line with the IAC. |
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(60)

In that respect, the Commission notes that 80 % of the portfolio will be derecognised by ING. However ING remains the legal owner of all the assets. In order to achieve a functional and organisational separation, ING has appointed a special committee to deal with the portfolio as indicated above in point 42. In view of this arrangement the asset management is thus in line with the IAC.

(d)   Valuation

| (61) | The IAC notes in section 5.5 that a correct and consistent approach to valuation is of key importance to prevent undue distortions of competition. The valuation of impaired assets should follow a general methodology established at the Community level, which should be closely co-ordinated ex-ante by the Commission and Member States. |
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(61)

The IAC notes in section 5.5 that a correct and consistent approach to valuation is of key importance to prevent undue distortions of competition. The valuation of impaired assets should follow a general methodology established at the Community level, which should be closely co-ordinated ex-ante by the Commission and Member States.

| (62) | The Commission has to carefully scrutinize the valuation and in particular the underlying general methodology in order to ensure a consistent approach at Community level. In this respect its assessment should build on the expertise of existing bodies organised at EU level in order to ensure the consistency of valuation methodologies. For that purpose the Commission has called on the technical assistance provided by the experts from the ECB. The Commission notes that the technical experts from the ECB consider more information is needed. |
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(62)

The Commission has to carefully scrutinize the valuation and in particular the underlying general methodology in order to ensure a consistent approach at Community level. In this respect its assessment should build on the expertise of existing bodies organised at EU level in order to ensure the consistency of valuation methodologies. For that purpose the Commission has called on the technical assistance provided by the experts from the ECB. The Commission notes that the technical experts from the ECB consider more information is needed.

| (63) | Valuation implies the determination first of the market value and second of the real economic value, the latter being defined in point 40 of the IAC as the long-term economic value on the basis of underlying cash flows and broader time horizons. The main aim of valuation is to establish the real economic value, given that this value represents the benchmark level in that a transfer of impaired assets and at this value indicates compatibility of aid ensuring the relief effect by exceeding current market value but keeping the aid amount to the minimum necessary. |
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(63)

Valuation implies the determination first of the market value and second of the real economic value, the latter being defined in point 40 of the IAC as the long-term economic value on the basis of underlying cash flows and broader time horizons. The main aim of valuation is to establish the real economic value, given that this value represents the benchmark level in that a transfer of impaired assets and at this value indicates compatibility of aid ensuring the relief effect by exceeding current market value but keeping the aid amount to the minimum necessary.

| (64) | The Commission notes that, based on an independent expert i.e. Dynamic Credit, the Dutch State has established a real economic value of 97 cents on the dollar under the base case which is above the value at which the portfolio has been transferred at (90 percent of the par). |
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(64)

The Commission notes that, based on an independent expert i.e. Dynamic Credit, the Dutch State has established a real economic value of 97 cents on the dollar under the base case which is above the value at which the portfolio has been transferred at (90 percent of the par).

| (65) | Although the Commission does not question the qualification of the independent expert and its general approach it has some doubts on the conclusion reached on the establishment of this real economic value, given that it did not have all the information needed to properly assess the valuation of the impaired assets portfolio of ING (see confirmation by the technical experts from the ECB above in point (45)) and because the valuation is based on a number of assumptions as regards to which the Commission has significant doubts, in particular but not exclusively as regards (i) the choice of the discount rate, (ii) house price assumptions, (iii) the levels of credit enhancement, and (iv) other valuation issues. |
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(65)

Although the Commission does not question the qualification of the independent expert and its general approach it has some doubts on the conclusion reached on the establishment of this real economic value, given that it did not have all the information needed to properly assess the valuation of the impaired assets portfolio of ING (see confirmation by the technical experts from the ECB above in point (45)) and because the valuation is based on a number of assumptions as regards to which the Commission has significant doubts, in particular but not exclusively as regards (i) the choice of the discount rate, (ii) house price assumptions, (iii) the levels of credit enhancement, and (iv) other valuation issues.

| (66) | The Commission is first concerned about the use of a 4,19 % discount rate to discount all the cash flows of the portfolio, which suggests a spread premium above the USD Dutch government risk-free rate of 119 bp only.






  — | Given the recent developments in the market and higher loss expectations and the significant drop in credit quality of these tranches as translated by the rating downgrades from triple A to an average of BBB/BB, the spread premium and the discount rate to be used should be significantly higher. |
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(66)

The Commission is first concerned about the use of a 4,19 % discount rate to discount all the cash flows of the portfolio, which suggests a spread premium above the USD Dutch government risk-free rate of 119 bp only.

—

Given the recent developments in the market and higher loss expectations and the significant drop in credit quality of these tranches as translated by the rating downgrades from triple A to an average of BBB/BB, the spread premium and the discount rate to be used should be significantly higher.

| — | The 4,19 % rate does not capture the downside risk (unexpected losses) of deviating from the base case expected losses, as the Dutch State itself accepted a certain degree of probability of seeing the stress scenario materialising. |
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—

The 4,19 % rate does not capture the downside risk (unexpected losses) of deviating from the base case expected losses, as the Dutch State itself accepted a certain degree of probability of seeing the stress scenario materialising.

| (67) | The Commission considers at this stage that it can not dispel its doubts that the approach taken by the independent expert appears to lead to an overvaluation of the portfolio and to an overestimation of the benefit to the Dutch State. |
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(67)

The Commission considers at this stage that it can not dispel its doubts that the approach taken by the independent expert appears to lead to an overvaluation of the portfolio and to an overestimation of the benefit to the Dutch State.

| (68) | In addition, the Commission questions whether the house price assumptions applied in the valuations are prudent enough. In particular, it notes that, based on the documents received, the house prices are assumed to decrease only in 2009, then to remain stable in 2010, and then from 2010 onwards to increase by 5,8 % each year. The doubts on this point are highly relevant for assessing the real economic value of the portfolio given the important role played by house prices in the model for the calculation of the real economic value. |
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(68)

In addition, the Commission questions whether the house price assumptions applied in the valuations are prudent enough. In particular, it notes that, based on the documents received, the house prices are assumed to decrease only in 2009, then to remain stable in 2010, and then from 2010 onwards to increase by 5,8 % each year. The doubts on this point are highly relevant for assessing the real economic value of the portfolio given the important role played by house prices in the model for the calculation of the real economic value.

| (69) | The Commission is also in doubt about the stated levels of subordination/credit enhancement. The levels described for the ING portfolio are significantly higher for both Alt-A and Option ARMs tranches than average levels calculated by assessments from other experts in the context of other cases as well as available subordination/credit enhancement figures for respective typical securities from various asset classes all related to the US housing market from the rating agency Moody’s. To this concern the Dutch State told the Commission that ING had only bought super senior AAA tranches, in structures with higher levels of subordination than other AAA tranches. However, when looking at another report provided by the Dutch authorities to the Commission (commissioned by ING), only 28,1 % of the tranches were qualified as “super senior”, with the remaining being “senior” and “senior support”. The Commission notes that this is relevant for assessing the real economic value of the portfolio as a lower level of subordination/credit enhancement would reduce the protection against losses if payments are not made. Also, the doubts of the Commission are deriving from the fact that a large part of the portfolio is based on mortgages originated during 2006 and 2007, vintages which have so far proven to be most vulnerable to default. |
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(69)

