Statsstøtte - Det Forenede Kongerige

Støtteforanstaltning C 72/03 (ex N 134/03) - Invest Northern Ireland Venture 2003

Opfordring til at fremsætte bemærkninger efter EF-traktatens artikel 88, stk. 2

(2004/C 33/02)

(EØS-relevant tekst)

Ved brev af 26. november 2003, der er gengivet på det autentiske sprog efter dette resumé, meddelte Kommissionen Det Forenede Kongerige, at den havde besluttet at indlede proceduren efter EF-traktatens artikel 88, stk. 2, over for ovennævnte støtteforanstaltning.

Interesserede parter kan senest en måned efter offentliggørelsen af nærværende resumé og det efterfølgende brev sende deres bemærkninger til: Europa-Kommissionen Generaldirektoratet for Konkurrence

State Aid Greffe

B - 1049 Bruxelles Fax (32-2) 296 12 42.

Disse bemærkninger vil blive videresendt til Det Forenede Kongerige. Interesserede parter, der fremsætter bemærkninger til sagen, kan skriftligt anmode om at få deres navne hemmeligholdt. Anmodningen skal være begrundet.

RESUMÉ

Ved brev af 20. marts 2003, som blev registreret i Kommissionen den 26. marts 2003, anmeldte de britiske myndigheder i henhold til EF-traktatens artikel 88, stk. 3, "Invest NI Venture 2003". Ved brev D/53203 og D/55504 af hhv. 15. maj 2003 og 29. august 2003 anmodede Kommissionen om yderligere oplysninger om ovennævnte foranstaltning. Oplysningerne blev fremsendt af Det Forenede Kongeriges myndigheder ved brev af hhv. 24. juni 2003 og 30. september 2003, som blev registreret i Kommissionen den 1. juli 2003 og den 1. oktober 2003.

BESKRIVELSE AF ORDNINGEN

Formålet med foranstaltningen er at kompensere for den manglende risikokapital i Nordirland ved at oprette en ny risikokapitalfond, der skal yde risikokapital til små og mellemstore virksomheder i Nordirland. Fonden Invest Northern Ireland Venture 2003 (i det følgende benævnt fonden) skal tage sig af de vanskeligheder, som SMV i Nordirland har med at rejse kapital.

Markedsundersøgelser, som Det Forenede Kongerige har fremsendt, peger på, at risikokapitalmarkedet i Nordirland halter bagefter, når man sammenligner med andre regioner i Det Forenede Kongerige. Ifølge de britiske myndigheder skyldes dette, dels at Nordirland er fysisk adskilt fra resten af Det Forenede Kongerige, dels de langvarige følger af de borgerlige uroligheder. De britiske myndigheder anfører derfor, at der som følge af de særlige træk ved risikokapitalmarkedet i Nordirland er et efterslæb i risikokapitalinvesteringerne på op til 1,5 mio. GBP (2,1 mio. EUR).

Det er vigtigt at bemærke, at Kommissionen i 2003 godkendte risikokapital- og lånefonden for små og mellemstore virksomheder(1), en paraplyordning for alle britiske regioner, herunder Nordirland. Denne ordning regulerer oprettelsen af risikokapitalfonde, der specialiserer sig i egenkapitalinvesteringer i SMV'er over hele Det Forenede Kongerige. I denne afgørelse er statsstøttet risikokapital til støtteområder i henhold til artikel 87, stk. 3, litra c), (Nordirland er et sådant støtteområde) begrænset til 750000 EUR i en enkelt tranche. På grund af de særlige problemer, som regionen Nordirland står over for, agter de britiske myndigheder ved hjælp af denne ordning at tilbyde SMV egenkapitalinvesteringer på op til 1500000 EUR GBP (2,1 mio. EUR) i en enkelt tranche. Alle de andre bestemmelser i denne ordning overholder de betingelser, der er fastlagt i Kommissionen afgørelse om "risikokapital- og lånefonden for små og mellemstore virksomheder".

ORDNINGENS KARAKTER AF STATSSTØTTE

Kommissionen finder på dette trin i proceduren, at foranstaltningen må betragtes som statsstøtte, jf. artikel 87, stk. 1, i EF-traktaten.

