Ayudas estatales - Reino Unido

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

Invitación a presentar observaciones, en aplicación del apartado 2 del artículo 88 del Tratado CE

(2004/C 33/02)

(Texto pertinente a efectos del EEE)

Por carta de 26 de noviembre de 2003, reproducida en su versión lingüística auténtica en las páginas que siguen al presente resumen, la Comisión notificó al Reino Unido su decisión de incoar el procedimiento previsto en el apartado 2 del artículo 88 del Tratado CE en relación con la ayuda antes citada.

Las partes interesadas podrán presentar sus observaciones en un plazo de un mes a partir de la fecha de publicación del presente resumen y de la carta siguiente, enviándolas a: Comisión Europea Dirección General de Competencia

Registro de ayudas estatales

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

Dichas observaciones serán comuicadas al Reino Unido. La parte interesada que presente observaciones podrá solicitar por escrito, exponiendo los motivos, que su identidad sea tratada confidencialmente.

RESUMEN

Por la carta de 20 de marzo del 2003, registrada en la Comisión el 26 de marzo, las autoridades británicas notificaron, de conformidad con el apartado 3 del artículo 88 del Tratado CE, el sistema "Invest NI Venture 2003". Por cartas D/53203 y D/55504 de 15 de mayo y 29 de agosto del 2003 la Comisión pidió información adicional sobre esta medida, información que fue presentada por las autoridades británicas por cartas de 24 de junio y 30 de septiembre del 2003, registradas en la Comisión el 1 de julio y el 1 de octubre, respectivamente.

DESCRIPCIÓN DEL SISTEMA

La medida se dirige a compensar el déficit de capital de riesgo en Irlanda del Norte mediante la creación de un nuevo fondo de capital de riesgo para las PYME. El fondo Invest Northern Ireland Venture ("Iniciativa de inversión para Irlanda del Norte", en lo sucesivo "el Fondo") se propone abordar las dificultades particulares con que se encuentran las PYME en Irlanda del Norte para conseguir financiación.

Los estudios de mercado facilitados por las autoridades británicas afirman que el mercado de capital de riesgo en Irlanda del Norte está considerablemente subdesarrollado con respecto a otras regiones del Reino Unido. Según las autoridades británicas, esto se atribuye al hecho de que Irlanda del Norte está físicamente separada del resto del Reino Unido y al impacto del conflicto civil. Las autoridades británicas por lo tanto sostienen que debido a la particularidad del mercado de capital de riesgo en Irlanda del Norte, el déficit de dicho mercado asciende al equivalente de inversiones de capital de riesgo por un importe de 1,5 millones de libras (2,1 millones de euros).

Es importante observar que en el 2003 la Comisión aprobó el fondo de capital de riesgo y préstamos de las PYME(1), un sistema aplicable a todas las regiones del Reino Unido, incluida Irlanda del Norte y que regula la creación de fondos de capital de riesgo especializados en inversiones en PYME. En esta Decisión el capital de riesgo estatal para zonas asistidas de la letra c) del apartado 3 del artículo 87 (como Irlanda del Norte) está limitado a 750000 euros en un único tramo. Dados los problemas excepcionales a los que se enfrenta la región de Irlanda del Norte, el Reino Unido, mediante el actual sistema, se propone facilitar a las PYME capital de inversión de hasta 1500000 libras (2,1 millones de euros) en un único tramo. Las demás disposiciones del actual sistema respetan las condiciones fijadas en la Decisión de la Comisión anteriormente citada.

CARÁCTER DE AYUDA ESTATAL DEL SISTEMA

La Comisión considera, en esta fase del procedimiento, que la medida constituye una ayuda estatal en el sentido del apartado 1 del artículo 87 del Tratado CE.

A nivel de los inversores la Comisión considera que existe una ayuda estatal en el sentido de dicho artículo. La implicación de recursos estatales se demuestra por el hecho de que las autoridades británicas facilitarán hasta un máximo del 50 % del capital del fondo. Los inversores privados, que podrían ser empresas en el sentido del Tratado, gozan de una ventaja ya que la medida permite participar en el capital de una empresa o grupo de empresas en condiciones más favorables que los inversores públicos. Aunque no se excluye a ninguna persona u organización de invertir en los fondos, el tamaño limitado de los fondos no supondrá que cualquier inversión potencial sea aceptada y por lo tanto la Comisión considera que existe selectividad. Finalmente, el sistema afecta al comercio entre Estados miembros pues la inversión en capital es una actividad que es objeto de un considerable comercio entre Estados miembros.

Al nivel del fondo la Comisión en general es de la opinión de que un fondo es un vehículo para la transferencia de ayuda a inversores y empresas en los que se invierte, y no un beneficiario de la ayuda en sí mismo. Sin embargo en ciertos casos, especialmente en el de medidas que implican transferencias a favor de fondos existentes con inversores numerosos y diversos, el fondo puede tener un carácter de una empresa independiente. Con arreglo al sistema previsto, el Fondo se creará nuevamente y funcionará como asociación limitada. La Comisión por lo tanto no considera que el Fondo sea un beneficiario separado de la ayuda. Este principio coincide con las decisiones de la Comisión sobre los fondos "Viridian Growht"(2), "Coalfields Enterprise"(3) y "Community Development Venture"(4).

Al nivel de las empresas en las que se invierte, la Comisión considera que existe ayuda estatal en el sentido del apartado 1 del artículo 87 del Tratado CE. Las propias autoridades del Reino Unido consideran que el capital de riesgo no estaría disponible para las PYME en estas condiciones si no existiera el sistema. Además, el objetivo declarado del sistema es ampliar la oportunidad de acceder al capital de riesgo para las PYME en Irlanda del Norte y por lo tanto se considera selectiva.