The Commission is also in doubt about the stated levels of subordination/credit enhancement. The levels described for the ING portfolio are significantly higher for both Alt-A and Option ARMs tranches than average levels calculated by assessments from other experts in the context of other cases as well as available subordination/credit enhancement figures for respective typical securities from various asset classes all related to the US housing market from the rating agency Moody’s. To this concern the Dutch State told the Commission that ING had only bought super senior AAA tranches, in structures with higher levels of subordination than other AAA tranches. However, when looking at another report provided by the Dutch authorities to the Commission (commissioned by ING), only 28,1 % of the tranches were qualified as “super senior”, with the remaining being “senior” and “senior support”. The Commission notes that this is relevant for assessing the real economic value of the portfolio as a lower level of subordination/credit enhancement would reduce the protection against losses if payments are not made. Also, the doubts of the Commission are deriving from the fact that a large part of the portfolio is based on mortgages originated during 2006 and 2007, vintages which have so far proven to be most vulnerable to default.

| (70) | Further doubts as to the appropriateness of valuation cannot be excluded at this stage in view of the fact that the Commission has not yet received full information both on the valuation methodology and on its application to the individual assets covered. A fully-fledged assessment of the Commission can only be carried out once the Commission is in possession of this information. |
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(70)

Further doubts as to the appropriateness of valuation cannot be excluded at this stage in view of the fact that the Commission has not yet received full information both on the valuation methodology and on its application to the individual assets covered. A fully-fledged assessment of the Commission can only be carried out once the Commission is in possession of this information.

| (71) | In sum, the Commission has doubts as to the valuation methodology and cannot exclude that the real economic value is lower than that calculated by the independent expert of the Dutch State and intends to assess this in-depth. |
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(71)

In sum, the Commission has doubts as to the valuation methodology and cannot exclude that the real economic value is lower than that calculated by the independent expert of the Dutch State and intends to assess this in-depth.

(e)   Burden sharing

| (72) | As regards burden sharing, the IAC states in section 5.2 the general principle that banks ought to bear the losses associated with impaired assets to the maximum extent. That implies first that the bank should bear the difference between the nominal value and the real economic value of the impaired assets. In fact the Dutch authorities submit that the transaction has the effect that ING will transfer the portfolio at 90 % of par. |
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(72)

As regards burden sharing, the IAC states in section 5.2 the general principle that banks ought to bear the losses associated with impaired assets to the maximum extent. That implies first that the bank should bear the difference between the nominal value and the real economic value of the impaired assets. In fact the Dutch authorities submit that the transaction has the effect that ING will transfer the portfolio at 90 % of par.

| (73) | However, given that the Commission has doubts as regards the correct valuation of the assets prior to government intervention of the State for the relief measure, there are also doubts as regards the necessary degree of burden sharing included in this measure. In other words should the real economic value be lower than assessed by the Dutch authorities, the theoretical losses absorbed by the beneficiary would be insufficient. |
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(73)

However, given that the Commission has doubts as regards the correct valuation of the assets prior to government intervention of the State for the relief measure, there are also doubts as regards the necessary degree of burden sharing included in this measure. In other words should the real economic value be lower than assessed by the Dutch authorities, the theoretical losses absorbed by the beneficiary would be insufficient.

| (74) | In that regard, the Commission does not see that the beneficiary is making up for additional possible losses if the real economic value would be lower than currently reported with the envisaged 80/20 division of the portfolio as this is a division pari passu and not a first loss attribution to the beneficiary. In other words, if the real economic value would be 80 instead of 90, the beneficiary would only take the first 10 % of losses from 100 to 90 while for the second part between 90 and 80 he would only take 2 % out of 10 while 8 would remain with the State; proper burden sharing would however require that the beneficiary takes all the losses until the real economic value, i.e. the full 20 %. |
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(74)

In that regard, the Commission does not see that the beneficiary is making up for additional possible losses if the real economic value would be lower than currently reported with the envisaged 80/20 division of the portfolio as this is a division pari passu and not a first loss attribution to the beneficiary. In other words, if the real economic value would be 80 instead of 90, the beneficiary would only take the first 10 % of losses from 100 to 90 while for the second part between 90 and 80 he would only take 2 % out of 10 while 8 would remain with the State; proper burden sharing would however require that the beneficiary takes all the losses until the real economic value, i.e. the full 20 %.

| (75) | Furthermore regarding the cash flow swap and its funding fee, the Commission doubts whether the respective assumptions as regards the net present value are acceptable. This concerns first the funding fee set at 3,5 % although the Dutch State’s own funding costs in USD are only an estimated 3 %. The Commission also doubts second whether the applied discount rate is appropriate. This is so because the applied discount rate is the same regardless whether cash flows are risky (coming from ING to the State) or are not risky (from the Dutch State to ING). In the view of the Commission, this approach attaches to a more uncertain dollar in the future the same value as to a certain dollar. It therefore leads to an overvaluation of the expected proceeds from the portfolio and to an overestimation of the benefit to the Dutch State. |
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(75)

Furthermore regarding the cash flow swap and its funding fee, the Commission doubts whether the respective assumptions as regards the net present value are acceptable. This concerns first the funding fee set at 3,5 % although the Dutch State’s own funding costs in USD are only an estimated 3 %. The Commission also doubts second whether the applied discount rate is appropriate. This is so because the applied discount rate is the same regardless whether cash flows are risky (coming from ING to the State) or are not risky (from the Dutch State to ING). In the view of the Commission, this approach attaches to a more uncertain dollar in the future the same value as to a certain dollar. It therefore leads to an overvaluation of the expected proceeds from the portfolio and to an overestimation of the benefit to the Dutch State.

| (76) | In addition, the Commission has also doubt that the cash flow swap adequately compensates for the risk stemming from the difference between the base case of the real economic value and the stress test. This follows from the clear language in Annex 4 IAC that the “pricing of asset relief must include remuneration for the state that adequately takes account of the risk of future losses exceeding those that are projected in the determination of the real economic value”. Therefore the Commission also requires an additional ex ante coverage of the difference between the real economic value in the base case and the stress case scenario. This is particular the case where the tail risk is significant. In this context the Commission recalls that according to Annex 4 of the IAC the valuation process should be based on rigorous stress-testing against a scenario of protracted global recession and reiterates its doubts on the valuation as set out above. |
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(76)

In addition, the Commission has also doubt that the cash flow swap adequately compensates for the risk stemming from the difference between the base case of the real economic value and the stress test. This follows from the clear language in Annex 4 IAC that the “pricing of asset relief must include remuneration for the state that adequately takes account of the risk of future losses exceeding those that are projected in the determination of the real economic value”. Therefore the Commission also requires an additional ex ante coverage of the difference between the real economic value in the base case and the stress case scenario. This is particular the case where the tail risk is significant. In this context the Commission recalls that according to Annex 4 of the IAC the valuation process should be based on rigorous stress-testing against a scenario of protracted global recession and reiterates its doubts on the valuation as set out above.

| (77) | Finally, the Commission has doubts about the appropriateness of the management fee charged by ING. It notes that such a fee is not contemplated by the IAC. The Commission acknowledges however the view of the Dutch authorities that the fee is essentially cost based but stresses that so far it has not obtained full information regarding the actual cost for ING to perform such services, such as costs and staff employed, cost for IT infrastructure, etc. The Commission observes moreover that the scope of work to be performed by ING is not clear given that an active management of an amortising portfolio appears unnecessary and because ING remains the legal owner of the entire portfolio and the economic owner of 20 %. To summarise, the Commission notes that if the fee is indeed covering the costs of ING, it would appear to the Commission that such a fee can be accepted on the condition of an adequate overall burden-sharing. |
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(77)