Med hensyn til investorerne finder Kommissionen, at der er tale om statsstøtte i den i EF-traktatens artikel 87, stk. 1, anvendte betydning. Der indgår statslige midler i ordningen, eftersom de britiske myndigheder vil yde op til 50 % af fondens kapital. Private investorer, som godt kan være virksomheder i den i EF-traktaten anvendte betydning, nyder godt af en fordel, eftersom foranstaltningen gør det muligt for dem at deltage i en virksomheds eller en gruppe af virksomheders egenkapital på vilkår, der er mere favorable end for offentlige investorer. Selv om ingen person eller organisation er udelukket fra at investere i fonden, vil midlernes begrænsede omfang ikke være nogen garanti for, at alle potentielle investeringer vil blive accepteret, og Kommissionen finder derfor, at der er tale om selektivitet. Endelig påvirker ordningen handelen mellem medlemsstater, da investeringer i kapital er en aktivitet, der er genstand for betydelig handel mellem medlemsstaterne.

Med hensyn til selve fonden er Kommissionen generelt af den opfattelse, at en fond er et instrument for overførsel af støtte til investorer og/eller virksomheder, der investeres i, snarere end en støttemodtager i sig selv. I visse tilfælde, navnlig foranstaltninger, der indebærer overførsler til fordel for eksisterende fonde med mange og forskelligartede investorer, kan fonden imidlertid have karakter af en selvstændig virksomhed. Under den nuværende ordning vil fonden blive oprettet som en ny fond og fungere som et kommanditaktieselskab. Kommissionen finder derfor ikke, at fonden er en særskilt støttemodtager. Dette princip er på linje med Kommissionens afgørelser om "Viridian Growth Fond"(2), "Coalfields Enterprise Fund"(3) og "Community Development Venture Fund"(4).

Med hensyn til virksomhederne finder Kommissionen, at der er tale om statsstøtte i den i EF-traktatens artikel 87, stk. 1, anvendte betydning. De britiske myndigheder selv er af den opfattelse, at der ikke ville kunne tilføres SMV'erne risikokapital uden ordningen. Ordningens erklærede målsætning er at give udvidede muligheder for, at SMV'er kan få adgang til risikokapital i Nordirland, hvorfor ordningen må betragtes som selektiv.

PROCEDUREMÆSSIGE OVERVEJELSER

Det Forenede Kongerige har overholdt procedurekravene i EF-traktatens artikel 88, stk. 3, ved at anmelde ovennævnte støtteordning, før den blev sat i kraft.

VURDERING AF STØTTEFORANSTALTNINGENS FORENELIGHED

Påvisning af markedssvigt

Punkt VI.5 i "SARC" fastsætter, at Kommissionen skal kræve påvisning af markedssvigt, når der er tale risikokapitalforanstaltninger. Den vil imidlertid være rede til at acceptere argumentationen for markedssvigt, når hver finansieringstranche fra risikokapitalforanstaltninger, som helt eller delvist finansieres ved hjælp af statsstøtte, højst beløber sig til 750000 EUR i regioner, der er berettiget til støtte i henhold til EF-traktatens artikel 87, stk. 3, litra c). Når man tager i betragtning, at Nordirland er blevet klassificeret som særlig region omfattet af artikel 87, stk. 3, litra c), jf. fodnote 44 i "Retningslinjerne for regionalstøtte"(5) i regionalstøttekortet 2000-2006 for Det Forenede Kongerige(6), og når det lægges til grund, at de britiske myndigheder agter at indrømme investeringsstøttetrancher på op til 1,5 mio. GBP (2,1 mio. EUR), finder Kommissionen, at det ikke kan tages for givet, at der er tale om markedssvigt. Da den påtænkte tranchestørrelse for risikokapitalinvesteringer i SMV'er under den nuværende ordning i betydelig grad overstiger de lofter, der er skitseret i "SARC", må Kommissionen kræve, at det kan påvises, at der er tale om markedssvigt. Når der er erkendt markedssvigt, vil Kommissionen foretage en vurdering af foranstaltningens forenelighed på grundlag af kriterierne (positive og negative elementer) for vurdering af foreneligheden af risikokapitalforanstaltninger, der forelægges i henhold til punkt VII i "SARC".