CONSIDERACIONES PROCESALES

El Reino Unido ha cumplido con los requisitos procesales del apartado 3 del artículo 88 del Tratado CE al notificar el régimen de ayudas antes de ponerlo en vigor.

EVALUACIÓN DE LA COMPATIBILIDAD DE LA MEDIDA DE AYUDA

Pruebas de la deficiencia del mercado

El punto VI.5 de la Comunicación de la Comisión sobre ayudas estatales y capital de riesgo se estipula que la Comisión requerirá pruebas de la deficiencia del mercado antes de autorizar las medidas de capital de riesgo pero que puede estar dispuesta a reconocer tal deficiencia si cada tramo de financiación mediante capital de riesgo destinado a una empresa entera o parcialmente financiada mediante ayuda estatal incluye un máximo de 750000 euros en regiones que cumplan los requisitos para recibir ayudas establecidos en la letra c) del apartado 3 del artículo 87 del Tratado CE. Teniendo en cuenta que Irlanda del Norte está clasificada como región excepcional en el sentido de la letra c) del apartado 3 del artículo 87, basándose en la nota a pie de página 44 de las Directrices sobre las ayudas de Estado de finalidad regional(5) del mapa regional de ayudas 2000-2006 para el Reino Unido(6), y teniendo en cuenta que las autoridades británicas se proponen conceder tramos de ayuda a la inversión de hasta 1,5 millones de libras (2,1 millones de euros), la Comisión considera que la deficiencia del mercado no puede darse por sentada. Como el tamaño previsto de los tramos para las inversiones de capital de riesgo en las PYME con arreglo al actual sistema sobrepasa perceptiblemente los umbrales resumidos en la Comunicación, la Comisión exigiría la aportación de pruebas de la deficiencia del mercado. Una vez establecida esta deficiencia se pasaría a evaluar la compatibilidad de la medida con los criterios (elementos positivos y negativos) para evaluar la compatibilidad de las medidas de capital de riesgo presentadas con arreglo al punto VIII de la Comunicación.

Aportación de pruebas sobre la deficiencia del mercado

Para demostrar la existencia de la deficiencia de mercado, en octubre del 2002 las autoridades británicas presentaron el estudio "Deficiencia del mercado en la aportación de capital de riesgo para las PYME en Irlanda del Norte". La conclusión principal es que existe una deficiencia en la aportación de capital de riesgo en Irlanda del Norte para las PYME de entre 250000 libras (357000 euros) y 1,5 millones (2,1 millones de euros). El estudio también constata que mientras que tal fracaso también existe en otras economías regionales, es más pronunciado en Irlanda del Norte por las siguientes razones:

- Carácter periférico de Irlanda del Norte: los inversores del Reino Unido están influenciados por el coste y el tiempo necesarios para llegar a Irlanda del Norte desde Gran Bretaña. Esto es particularmente pertinente en los pequeños negocios, en los cuales a menudo resulta difícil obtener un rendimiento adecuado. Por otra parte existen los problemas de una frontera internacional y de una distinta divisa entre el norte y el sur de Irlanda, lo que históricamente ha entorpecido las actividades económicas transfronterizas. Además muchos fondos de capital de riesgo de la República de Irlanda tienen prohibido por sus estatutos constituyentes operar al norte de la frontera.

- Herencia del conflicto civil: La actitud de los inversores con respecto a Irlanda del Norte está muy ligada al nivel de conflicto civil en Irlanda del Norte y se necesitarán muchos años antes de que las mentalidades en Irlanda del Norte cambien.

- Otros factores persistentes son el tamaño del mercado de Irlanda del Norte y su distancia de los centros financieros principales.

El estudio concluye que a excepción de algunas grandes inversiones, Irlanda del Norte no puede basarse en la inversión de capital de riesgo procedente de fondos exteriores. Por ello se recomienda un suministro local de capital de riesgo para cubrir las necesidades de las pequeñas inversiones de hasta 1,5 millones de libras (2,1 millones de euros). El estudio predice que los fondos de capital de riesgo que operan en esta gama de volumen sólo podrán seguir siendo viables con el apoyo continuo del Gobierno. Y concluye diciendo que los factores permanentes de carácter periférico y pequeño tamaño del mercado crean condiciones a largo plazo que nunca podrán ofrecer un beneficio suficiente al sector privado sin el apoyo del sector público.

La Comisión, después de una primera evaluación preliminar de la medida, tiene dudas sobre si tales argumentos pueden justificar suficientemente la concesión de tramos de inversión de capital de riesgo considerablemente más altos que los umbrales previstos por la Comunicación. Las dudas de la Comisión se refieren a la importancia de la supuesta barrera debida a la distancia y la frontera. La Comisión opina que un análisis más completo de esta cuestión compleja es necesario. La Comisión desea recopilar información de otras partes interesadas, especialmente de potenciales suministradores de capital de riesgo a las PYME en Irlanda del Norte. Para ello la Comisión debe, por razones legales, incoar el procedimiento previsto en el apartado 2 del artículo 88 del Tratado. Sólo con ayuda de dichas observaciones la Comisión podrá decidir si tal ayuda es necesaria y no afecta desfavorablemente a las condiciones comerciales en un grado contrario al interés común.

CARTA

"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) Ayuda estatal N 620/02 - Reino Unido: Fondo de capital de riesgo y préstamos para PYME, Decisión de la Comisión de 4.2.2003 (C/2003/97).

(2) Ayuda estatal C 46/2000.

(3) Ayuda estatal N 722/2000.

(4) Ayuda estatal N 606/01.

(5) DO C 74 de 10.3.1998, p. 9.

(6) Decisión de la Comisión de 26.7.2000 (DO 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).