Finally, the Commission has doubts about the appropriateness of the management fee charged by ING. It notes that such a fee is not contemplated by the IAC. The Commission acknowledges however the view of the Dutch authorities that the fee is essentially cost based but stresses that so far it has not obtained full information regarding the actual cost for ING to perform such services, such as costs and staff employed, cost for IT infrastructure, etc. The Commission observes moreover that the scope of work to be performed by ING is not clear given that an active management of an amortising portfolio appears unnecessary and because ING remains the legal owner of the entire portfolio and the economic owner of 20 %. To summarise, the Commission notes that if the fee is indeed covering the costs of ING, it would appear to the Commission that such a fee can be accepted on the condition of an adequate overall burden-sharing.

| (78) | In sum, the Commission reserves its final view on the issue of burden sharing until it has come to a conclusion on valuation and recalls that shortcomings in the valuation leading to an inadequate burden-sharing can be counterbalanced by higher remuneration. (22) |
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(78)

In sum, the Commission reserves its final view on the issue of burden sharing until it has come to a conclusion on valuation and recalls that shortcomings in the valuation leading to an inadequate burden-sharing can be counterbalanced by higher remuneration. (22)

(f)   Guarantee fee

| (79) | Another element of a proper burden sharing is pursuant to point 21 IAC remuneration. It shall, as noted in Annex 4, ensure that “any pricing of asset relief must include remuneration for the State that adequately takes account of the risks of future losses exceeding those that are projected in the determination of the “real economic value””. |
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(79)

Another element of a proper burden sharing is pursuant to point 21 IAC remuneration. It shall, as noted in Annex 4, ensure that “any pricing of asset relief must include remuneration for the State that adequately takes account of the risks of future losses exceeding those that are projected in the determination of the “real economic value””.

| (80) | In order to assess the guarantee fee charged by the Dutch authorities it must be recalled that pursuant to the IAC the remuneration should be ‘inspired’ by the remuneration that would have been required for recapitalisation measures to the extent of the capital effect of the proposed asset relief. In principle such remuneration should amount to at least 10 %, in line with the first ING decision of November 2008. (23) |
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(80)

In order to assess the guarantee fee charged by the Dutch authorities it must be recalled that pursuant to the IAC the remuneration should be ‘inspired’ by the remuneration that would have been required for recapitalisation measures to the extent of the capital effect of the proposed asset relief. In principle such remuneration should amount to at least 10 %, in line with the first ING decision of November 2008. (23)

| (81) | Therefore, the adequate capital effect of the measure needs to be identified. This effect comprises the regulatory capital that was freed due to the transaction (around EUR 1,26 billion = 8 % (24) of 13 billion RWA). A 10 % yield on EUR 1,26 billion would amount to 55 bp on the outstanding value of the portfolio. The current guarantee fee appears to reflect this calculation. Therefore the Commission finds the guarantee fee compatible at this stage. |
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(81)

Therefore, the adequate capital effect of the measure needs to be identified. This effect comprises the regulatory capital that was freed due to the transaction (around EUR 1,26 billion = 8 % (24) of 13 billion RWA). A 10 % yield on EUR 1,26 billion would amount to 55 bp on the outstanding value of the portfolio. The current guarantee fee appears to reflect this calculation. Therefore the Commission finds the guarantee fee compatible at this stage.

(g)   Viability review and restructuring plan

| (82) | As regards the need for an assessment of the banks balance sheet and activities the IAC states that an application for aid by an individual bank should be followed by a full review of that bank's activities and balance sheet, with a view of assessing the bank's capital adequacy and its prospects for future viability (viability review). The Commission considers it therefore necessary that such a viability review is performed. It notes positively a commitment in that respect. |
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(82)

As regards the need for an assessment of the banks balance sheet and activities the IAC states that an application for aid by an individual bank should be followed by a full review of that bank's activities and balance sheet, with a view of assessing the bank's capital adequacy and its prospects for future viability (viability review). The Commission considers it therefore necessary that such a viability review is performed. It notes positively a commitment in that respect.

| (83) | Furthermore, the Commission notes that the Dutch authorities commit to present a Restructuring plan complying with the conditions set out in the IAC. Such a plan is in any event required under the first recapitalisation decision and is due by 12 May 2009. The Commission notes that this plan will also cover the present measure and be made on the basis of the IAC. Therefore, the Commission’s assessment of the restructuring plan will assess all aid measures granted to ING including the present one. The Dutch authorities have provided the necessary commitment in this respect. |
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(83)

Furthermore, the Commission notes that the Dutch authorities commit to present a Restructuring plan complying with the conditions set out in the IAC. Such a plan is in any event required under the first recapitalisation decision and is due by 12 May 2009. The Commission notes that this plan will also cover the present measure and be made on the basis of the IAC. Therefore, the Commission’s assessment of the restructuring plan will assess all aid measures granted to ING including the present one. The Dutch authorities have provided the necessary commitment in this respect.

(h)   Conclusion

| (84) | The Commission finds that the measure complies with the conditions on eligibility of assets, asset management arrangement, transparency and disclosure and a guarantee fee as stipulated in the IAC but cannot at present conclude that it complies with the conditions relating to valuation and burden sharing. |
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(84)

The Commission finds that the measure complies with the conditions on eligibility of assets, asset management arrangement, transparency and disclosure and a guarantee fee as stipulated in the IAC but cannot at present conclude that it complies with the conditions relating to valuation and burden sharing.

3.   Temporary authorisation of the measure for six months

| (85) | The Commission observes that if the transaction is not booked in the first quarter 2009 altering the level of valuation and remuneration would have as a likely consequence for ING [...] an additional loss of [...] in the 2008 annual result. This is due to the [...] accounting rules [...] (see above point 36). The Commission takes into consideration, as confirmed by the supervisory authority that the announcement effect would seriously threaten ING's reputation and thus financial stability. |
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(85)

The Commission observes that if the transaction is not booked in the first quarter 2009 altering the level of valuation and remuneration would have as a likely consequence for ING [...] an additional loss of [...] in the 2008 annual result. This is due to the [...] accounting rules [...] (see above point 36). The Commission takes into consideration, as confirmed by the supervisory authority that the announcement effect would seriously threaten ING's reputation and thus financial stability.

| (86) | In view of the fact that the measure complies with the criteria for eligibility of assets, asset management arrangements, transparency and disclosure and the guarantee fee, the Commission can consider approving the asset relief measure as a temporary measure for six months. (25) The Commission considers that any approval should in any event be limited to six months on the basis of Annex 5 of the IAC. |
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(86)

In view of the fact that the measure complies with the criteria for eligibility of assets, asset management arrangements, transparency and disclosure and the guarantee fee, the Commission can consider approving the asset relief measure as a temporary measure for six months. (25) The Commission considers that any approval should in any event be limited to six months on the basis of Annex 5 of the IAC.

| (87) | But according to Annex 5 this would normally require that all the conditions for compatibility as set out above are met. In the present case, the Commission finds that at this stage the conditions of the IAC on valuation and burden sharing are not fulfilled, and an in-depth investigation is needed. |
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(87)

But according to Annex 5 this would normally require that all the conditions for compatibility as set out above are met. In the present case, the Commission finds that at this stage the conditions of the IAC on valuation and burden sharing are not fulfilled, and an in-depth investigation is needed.

| (88) | However, the Commission notes that the specific circumstances of this case require a decision before the end of the first quarter of 2009, in order to avoid that legal uncertainty about the operation obliges important losses to be incurred on the Alt-A portfolio, and that it is not possible to complete the assessment of the portfolio valuation in the necessary time frame. The Commission further notes that financial stability may be at risk, would ING have to [...]. Finally, it can not be excluded that the valuation of the portfolio will be confirmed after a detailed assessment, even though doubts are present at this stage. |
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(88)