De britiske myndigheders påvisning af markedssvigt

For at påvise eksistensen af markedssvigt forelagde de britiske myndigheder en undersøgelse med titlen "Market Failure in the Supply of Venture Capital Funds for SMEs in Northern Ireland" fra oktober 2002. Hovedresultatet af denne undersøgelse er, at der er et efterslæb i forsyningen af risikokapital i Nordirland til SMV i størrelsesordenen 250000 GBP (357000 EUR) til 1,5 mio. GBP (2,1 mio. EUR). Det siges også i undersøgelsen, at selv om der også kan konstateres markedssvigt i andre regionale økonomier, er fænomenet mere udtalt i Nordirland af følgende grunde:

- Nordirlands beliggenhed som yderkantsområde: Risikokapitalforetagender i Det Forenede Kongerige kan ikke se bort fra de omkostninger og den tid, der er forbundet med at nå til Nordirland fra Storbritannien. Dette er særlig relevant for små investeringer, i forbindelse med hvilke det ofte er svært at skabe et passende afkast. Desuden er der en international grænse og valutariske forskelle mellem den nordlige og sydlige del af Irland, som historisk set har lagt en dæmper på erhvervsaktiviteterne på tværs af grænsen. Desuden er mange risikokapitalfonde i Republikken Irland reelt i deres vedtægter afskåret fra at operere nord for grænsen.

- De borgerlige uroligheders betydning: Investorernes holdning til Nordirland er i høj grad afmålt efter omfanget af de borgerlige uroligheder i Nordirland. Det vil tage mange år, før der sker en ændring i opfattelsen af Nordirland.

- De borgerlige uroligheders betydning: Investorernes holdning til Nordirland er i høj grad afmålt efter omfanget af de borgerlige uroligheder i Nordirland. Det vil tage mange år, før der sker en ændring i opfattelsen af Nordirland.

Det siges endvidere i undersøgelsen, at når der ses bort fra nogle få større investeringsprojekter, kan Nordirland ikke regne med risikokapital fra fonde udefra. Der anbefales derfor lokal tilførsel af risikokapital til at imødekomme behovet for mindre investeringer på op til 1,5 mio. GBP (2,1 mio. EUR). Det forventes i undersøgelsen, at risikokapitalfonde, der opererer med investeringer i denne størrelsesorden, kun vil være levedygtige med fortsat statslig støtte. Det konkluderes herefter, at permanente faktorer såsom den afsides beliggenhed og den begrænsede markedsstørrelse skaber langsigtede vilkår, som aldrig vil kunne tilbyde et tilpas afkast for den private sektor uden støtte fra den offentlige sektor.

Efter en første vurdering af foranstaltningen har Kommissionen sine tvivl med hensyn til, om ovennævnte argumenter i tilstrækkelig grad kan begrunde, at der indrømmes investeringstrancher i form af risikokapital, der ligger betydeligt højere end de lofter, der er forudset i "SARC". Kommissionens tvivl går på, om den hindring for investeringer, der angiveligt skyldes afstanden og grænsen til Republikken Irland, har så stor en betydning, som det hævdes. Kommissionen er af den opfattelse, at det er nødvendigt at foretage en mere indgående analyse af dette indviklede spørgsmål. Kommissionen ønsker at indhente oplysninger fra andre interesserede parter, især potentielle indskydere af risikokapital i SMV'er i Nordirland. Kommissionen må derfor af juridiske grunde indlede proceduren i artikel 88, stk. 2, i EF-traktaten. Kun ved hjælp af sådanne bemærkninger kan Kommissionen træffe afgørelse om, hvorvidt en sådan støtte er nødvendig eller har en negativ indflydelse på handelsvilkårene i et omfang, der strider mod den fælles interesse.

BREVETS ORDLYD

"The Commission wishes to inform the United Kingdom that, having examined the information supplied by your authorities on the aid measure referred to above, it has decided to initiate the procedure laid down in Article 88(2) of the EC Treaty.

1. PROCEDURE

By letter dated 20 March 2003 registered at the Commission on 26 March 2003, the United Kingdom authorities notified, pursuant to Article 88(3) of the EC Treaty, the Invest NI Venture 2003. By letters D/53203 and D/55504 dated 15 May 2003 and 29 August 2003, the Commission requested additional information concerning the abovementioned measure. This information was submitted by the United Kingdom authorities by letters dated 24 June 2003 and 30 September 2003 registered at the Commission at 1 July 2003 and 1 October 2003.

2. DESCRIPTION OF THE AID MEASURE

2.1. Objective of the scheme

The measure intends to address the gap in venture capital provision in Northern Ireland by establishing a new venture capital fund to provide risk capital to small and medium-sized enterprises in Northern Ireland. The Invest Northern Ireland Venture 2003 fund (hereafter referred to as the fund) intends to address the particular difficulties encountered by SMEs in Northern Ireland in raising finance.

Market studies provided by the United Kingdom authorities claim that the venture capital market in Northern Ireland lags considerably behind when compared to other regions of the United Kingdom. According to the United Kingdom authorities, this is attributed to the fact that Northern Ireland is physically detached from the rest of the United Kingdom and to the long lasting impact of civil unrest. The United Kingdom authorities therefore argue that, due to the unique particularities of the venture capital market in Northern Ireland, market failure in Northern Ireland extends to venture capital investments of up to GBP 1,5 million (EUR 2,1 million).

It is important to note that in 2003 the Commission approved the Small and Medium Enterprise Venture Capital and Loan Fund(7), an umbrella scheme for all United Kingdom regions including Northern Ireland. This scheme regulates the setting-up of venture capital funds specialising in equity investments in SMEs across the United Kingdom. In this decision, State aided venture capital for Article 87(3)(c) assisted areas (Northern Ireland is 87(3)(c) region) is restricted to EUR 750000 in a single tranche. Given the exceptional problems facing the region of Northern Ireland, the United Kingdom authorities - by means of the present scheme - intend to provide SMEs with equity investment of up to GBP 1500000 (EUR 2,1 million) in a single tranche. All other provisions of the present scheme respect the conditions laid down in the Commission's decision on the Small and Medium Enterprise Venture Capital and Loan Fund.

2.2. Legal basis of the scheme

The legal basis of the scheme is Article 7 of the Industrial Development (Northern Ireland) Order 1982.

2.3. Beneficiaries of the scheme

The scheme is exclusively aimed at small and medium-sized enterprises(8) in the manufacturing and tradable services sectors in Northern Ireland. Firms in difficulty as defined by the Community guidelines on State aid for rescuing and restructuring firms in difficulty(9) are excluded from investment. The fund will not invest in sensitive sectors under state aid restrictions nor to sectors to which the Commission Communication on State aid and risk capital(10) does not apply.

2.4. Administration of the scheme

The Department of Enterprise Trade and Investment, Northern Ireland Office will have statutory responsibility, through its non-departmental body, Invest NI. The scheme will be administered by the fund manager Crescent Capital NI Limited.

2.5. Funding of the scheme

The United Kingdom authorities propose to establish a venture capital fund with a volume of up to GBP 20 million (approximately EUR 28 million). The fund will be created as new fund. Funding may include a contribution from the European Investment Fund EIF. Under no circumstances will the public contribution to the fund exceed 50 %.

2.6. Duration of the scheme

The fund will be set up as a ten-year limited partnership. The United Kingdom authorities intend to make commitments to the fund until 31 December 2008. There will follow a period of up to five years during which funds will be managed with the aim of successfully exiting the investment in the SMEs. The United Kingdom authorities have undertaken to comply with the relevant State aid provisions and structural funds regulations applicable at any point in time during the overall duration of the scheme.

2.7. Selection of investors under the scheme

The fund manager will select private sector investors on competitive terms. The fund manager will give private investors notice of the opportunity to invest through a private placement memorandum that will be publicly circulated. Potential private investors will be invited to offer for investment in the funds, thereby stating any required subordination of public sector funding in order to invest. The decision will therefore ensure maximum private sector investment for the minimum possible public subordination. Government contribution to the fund will never exceed 50 % of the total volume of the fund.

2.8. Investment decisions

A supervisory board will be formed to represent the interests of all investors as well as to oversee the work of the fund managers. Public and private investors will be represented in the supervisory board and will jointly set the criteria for investment to be followed by the fund managers. Any change to these criteria has to be agreed upon by all investors in the funds. Investments will only be made in companies that are economically viable as demonstrated by robust business plans and will always be made upon a commercial assessment (due diligence).

2.9. Aid instruments under the scheme

The funds will provide investment in the form of equity. Investments will be made in the ordinary share capital of the targeted SMEs.

2.10. Size of investment in target companies under the scheme

The United Kingdom authorities claim that in Northern Ireland, market failure for the provision of venture capital market extends to venture capital investments of up to GBP 1,5 million (EUR 2,1 million). Consequently, the amount of aid given to any one target company will be limited to between GBP 250000 (EUR 357000) and GBP 1,5 million (EUR 2,1 million) in a single tranche.