However, the Commission notes that the specific circumstances of this case require a decision before the end of the first quarter of 2009, in order to avoid that legal uncertainty about the operation obliges important losses to be incurred on the Alt-A portfolio, and that it is not possible to complete the assessment of the portfolio valuation in the necessary time frame. The Commission further notes that financial stability may be at risk, would ING have to [...]. Finally, it can not be excluded that the valuation of the portfolio will be confirmed after a detailed assessment, even though doubts are present at this stage.

| (89) | The Commission accepts the cash flow swap arrangement between the State and ING and its affiliates and will not request changes regarding the transfer of risk from ING to the state and the State's payment obligations in the context of the cash flow swap. This does not preclude the Commission from requesting changes in its final decision to the burden sharing of the measure by way of claw back, increase of the Guarantee fee under the illiquid assets back-up facilities or any other form of remuneration without compensating ING for it, if such change results from the Commission coming to the conclusion that the valuation at 26 January 2009 of the portfolio underlying the illiquid assets back-up facilities or its burden sharing proves to be materially in contradiction with the EC State aid rules on impaired assets. |
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(89)

The Commission accepts the cash flow swap arrangement between the State and ING and its affiliates and will not request changes regarding the transfer of risk from ING to the state and the State's payment obligations in the context of the cash flow swap. This does not preclude the Commission from requesting changes in its final decision to the burden sharing of the measure by way of claw back, increase of the Guarantee fee under the illiquid assets back-up facilities or any other form of remuneration without compensating ING for it, if such change results from the Commission coming to the conclusion that the valuation at 26 January 2009 of the portfolio underlying the illiquid assets back-up facilities or its burden sharing proves to be materially in contradiction with the EC State aid rules on impaired assets.

V.   CONCLUSION

| (90) | The measure in favour of ING constitutes State aid. The Commission finds that the measure complies with the conditions on eligibility of assets, asset management arrangement, transparency and disclosure and a guarantee fee as stipulated in the IAC and in view of the serious threat to financial stability approves the measure for six months. At the same time, the Commission doubts at this stage that the measure complies with the conditions relating to valuation and burden sharing and opens a detailed investigation. |
| --- | --- |

(90)

The measure in favour of ING constitutes State aid. The Commission finds that the measure complies with the conditions on eligibility of assets, asset management arrangement, transparency and disclosure and a guarantee fee as stipulated in the IAC and in view of the serious threat to financial stability approves the measure for six months. At the same time, the Commission doubts at this stage that the measure complies with the conditions relating to valuation and burden sharing and opens a detailed investigation.

VI.   DECISION

As it complies with a number of conditions of the IAC, and with due considerations for need to preserve financial stability, the Commission has decided to approve the measure for six months. In the light of the foregoing considerations, the Commission has also decided to initiate the procedure laid down in Article 88 (2) of the EC Treaty to verify the conditions of the IAC regarding valuation (including the valuation methodology) and burden sharing of the measure.

The Commission requires the Netherlands to provide in addition to all documents already received, information and data needed for the assessment of the compatibility of the aid, and in particular as regards the individual tranches of the portfolio, an updated schedule of all cash flows on a monthly basis, the justification of the discount rate used to value the portfolio, a certified letter from the consultant on valuation on a stand alone basis and a written methodology report.

The Netherlands are requested to forward a copy of this letter to the potential recipient of the aid immediately.

The Commission informs the Netherlands 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)  State aid N 528/2008 — The Netherlands Aid to ING Groep N.V., 13 November 2008.

1

(2)  Confidential information.

2

(3)  Exchange rate about EUR/USD 1,3 assumed at the time of the deal announcement in January.

3

(4)  Commission Decision of 13.11.2008 in case State aid N 528/2008 — Aid to ING, point 8.

4

(5)  Where the borrower has the option to repay a very low amount in the first few years and these payments reset at a higher level thereafter.

5

(6)  At the time of purchase, Banks have to put their assets in four different baskets, with different consequences for accounting, the trading book, the available for sale category, the loans & receivables and hold-to-maturity. Following a legal change last October, it became easier to reclassify assets into the hold-to-maturity category.

6

(7)  IFRS accounting rules require to value assets booked in “available for sale” at fair value (i.e. profits and losses are directly affecting equity capital). For “fair valued”: banks can chose three categories based on the availability of valuation input data: “marked to market”, “marked to models with observable inputs” and “market to model with unobservable inputs”.

7

(8)  Under both IFRS and US GAAP a debt security is considered impaired if, based on currently available evidence, there is a reasonable expectation that not all due interest and principal will be recovered.

8

(9)  This is because a dollar today has not the same value as a dollar paid in the future.

9

(10)  This relates to 26 January 2009 as risk weights of the portfolio fluctuate.

10

(11)  3 % discount rate;

11

(12)  Principal and Interest payments (including pre-payments);

12

(13)  net present value of flows from the state to ING.

13

(14)  3 % discount rate;

14

(15)  Principal and Interest payments (including pre-payments);

15

(16)  net present value of flows from the state to ING.

16

(17)  [...]

17

(18)  See in principle Joined Cases T-132/96 and T-143/96 Freistaat Sachsen and Volkswagen AG v Commission [1999] ECR II-3663, paragraph 167. Confirmed in the Commission’s decisions in Case C 47/1996 Crédit Lyonnais (OJ L 221, 8.8.1998, p. 28, point 10.1), Case C 28/2002 Bankgesellschaft Berlin (OJ L 116, 4.5.2005, p. 1, paragraphs 153 et seq.) and Case C 50/2006 BAWAG, not yet published, paragraph 166. See Commission decision of 5 December 2007 in Case NN 70/2007 Northern Rock (OJ C 43, 16.2.2008, p. 1), Commission decision of 30 April 2008 in Case NN 25/2008 Rescue aid for WestLB (OJ C 189, 26.7.2008, p. 3), and Commission decision of 4 June 2008 in Case C 9/2008 Sachsen LB, not yet published.

18

Freistaat Sachsen and Volkswagen AG

Commission

Crédit Lyonnais

Bankgesellschaft Berlin

et seq

BAWAG

Northern Rock

Rescue aid for WestLB

Sachsen LB

(19)  Commission Communication on The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis, OJ C 270 of 25.10.2008, p. 8.

19

(20)  For a first application: Cf Commission Decision of 13 March 2009 in case C 9/09 Dexia, not yet published.

20

Dexia

(21)  To be categorized in baskets in line with Annex 3 of the IAC.

21

(22)  Footnote 15 of the IAC.

22

(23)  IAC, Footnote 11.

23

(24)  8 % is equal to the minimum own capital requirements.

24

(25)  The Commission has taken similar decisions. For instance in Commission Decision of 13 March 2009 in case C 9/09 point 77, Dexia, not yet published, where it approved only some elements of compatibility. Similarly in Decision of 24.4.2007 in case NN 15/2006 (C13/2007), New Interline, OJ 2007 C 120/12, the Commission approved a rescue aid for six months and opened on the same rescuer aid thereafter.

25

Dexia

New Interline

---

KITI AKTAI

Komisija

| 11.7.2009 | LT | Europos Sąjungos oficialusis leidinys | C 158/24 |
| --- | --- | --- | --- |

11.7.2009

LT

Europos Sąjungos oficialusis leidinys

C 158/24

---

Paraiškos paskelbimas pagal Tarybos reglamento (EB) Nr. 509/2006 dėl žemės ūkio produktų ir maisto produktų kaip garantuotų tradicinių gaminių 8 straipsnio 2 dalį

2009/C 158/07

Šiuo paskelbimu suteikiama teisė pateikti prieštaravimą pagal Tarybos reglamento (EB) Nr. 509/2006 9 straipsnį. Prieštaravimo pareiškimai turi būti pateikti Komisijai per šešis mėnesius nuo šio paskelbimo datos.