The United Kingdom authorities will deliver a report on the activities of the Fund on an annual basis containing the information specified in the Commission's instructions on standardised reports.

2.11. Selection of fund managers under the scheme

The fund manager will be selected through a competitive bidding procedure including advertising in the Official Journal of the European Union. The selection will be based upon the relevant experience of establishing and running venture capital funds, proven track record of fund raising, selection of investments and generation of a commercial return on equity, the reputation of the fund managers, as well as the capacity to provide management support to the target SMEs.

2.12. Remuneration of fund managers under the scheme

The remuneration structure of the fund manager will be in line with the remuneration of private sector driven venture capital managers. The fund manager's remuneration will be linked to the performance of the fund.

2.13. Cumulation of aid under the scheme

The United Kingdom authorities have committed themselves to avoid cumulation of aid measures to a single enterprise.

3. ASSESSMENT OF THE SCHEME

In accordance with Article 6(1) of Council Regulation 659/1999 of 22 March 1999, the decision to initiate proceedings shall summarise the relevant issues of fact and law, shall include a preliminary assessment from the Commission as to the aid character of the proposed measure, and shall set out the doubts as to its compatibility with the common market.

3.1. Legality

By notifying the scheme, the United Kingdom authorities respected their obligations under Article 88(3) of the EC Treaty.

3.2. Existence of State aid

The Commission considers, at this stage of the procedure, that the measure constitutes State aid within the meaning of Article 87(1) of the EC Treaty. According to the provisions of the Commission Communication on State aid and risk capital (hereafter referred to as SARC)(11), the assessment of the presence of State aid must consider the possibility that a measure may confer aid on at least three different levels:

- aid to investors,

- aid to any fund or other vehicle through which the measure operates,

- aid to the companies invested in.

At the level of investors, the Commission considers that there is State aid within the meaning of Article 87(1) of the EC Treaty. The involvement of State resources is demonstrated by the fact that the United Kingdom authorities will provide up to a maximum of 50 % of the capital of the fund. Private investors, who may well be undertakings within the meaning of the EC Treaty, receive an advantage as the measure allows them to participate in the equity of a company or set of companies on terms more favourable than public investors. Even though no person or organisation is debarred from investing in the funds, the limited size of the funds will not safeguard that all potential investment will be accepted and the Commission therefore considers that there is selectivity. Finally, the scheme affects trade between Member States, as investment in capital is an activity that is the subject of considerable trade between Member States.

At the level of the fund, the Commission in general tends to the view that a fund is a vehicle for the transfer of aid to investors and/or enterprises invested in, rather than being an aid beneficiary itself. However, in certain cases, notably measures involving transfers in favour of existing funds with numerous and diverse investors, the fund may have the character of an independent enterprise. Under the present scheme, the fund will be newly set up and operate as a limited partnership. The Commission therefore does not consider the fund to be a separate aid beneficiary. This principle is in line with the Commission decisions on the Viridian Growth Fund(12), the Coalfields Enterprise Fund(13) and the Community Development Venture Fund(14).

At the level of the companies invested in, the Commission considers that there is State aid within the meaning of Article 87(1) of the EC Treaty. The United Kingdom authorities themselves consider that risk capital would not be available to SMEs at these terms without the scheme. The stated objective of the scheme is to extend the opportunity to access risk capital to SMEs in Northern Ireland and the scheme is therefore considered to be selective.

3.3. Preliminary assessment of conformity of the measure

3.3.1. Evidence of market failure

Point VI.5 of the SARC stipulates that the Commission will require evidence of market failure for risk capital measures. It may however be prepared to accept the case for market failure when each tranche of finance for an enterprise from risk capital measures which are wholly or partially financed through State aid will contain a maximum of EUR 750000 in regions qualifying for assistance under Article 87(3)(c) of the EC Treaty. Taking into account that Northern Ireland has been classified as exceptional Article 87(3)(c) region based on footnote 44 of the Guidelines on national regional aid(15)in the Regional Aid Map 2000-2006 for the United Kingdom(16), and bearing in mind that the United Kingdom authorities intend to grant tranches of investment aid of up to GBP 1,5 million (EUR 2,1 million), the Commission considers that the existence of market failure cannot be taken for granted. As the intended tranche size for risk capital investments in SMEs under the present scheme significantly exceeds the thresholds outlined under the SARC, the Commission would demand provision of evidence of market failure. Once market failure is recognised, it will then go on to assess the compatibility of the measure according to the criteria (positive and negative elements) for assessing the compatibility of risk capital measures presented under point VIII of the SARC.