PARAIŠKA ĮREGISTRUOTI GTG

TARYBOS REGLAMENTAS (EB) Nr. 509/2006

„KIEŁBASA JAŁOWCOWA“

EB Nr.: PL-TSG-007-0047-05.12.2006

1.   Pareiškėjų grupės pavadinimas ir adresas:

Pavadinimas: Związek „Polskie Mięso“

Adresas:

| ul. Chałubińskiego 8 |
| --- |
| 00-613 Warszawa |
| POLSKA/POLAND |

ul. Chałubińskiego 8

00-613 Warszawa

POLSKA/POLAND

Tel. +48 228302657

Faks. +48 228301648

E. paštas: info@polskie-mieso.pl

2.   Valstybė narė arba trečioji valstybė:

Lenkija

3.   Produkto specifikacija:

3.1.   Įregistruojamas (-i) pavadinimas (-ai) (Komisijos reglamento (EB) Nr. 1216/2007 2 straipsnis):

„Kiełbasa jałowcowa“

3.2.   Pavadinimas:

 pats yra specifinis

Image

Pavadinimas kiełbasa jałowcowa perteikia specifines produkto savybes, kurios yra labiausiai susijusios su jo išskirtiniu skoniu ir aromatu. Šios savybės rodo, kad gamybos procese naudojamos kadagio uogos, kurios prieš pat įmaišant į mėsą yra smulkiai supjaustomos, o rūkymo procese naudojamos kadagių šakos.

3.3.   Ar išimtinės pavadinimo naudojimo teisės siekiama pagal Reglamento (EB) 509/2006 13 straipsnio 2 dalį:

 Registravimas nustatant išimtinę pavadinimo naudojimo teisę

Image

3.4.   Produkto rūšis:

| Klasė 1.2 – | Mėsos produktai (virti, sūdyti, rūkyti ir kt.) |
| --- | --- |

Klasė 1.2 –

Mėsos produktai (virti, sūdyti, rūkyti ir kt.)

3.5.   Žemės ūkio produkto ar maisto produkto, kuriam taikomas 3.1 punkte nurodytas pavadinimas, apibūdinimas (Reglamento (EB) Nr. 1216/2007 3 straipsnio 1 dalis):

Kiełbasa jałowcowa yra vienodai grublėto paviršiaus kilpą primenančios formos. Ji yra tradicinės riestės formos, be išorinių išilginių nelygumų. Dešrelės riestės gali būti dviejų dydžių:

| — | maža, natūraliame apvalkale apie 32 mm skersmens ir sverianti maždaug 0,5 kg; |
| --- | --- |

—

maža, natūraliame apvalkale apie 32 mm skersmens ir sverianti maždaug 0,5 kg;

| — | didelė, baltyminiame apvalkale apie 36 mm skersmens ir sverianti maždaug 0,8 kg. |
| --- | --- |

—

didelė, baltyminiame apvalkale apie 36 mm skersmens ir sverianti maždaug 0,8 kg.

Kiełbasa jałowcowa yra tamsiai rudos spalvos, tolygios per visą paviršių – tai būdinga stipriai rūkytoms dešrelėms.

Dešros konsistencija ir pojūtis palietus – sausas, tolygus, vienodai grublėtas paviršius, su tampriai prie įdaro prigludusiu apvalkalu.

Produktui būdingą skonį ir minkštumą suteikia pasirinktos žaliavos, prieskoniai (ypač kadagiai) ir natūralus rūkymas, kuris yra gaminimo proceso dalis.

Cheminė sudėtis:

| — | baltymų kiekis – ne mažiau nei 15,0 %; |
| --- | --- |

—

baltymų kiekis – ne mažiau nei 15,0 %;

| — | vandens kiekis – ne daugiau nei 60,0 %; |
| --- | --- |

—

vandens kiekis – ne daugiau nei 60,0 %;

| — | riebalų kiekis – ne daugiau nei 35,0 %; |
| --- | --- |

—

riebalų kiekis – ne daugiau nei 35,0 %;

| — | druskos kiekis – ne daugiau nei 3,5 %; |
| --- | --- |

—

druskos kiekis – ne daugiau nei 3,5 %;

| — | nitratų (III) ir nitratų (V) kiekis, išreikštas kaip NaNO2 – ne daugiau kaip 0,0125 %. |
| --- | --- |

—

nitratų (III) ir nitratų (V) kiekis, išreikštas kaip NaNO2 – ne daugiau kaip 0,0125 %.

Dėl šios cheminės sudėties užtikrinama tradicinė produkto kokybė. Galutinio produkto kiekis sudaro ne daugiau kaip 75 % (+/– 3 %) pradinio žaliavinės mėsos kiekio.

3.6.   Žemės ūkio produkto ar maisto produkto, kuriam taikomas 3.1 punkte nurodytas pavadinimas, gamybos būdo apibūdinimas (Komisijos reglamento (EB) Nr. 1216/2007 3 straipsnio 2 dalis):

Sudedamosios dalys

| | Mėsa (100 kg žaliavos):






  — | I rūšies kiauliiena, kurios riebalų kiekis ne daugiau kaip 15 % – 20 kg; |
| --- | --- | --- |

Mėsa (100 kg žaliavos):

—

I rūšies kiauliiena, kurios riebalų kiekis ne daugiau kaip 15 % – 20 kg;

| — | IIA rūšies kiauliena, kurios riebalų kiekis ne daugiau kaip 20 % – 50 kg; |
| --- | --- |

—

IIA rūšies kiauliena, kurios riebalų kiekis ne daugiau kaip 20 % – 50 kg;

| — | III rūšies kiauliena, kurios riebalų kiekis ne daugiau kaip 25 % – 20 kg; |
| --- | --- |

—

III rūšies kiauliena, kurios riebalų kiekis ne daugiau kaip 25 % – 20 kg;

| — | Supjaustytos riebios mėsos – 10 kg. |
| --- | --- |

—

Supjaustytos riebios mėsos – 10 kg.

Ne daugiau kaip 50 % IIA ar III rūšies kiaulienos gali būti pakeista jautiena.

| | Prieskoniai (100 kg mėsos):






  — | natūralūs pipirai 0,17 kg; |
| --- | --- | --- |

Prieskoniai (100 kg mėsos):

—

natūralūs pipirai 0,17 kg;

| — | kadagiai 0,12 kg; |
| --- | --- |

—

kadagiai 0,12 kg;

| — | cukrus 0,20 kg. |
| --- | --- |

—

cukrus 0,20 kg.

| | Kiti priedai:






  — | sūdymo mišinys (valgomosios druskos (NaCl) ir natrio nitrito (NaNO2) mišinys) – apie 2 kg. |
| --- | --- | --- |

Kiti priedai:

—

sūdymo mišinys (valgomosios druskos (NaCl) ir natrio nitrito (NaNO2) mišinys) – apie 2 kg.

Kiaulių, kurių mėsa skirta Kiełbasa jałowcowa gaminti, šėrimas

Kiaulės penimos riebiai mėsai. Tikslas – užauginti kiaules, kurių kūno masė ne didesnė nei 120 kg ir kurioms būdingas didesnis tarpraumeninių riebalų kiekis (daugiau nei 3 %).

| — | Penimos kiaulės yra vėlai subręstančių veislių ir joms taikomas specialus penėjimo rėžimas – taip pasiekiamas reikiamas tarpraumeninių riebalų kiekis. Penėjimui skirtos veislės neturi RN geno, o RYR 1T geną turi 20 % populiacijos. |
| --- | --- |

—

Penimos kiaulės yra vėlai subręstančių veislių ir joms taikomas specialus penėjimo rėžimas – taip pasiekiamas reikiamas tarpraumeninių riebalų kiekis. Penėjimui skirtos veislės neturi RN geno, o RYR 1T geną turi 20 % populiacijos.

| — | Penima trimis etapais: I etapas iki maždaug 60 kg, II etapas iki maždaug 90 kg, III etapas iki 120 kg. |
| --- | --- |

—

Penima trimis etapais: I etapas iki maždaug 60 kg, II etapas iki maždaug 90 kg, III etapas iki 120 kg.

| — | Gyvuliai penimi iki 90 kg dviem pašarų mišinių tipais. Pašarų mišinius (davinius) sudaro: |
| --- | --- |

—

Gyvuliai penimi iki 90 kg dviem pašarų mišinių tipais. Pašarų mišinius (davinius) sudaro:

| — | energiniai komponentai: antrarūšiai grūdai – kviečiai, miežiai, rugiai, avižos, kvietrugiai arba kukurūzai; antrarūšiai kukurūzai ir įvairios belukštės avižos sudaro ne daugiau kaip 30 % mišinių; |
| --- | --- |

—

energiniai komponentai: antrarūšiai grūdai – kviečiai, miežiai, rugiai, avižos, kvietrugiai arba kukurūzai; antrarūšiai kukurūzai ir įvairios belukštės avižos sudaro ne daugiau kaip 30 % mišinių;

| — | baltyminiai komponentai: lubinai, antrarūšės laukinės pupos ir žirniai, ekstrahuotų sojų miltai, ekstrahuotų rapsų miltai, rapsų aliejaus išspaudos, pašarinės mielės arba sausieji pašarai. |
| --- | --- |

—

baltyminiai komponentai: lubinai, antrarūšės laukinės pupos ir žirniai, ekstrahuotų sojų miltai, ekstrahuotų rapsų miltai, rapsų aliejaus išspaudos, pašarinės mielės arba sausieji pašarai.

| — | Pašarų mišinius (davinius) gyvuliams nuo 90 iki 120 kg sudaro: |
| --- | --- |

—

Pašarų mišinius (davinius) gyvuliams nuo 90 iki 120 kg sudaro:

| — | energiniai komponentai: antrarūšiai kviečiai, miežiai, rugiai, kvietrugiai; antrarūšiai kukurūzai ir įvairios belukštės avižos negali būti naudojami mišiniuose (daviniuose); |
| --- | --- |

—

energiniai komponentai: antrarūšiai kviečiai, miežiai, rugiai, kvietrugiai; antrarūšiai kukurūzai ir įvairios belukštės avižos negali būti naudojami mišiniuose (daviniuose);

| — | baltyminiai komponentai: antrarūšiai ankštiniai augalai (lubinai, laukinės pupos ir žirniai), ekstrahuotų sojų miltai, rapsų aliejaus išspaudos arba ekstrahuotų rapsų miltai, sausieji pašarai. |
| --- | --- |

—

baltyminiai komponentai: antrarūšiai ankštiniai augalai (lubinai, laukinės pupos ir žirniai), ekstrahuotų sojų miltai, rapsų aliejaus išspaudos arba ekstrahuotų rapsų miltai, sausieji pašarai.

| — | Nė viename kiaulių šėrimo etape negalima naudoti: augalinio aliejaus, gyvūninės kilmės pašarų t. y. pieno miltelių, sausų išrūgų, žuvų miltų. |
| --- | --- |

—

Nė viename kiaulių šėrimo etape negalima naudoti: augalinio aliejaus, gyvūninės kilmės pašarų t. y. pieno miltelių, sausų išrūgų, žuvų miltų.

| — | Apykaitinės energijos kiekis mišiniuose visuose šėrimo etapuose yra 12–13 MJ ME/kg mišinio. Baltymų kiekis mišiniuose turi būti apie 16–18 % pirmąjame šėrimo etape, 15–16 % antrąjame etape ir apie 14 % paskutiniame etape. |
| --- | --- |

—

Apykaitinės energijos kiekis mišiniuose visuose šėrimo etapuose yra 12–13 MJ ME/kg mišinio. Baltymų kiekis mišiniuose turi būti apie 16–18 % pirmąjame šėrimo etape, 15–16 % antrąjame etape ir apie 14 % paskutiniame etape.

| — | Šėrimo daviniai gali būti sudaryti iš vien tik maisto mišinių arba maisto mišinių ir stambiųjų pašarų t. y. bulvių ir žaliųjų pašarų. |
| --- | --- |

—

Šėrimo daviniai gali būti sudaryti iš vien tik maisto mišinių arba maisto mišinių ir stambiųjų pašarų t. y. bulvių ir žaliųjų pašarų.

Kiełbasa jałowcowa gaminimo etapai

| 1 etapas | išankstinis visų žaliavinių mėsos dalių supjaustymas. Mėsos gabalėliai turi būti vienodo dydžio (apie 5 cm skersmens). |
| --- | --- |

1 etapas

išankstinis visų žaliavinių mėsos dalių supjaustymas. Mėsos gabalėliai turi būti vienodo dydžio (apie 5 cm skersmens).

| 2 etapas | tradicinis sūdymas (sausuoju būdu) apie 48 val. naudojant sūdymui skirtą mišinį. |
| --- | --- |

2 etapas

tradicinis sūdymas (sausuoju būdu) apie 48 val. naudojant sūdymui skirtą mišinį.

| 3 etapas | mechaninis apdorojimas: I rūšies mėsa susmulkinama į 20 mm, IIA rūšies mėsa į 8 mm, III rūšies mėsa į 3 mm dydžio gabalėlius ir sumalama su 5 kg ledo. |
| --- | --- |

3 etapas

mechaninis apdorojimas: I rūšies mėsa susmulkinama į 20 mm, IIA rūšies mėsa į 8 mm, III rūšies mėsa į 3 mm dydžio gabalėlius ir sumalama su 5 kg ledo.

| 4 etapas | visų mėsos sudedamųjų dalių ir prieskonių: natūraliųjų pipirų, cukraus ir kadagių, kurie yra šviežiai sumalami, sumaišymas. |
| --- | --- |

4 etapas

visų mėsos sudedamųjų dalių ir prieskonių: natūraliųjų pipirų, cukraus ir kadagių, kurie yra šviežiai sumalami, sumaišymas.

| 5 etapas | 32 mm skersmens natūralių kiaulės žarnų arba 36 mm skersmens baltyminių apvalkalų įdarymas, užsukant galus ir suformuojant rinkes. Dešrelių gaminimui gali būti naudojami dviejų rūšių apvalkalai:






  — | mažesnės riestės iš plonųjų kiaulių žarnų, sveriančios 0,5 kg. |
| --- | --- | --- |

5 etapas

32 mm skersmens natūralių kiaulės žarnų arba 36 mm skersmens baltyminių apvalkalų įdarymas, užsukant galus ir suformuojant rinkes. Dešrelių gaminimui gali būti naudojami dviejų rūšių apvalkalai:

—

mažesnės riestės iš plonųjų kiaulių žarnų, sveriančios 0,5 kg.

| — | didesnės riestės iš baltyminių apvalkalų, sveriančios 0,8 kg. |
| --- | --- |