3.3.2. Provision of evidence of market failure

In order to demonstrate the existence of market failure, the United Kingdom authorities submitted the study 'Market Failure in the Supply of Venture Capital Funds for SMEs in Northern Ireland' from October 2002. The key finding of that study is that there exists a gap in the provision of venture capital in Northern Ireland for SMEs in the deal size range of GBP 250000 (EUR 357000) to GBP 1,5 million (EUR 2,1 million). The study also finds that whilst such a market failure also exists in other regional economies, it is more pronounced in Northern Ireland because of the following reasons:

- Peripherality of Northern Ireland: United Kingdom based venture capitalists are influenced by the cost and time taken to reach Northern Ireland from Great Britain. This is particularly relevant to small deals for which it is often difficult to make adequate returns. Moreover, there is an international border and foreign exchange issues between the North and South of Ireland that have historically dampened cross border business activities. In addition, many venture capital funds from the Republic of Ireland are actually precluded in their constitution from operating north of the border.

- Legacy of civil unrest: The attitude of investors to Northern Ireland is closely aligned to the level of civil unrest in Northern Ireland. It will take many years before perceptions of Northern Ireland change.

- Other 'continuing' factors include the size of the Northern Ireland market and its distance from the main financial centres.

The study goes on to conclude that with the exception of a few larger deals, Northern Ireland cannot rely on venture capital investment from outside funds. A local supply of venture capital is thus recommended to meet the needs of smaller investments of up to GBP 1,5 million (EUR 2,1 million). The study expects that venture capital funds operating in this deal size range will continue to be viable only with continued government support. It then concludes that the permanent factors of peripherality and small market size create long term conditions that are never likely to offer sufficient returns for the private sector without underpinning by the public sector.

The Commission, after a first preliminary assessment of the measure, has doubts if the arguments presented above can sufficiently justify the granting of risk capital investment tranches considerably higher than the thresholds foreseen by the SARC. The Commission's doubts concern the importance of the alleged barrier due to distance and border. The Commission is of the opinion that a more thorough analysis of this complex question is necessary. The Commission wishes to collect information from other interested parties, notably from potential providers of risk capital to SMEs in Northern Ireland. To do so, the Commission must, for legal reasons, open the procedure provided for in Article 88(2) of the EC Treaty. It is only with the help of such observations that the Commission can decide whether such aid is necessary and does not adversely affect trading conditions to an extent contrary to the common interest.

4. DECISION

In the light of the foregoing considerations, the Commission, acting under the procedure laid down in Article 88(2) of the EC Treaty, requests the United Kingdom to submit its comments and to provide all such information as may help to assess the aid scheme, within one month of the date of receipt of this letter.

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

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

(1) Statsstøtte N 620/02 - Det Forenede Kongerige: "Small and Medium Enterprises Venture Capital and Loan Fund". Kommissionens afgørelse af 4. februar 2003 (C/2003/97).

(2) Statsstøtte C 46/2000.

(3) Statsstøtte N 722/2000.

(4) Statsstøtte N 606/01.

(5) EFT C 74 af 10.3.1998, s. 9-31.

(6) Kommissionens afgørelse af 26. juli 2000 (EFT C/272/2000).

(7) State aid N 620/2002 - United Kingdom: Small and Medium Enterprises Venture Capital and Loan Fund. Commission decision of 4 February 2003 (C/2003/97).

(8) The definition of small and medium-sized enterprises applied by the United Kingdom authorities for the purposes of the scheme is always in line with the definition given in Annex I to Commission Regulation No 70/2001 on the application of Articles 87 and 88 of the EC Treaty to State aid to small and medium-sized enterprises (OJ L 10, 13.1.2001, p. 33).

(9) OJ C 288, 9.10.1999, p. 2.

(10) OJ C 235, 21.8.2001, p. 3.

(11) OJ C 235, 21.8.2001, p. 3.

(12) State aid C 46/2000.

(13) State aid N 722/2000.

(14) State aid N 606/2001.

(15) OJ C 74, 10.3.1998, pp. 9-31.

(16) Commission decision of 26 July 2000 (OJ C 272/2000).