—

didesnės riestės iš baltyminių apvalkalų, sveriančios 0,8 kg.

| 6 etapas | laikymas 2 valandas ne aukštesnėje nei 30 °C temperatūroje. Išankstinis paviršiaus džiovinimas, sudėtinių dalių „suslūgimas“. |
| --- | --- |

6 etapas

laikymas 2 valandas ne aukštesnėje nei 30 °C temperatūroje. Išankstinis paviršiaus džiovinimas, sudėtinių dalių „suslūgimas“.

| 7 etapas | paviršiaus džiovinimas, po to – tradicinis karštasis rūkymas (maždaug 120 min) ir kepinimas, kol temperatūra dešrelių viduje pasiekia ne mažiau 70 °C. |
| --- | --- |

7 etapas

paviršiaus džiovinimas, po to – tradicinis karštasis rūkymas (maždaug 120 min) ir kepinimas, kol temperatūra dešrelių viduje pasiekia ne mažiau 70 °C.

| 8 etapas | 24 valandas trunkantis aušinimas. |
| --- | --- |

8 etapas

24 valandas trunkantis aušinimas.

| 9 etapas | Šaltas rūkymas, naudojant bukmedžių skiedras ir kadagių šakeles (maždaug 120 min), po to – džiovinimas 14–18 °C temperatūroje 3–5 dienas, kol gaunamas 75 % (+/– 3 %) galutinio produkto kiekis. |
| --- | --- |

9 etapas

Šaltas rūkymas, naudojant bukmedžių skiedras ir kadagių šakeles (maždaug 120 min), po to – džiovinimas 14–18 °C temperatūroje 3–5 dienas, kol gaunamas 75 % (+/– 3 %) galutinio produkto kiekis.

3.7.   Žemės ūkio produkto ar maisto produkto specifiškumas (Komisijos reglamento (EB) Nr. 1216/2007 3 straipsnio 3 dalis):

Kiełbasa jałowcowa specifines savybes lemia keletas produktui būdingų požymių:

| — | minkšta, specifinėmis ypatybėmis pasižyminti mėsa; |
| --- | --- |

—

minkšta, specifinėmis ypatybėmis pasižyminti mėsa;

| — | išskirtinis skonis ir aromatas; |
| --- | --- |

—

išskirtinis skonis ir aromatas;

| — | vienoda forma. |
| --- | --- |

—

vienoda forma.

Minkšta, sultinga, specifinėmis ypatybėmis pasižyminti mėsa

Pagrindinė kiełbasa jałowcowa sudedamoji dalis yra kiauliena, gaunama iš vėlai subręstančių veislių kiaulių, penimų, kol jų kūno masė pasiekia maždaug 120 kg ir turinčių 3.6 punkte nurodytus genetinius bruožus, dėl kurių šios dešrelės yra specifinio pobūdžio. Jei laikomasi šių reikalavimų, tarpraumeninių riebalų kiekis yra didesnis nei 3 %, ir tai suteikia mėsai tinkamų skonio ir technologinių savybių, kurios yra itin svarbios kiełbasa jałowcowa gamybai. Šių žaliavų naudojimas ir atitiktis tradiciniam gamybos būdui, ypač malimo, sūdymo ir rūkymo etapuose, suteikia kiełbasa jałowcowa ypatingo minkštumo ir sultingumo.

Išskirtinis skonis ir aromatas

Specifinės kiełbasa jałowcowa savybės yra labiausiai susijusios su išskirtiniu skoniu ir aromatu, kuriuos suteikia gaminimo metu naudojamos kadagio uogos. Dešrelėms specifinį skonį ir savybes suteikia prieš pat gaminimo procesą sumalamos kadagio uogos, o kadagio šakelių naudojimas rūkymo metu pagerina skonį ir sustiprina jų išskirtinį aromatą.

Vienoda forma

Dėl savo formos, kiełbasa jałowcowa skiriasi nuo kitų dešrelių rūšių. Dešrelės parduodamos tik dviejų labai panašių formų, todėl yra vartotojų lengvai atpažįstamos. Kiełbasa jałowcowa yra vienodai grublėto paviršiaus kilpą primenančios formos. Ji yra tradicinės riestės formos, be išorinių išilginių nelygumų.

3.8.   Žemės ūkio produkto ar maisto produkto tradicinės savybės (Reglamento (EB) Nr. 1216/2007 3 straipsnio 4 dalis):

Tradicinės žaliavos

| 1. | Kadagiai
  1903 m Wielka Encyklopedia Powszechna Ilustrowana (Didžiojoje iliustruotoje visuotinėje enciklopedijoje). paminėta viena itin vertinga šio krūmokšnio, kuris gan plačiai paplitęs Lenkijoje jau daug amžių, savybė – deginami kadagiai skleidžia malonų aromatą. Enciklopedijoje taip pat nurodyta, kad kadagio šakos, drožlės ir uogos gali būti naudojamos mėsos rūkymo procese, norint suteikti išskirtinį skonį ir aromatą. XIX a. antros pusės dokumentuose minima, jog kadagiai buvo naudojami kaip mėsos patiekalų ar produktų sudedamosios dalys arba prieskoniai. 1863 m. Varšuvoje išleistoje Encyklopedyja Powszechna teigiama, jog kadagio uogos yra pikantiško, karčiai saldaus skonio ir malonaus aromato ir yra dažnai naudojamos kaip prieskonis. Įprastas dešrelių gaminimo būdas, naudojant kadagio uogas ir kadagio aromato dūmus, buvo sukurtas Lenkijoje penkto dešimtmečio pabaigoje (žr. straipsnį „Gospodarka Mięsna“ (1954 m., 3 numeryje) mėsos pramonės publikacija pavadinimu Regulacja asortymentów wędlin na zaopatrzenie rynku). |
| --- | --- |

1.

Kadagiai

1903 m Wielka Encyklopedia Powszechna Ilustrowana (Didžiojoje iliustruotoje visuotinėje enciklopedijoje). paminėta viena itin vertinga šio krūmokšnio, kuris gan plačiai paplitęs Lenkijoje jau daug amžių, savybė – deginami kadagiai skleidžia malonų aromatą. Enciklopedijoje taip pat nurodyta, kad kadagio šakos, drožlės ir uogos gali būti naudojamos mėsos rūkymo procese, norint suteikti išskirtinį skonį ir aromatą. XIX a. antros pusės dokumentuose minima, jog kadagiai buvo naudojami kaip mėsos patiekalų ar produktų sudedamosios dalys arba prieskoniai. 1863 m. Varšuvoje išleistoje Encyklopedyja Powszechna teigiama, jog kadagio uogos yra pikantiško, karčiai saldaus skonio ir malonaus aromato ir yra dažnai naudojamos kaip prieskonis. Įprastas dešrelių gaminimo būdas, naudojant kadagio uogas ir kadagio aromato dūmus, buvo sukurtas Lenkijoje penkto dešimtmečio pabaigoje (žr. straipsnį „Gospodarka Mięsna“ (1954 m., 3 numeryje) mėsos pramonės publikacija pavadinimu Regulacja asortymentów wędlin na zaopatrzenie rynku).

| 2. | Kiauliena

  Kiełbasa jałowcowa gamybai naudojamos kiaulienos tarpraumeninių riebalų kiekis turi būti ne mažesnis nei 3 % – tai suteikia produktui reikiamo minkštumo, sultingumo ir puikų skonį. Tokios mėsos naudojimas turi lemiamos įtakos galutinio produkto kokybei ir jo specifiškumui bei atitinka tradicinį gamybos būdą. |
| --- | --- |

2.

Kiauliena

Kiełbasa jałowcowa gamybai naudojamos kiaulienos tarpraumeninių riebalų kiekis turi būti ne mažesnis nei 3 % – tai suteikia produktui reikiamo minkštumo, sultingumo ir puikų skonį. Tokios mėsos naudojimas turi lemiamos įtakos galutinio produkto kokybei ir jo specifiškumui bei atitinka tradicinį gamybos būdą.

Tradicinis gamybos būdas ir sudėtis

Rūkymas yra vienas mėsos konservavimo būdų, o labiausiai paplitęs rūkymo būdas buvo deginant kadagius. Tokius įrašus randame senuose lenkų rankraščiuose, pvz. nežinomo šalies dvaro ekonomo užrašuose XVIII amžiaus 8 dešimtmetyje, kuriuose užfiksuoti mėsos perdirbimo receptai (AGAD Warsaw, „Zbiór z Muzeum Narodowego“, ref. 1249). Lenkijos dainiaus Adomo Mickevičiaus 1834 m. epinėje poemoje „Ponas Tadas“ paminėtas mėsos rūkymo su kadagiais populiarumas, pusryčių kaimo dvare aprašyme: „kumpio ir liežuvio griežinėliai – skanūs, naminiai, kadagiuose išrūkyti, kamine kepti“.

Mėsos paskaninimo ir rūkymo, naudojant kadagius tradicija turėjo keletą skirtingų vietinių ir regioninių variantų, kurie skyrėsi ne tik technologijų naudojimu, bet ir neretai skirtingos mėsos rūšių naudojimu. Kaip rašinyje „Z doświadczeń przy produkcji wędlin“, publikuotame „Gospodarka Mięsna“ (1953 m. 6 numeryje) teigė W. Łęg, žmonės nevengė eksperimentuoti – kiełbasa jałowcowa gamindavo dešras iš žvėrienos (kiškienos ar šernienos, pridedant kiaulienos). Šių dešrelių skonis buvo kitoks, bet pagrindinis receptas (pagardinant ir rūkant su kadagiais) buvo naudojamas visur. Mėsos pramonės specialistas, keliavęs per Kurpių regioną, straipsnyje apie regionines mėsos perdirbimo ypatybes, išleistame „Gospodarka Mięsna“ (1950 m., 7–8 numeriuose) parašė šias pastabas apie vietinį kiełbasa jałowcowa variantą: Dešrelės iš Myszyniec, Kurpių regiono, rūkytos, naudojant kadagius ir kadagių uogomis gardintos. Sausos, puikaus specifinio skonio ir aromato.

Po 1945-ųjų m., pagal centrinio planavimo doktriną buvo nuspręsta vystyti mėsos pramonę, paremtą didelėmis perdirbimo įmonėmis. Siekiant gerinti kokybę ir skonį, buvo pradėta tradiciniais receptais grindžiamų produktų ir technologijų standartizacija. Kiełbasa jałowcowa kaip produkto pavadinimas pradėtas vartoti maisto prekybos standartuose 1947 ir 1948 m. Suderintas kiełbasa jałowcowa standartas sukurtas 1954 m. Vėliau, (1964 m.) jis tapo Mėsos pramonės centrinio biuro standartu (Wydawnictwo Przemysłu Lekkiego i Spożywczego, Varšuva 1964 m.), kuriuo remiamasi teikiant šią paraišką.

Šie standartai buvo kuriami tam, kad būtų galima užtikrinti aukščiausią įmanomą kiełbasa jałowcowa kokybę. Nors standartas, kurio pagrindu teikiama ši paraiška, nebėra privalomas, jame tebėra nurodyti aukščiausi kiełbasa jałowcowa gamybos standartai.

3.9.   Produkto specifinėms savybėms patikrinti taikomi būtiniausi reikalavimai ir procedūros (Reglamento (EB) Nr. 1216/2007 4 straipsnis):

Atsižvelgiant į specifines kiełbasa jałowcowa savybes turėtų būti ypač tikrinami:

| 1. | Gamybai naudojamų žaliavų (kiaulienos, prieskonių) kokybė, įskaitant:






  — | mėsos technologinį tinkamumą; |
| --- | --- | --- |

1.

Gamybai naudojamų žaliavų (kiaulienos, prieskonių) kokybė, įskaitant:

—

mėsos technologinį tinkamumą;

| — | penėjimo tipą; |
| --- | --- |

—

penėjimo tipą;

| — | sūdymo trukmę; |
| --- | --- |

—

sūdymo trukmę;

| — | kiełbasa jałowcowa gaminti naudojamus prieskonius ir jų proporcijas. |
| --- | --- |

—

kiełbasa jałowcowa gaminti naudojamus prieskonius ir jų proporcijas.

| 2. | Kiełbasa jałowcowa rūkymo procesas
  Patikrinimo metu turi būti tikrinama:






  — | ar palaikoma tradiciniam karštam rūkymui reikalinga temperatūra ir kaitinimo temperatūra; |
| --- | --- | --- |

2.

Kiełbasa jałowcowa rūkymo procesas

Patikrinimo metu turi būti tikrinama:

—

ar palaikoma tradiciniam karštam rūkymui reikalinga temperatūra ir kaitinimo temperatūra;

| — | ar palaikoma temperatūra reikalinga pakartotiniam šaltam rūkymui bei jo trukmė; |
| --- | --- |

—

ar palaikoma temperatūra reikalinga pakartotiniam šaltam rūkymui bei jo trukmė;

| — | ar šaltam rūkymui naudojamos bukmedžių skiedros ir kadagių šakelės. |
| --- | --- |

—

ar šaltam rūkymui naudojamos bukmedžių skiedros ir kadagių šakelės.

| 3. | Galutinio produkto kokybė






  — | baltymų kiekis; |
| --- | --- | --- |

3.

Galutinio produkto kokybė

—

baltymų kiekis;

| — | vandens kiekis; |
| --- | --- |

—

vandens kiekis;

| — | riebalų kiekis; |
| --- | --- |

—

riebalų kiekis;

| — | natrio chlorido kiekis; |
| --- | --- |

—

natrio chlorido kiekis;

| — | nitrato (III) ir nitrato (V) kiekis; |
| --- | --- |

—

nitrato (III) ir nitrato (V) kiekis;

| — | skonis ir aromatas. |
| --- | --- |

—

skonis ir aromatas.

| 4. | Produkto forma |
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4.

Produkto forma

Patikrinimų dažnumas

Anksčiau minėtų etapų patikrinimai turi būti atliekami kas du mėnesius. Jeigu visuose etapuose laikomasi nustatytų reikalavimų, patikrinimai gali būti atliekami du kartus per metus.

Jeigu pastebimi neatitikimai kažkuriame etape, to etapo patikrinimai atliekami dažniau (kas du mėnesius). Kitų etapų patikrinimai gali būti atliekami kas pusę metų.

4.   institucijos arba įstaigos, tikrinančios, ar laikomasi produkto specifikacijos reikalavimų:

4.1.   Pavadinimas ir adresas:

Pavadinimas: Główny Inspektorat Jakości Handlowej Artykułów Rolno-Spożywczych

Adresas:

| ul. Wspólna 30 |
| --- |
| 00-930 Warsaw |
| POLSKA/POLAND |

ul. Wspólna 30

00-930 Warsaw

POLSKA/POLAND

Tel. +48 226232901

Faks. +48 226232099

E. paštas: —

Image Valstybinis  Privatus

4.2.   Institucijos ar įstaigos konkrečios užduotys:

Minėta kontrolės institucija yra atsakinga už visos specifikacijos patikrinimus

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