ÁLL AMI TÁMOGA TÁS – DÁNIA
Az SA.34720 (2015/C) (2013/N) számú állami támogat ás – A Vestjysk Bank szerkez etátalakítása
Felhívás észrev ételek benyújtására az EUMSZ 108. cikkén ek (2) bekezdé se értelmében
(EGT -vonatk ozású szöveg)
(2016/C 220/04)
2015. december 4-én kelt levelével, amelynek hiteles nyelvi változata megtalálható ezen összef oglaló végén, a 
Bizottság értesít ette a Dán Királyságot arról, hogy a fent említe tt intézk edésekk el kapcsolatosan az Európai 
Unió műk ödéséről szóló szerződés 108. cikkének (2) bekezdése szer inti eljárás megindításáról határozott.
Az érdekelt ek a bizottsági eljárás tárgyát képező támog atási intézkedésre vonatk ozó észrevételeik et az alábbi 
összef oglaló és az annak végé n található levél közzétét elét követően egy hónapon belül tehetik meg az alábbi 
címen:
European Commission (Európai Bizottság)
Directo rate-General for Comp etition (Versenypolitikai Főiga zgat óság)
State Aid Greffe (Állami Támoga tások Iktatási Osztálya)
B-1049 Bruxelles/Bru ssel
Telefax: + 32 22961242
stateaid greffe@ec.europa.eu
Az észrevételek et a Bizottság továbbítja Dániának. Az észrevét elek benyújtó i kérésük et megindok olva, írásban 
kérhe tik adataik bizalmas kezelését.
AZ ÖSSZEF OGL ALÓ SZÖ VEGE
ELJÁRÁS
2012. április 25-én a Bizottság ideig lenesen jóváhagy ott három, a dán állam által a Vestjysk Bank és az Aarhus Lokalbank (1) 
számára összesen 8 941 millió DKK (1,2 milliárd EUR) értékben nyújtott állami támog atási intézk edést (a továbbiakban: a 
megment ési határozat (2)), amely ek megfelelt ek a 2012-ben hatály os állami támogatási szabály oknak. A megmentési 
határozat értelmében Dánia vállalta, hogy a bank életképesség ének helyreállítása érdekében a határozat keltétől számítot t 
hat hónapon belül benyújtja a Vestjysk szerkezetá talakítására vonatk ozó tervet, amely megfelelő teherm egosztási 
intézk edéseke t és a versenyt orzulást korlát ozó intézk edéseke t is magában foglal. Az előzetes szerkezetá talakítási tervet 
2012. április 18-án, felülvizsgált változatait pedig 2014. szep tember 5-én, 2014. november 12-én, 2015. február 9-én és 
2015. június 10-én nyújtották be a Bizottságnak.
AZ INTÉZKEDÉSEK ISMERTETÉSE
A Vestjysk bank jelenleg Dánia tizedik legnagy obb bankja, amely elsősorban Jylland és Fyn régiókban folytat tevéken ység et. 
A Vestjysk bank a koppenhág ai értéktőzsdén jegyzett vállalk ozás. 2015 júniusában a bank mérlegfőösszege 22 102 millió 
DKK volt.
A Vestjysk bank javá ra 2012-ben végrehajt ott állami támogatási intézk edések a követke ző elemekből álltak: 1) egy 
166 millió DKK (22 millió EUR) összegű tőkeinjekció; 2) a bank által egy jelzáloghitel-int ézet ében birtokolt, 175 millió 
DKK (23 millió EUR) összegű kisebbségi részvényt ulajdon értékesít ése a dán központi banknak; valamint 3) új kötvény ekre 
6 800 millió DKK (906 millió EUR) összegig nyújto tt egyedi állami garanciák . Az állami támogatások teljes összege 8 941 
millió DKK (1,2 milliárd EUR) volt.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/23
(1) Febr uár 28-án a Vestjysk Bank és az Aarhus Lokalbank Vestjysk bank néven összeolvadt, és az Aarhus Lokalbank az összeolvadást 
követően megszűnt.
(2) A Bizottság SA.34423 sz. ügyben hozott határozata (HL C 348., 2014.10.3., 2. o.).
A támogatási intézkedések tekint etében a megment ési határozat hangsúly ozta, hogy a szerkezetá talakítási tervnek 
bizon yítania kell a bank hosszú távú életképesség ét. A szerkezetá talakítási terv felülvizsgált változatai a bank 
eredmén ykimutatásával kapcsolatos előrejelzésekre összponto sítottak, amelyek egye bek között feltételezik, hogy a 
nyereség esség helyreállítása érdekében a bank a jövőben tovább csökk enti jelentős értékvesztés miatti veszteség ét és 
műk ödési költségeit.
ÉRTÉKELÉS
Az „egy tagállam gazdaságában bekövetke zett komoly zavar megszüntet ését” célzó megment ési határozat az EUMSZ 
107. cikke (3) bekezdésének b) pontján, valamint különösen a bank okról szóló 2008. évi közlemény en (3) és a meghosz -
szabbításról szóló 2011. évi közlemén yen (4) alapult.
A szerkezetátalakítási tervnek összhangban kell lennie a szerk ezetátalakításról szóló közleménn yel (5), amely szer int a 
hosszú távú életképesség akkor valósul meg, ha a bank képes a vonatk ozó szabály ozói követelmén yeknek megfe lelve, saját 
erejéből verseny ezni a tőke piacon. Ily módon a banknak fedeznie kell minden költségét és – figyelembe véve a bank 
kockáz ati prof ilját – megfelelő tőkearán yos jövedelmezőséget kell biztos ítania, valamint idővel vissza kell fizetnie vagy 
megfel előképpen ellentét eleznie kell a kapott állami támog atást. Az életképesség helyreállításának először is belső 
intézk edésekből kell fakadnia, másodszor pedig fel kell derítenie a bank nehézségeinek és gyenge ségeinek okait, és 
ismer tetnie kell, hogy a szerkezetá talakítás miké nt kezeli ezeket.
E szakaszban a Bizottságnak nem áll módjában azt a következt etést levonni, hogy a jelenlegi szerkezetátalakítási terv 
megfel elően biztosítja a Vestjysk bank egész ének hosszú távú életképesség ét és az állami támog atás visszafi zeté sét. Ez az 
értékelés a szerkezetá talakítási tervben előforduló hián yosságok on alapul. A bank egyik fő tevék enys égi területén – a 
mezőg azdaság, a vadászat, az erdészet és a halászat terén – bekövetke zett jelentős hitel-ér tékvesztések, valamint a 
kamatrésekre nehezedő erős versenyk énys zer együtt esen arra engednek követke ztetni, hogy a bank kockázati prof ilja és 
hosszú távú életképesség e továbbra is nyomás alatt áll.
Ezenfe lül a jelenlegi szerkez etátalakítási tervvel kapcsolatban aggály osnak tűnik az is, hogy a terv nem tartalmaz elegendő 
információt a bank életké pességének helyreállítása tekint etében, ezér t a Bizottság nem tudja megállapítani, hogy a 
versenyt orzulás valóban a minimumra korlát ozódik -e. A Bizottság továbbá úgy véli, hogy a bank által végrehajt ott 
repoügyletek egyike nem eredmén yezett kellő mér tékű tehermegosztást.
A Bizottság ezér t úgy határoz, hogy megindítja az Európai Unió műk ödéséről szóló szerződés 108. cikk ének (2) bekezdése 
szer inti eljárást.C 220/24 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
(3) A Bizottság közlemén ye – Az állami támoga tásokról szóló szabály oknak a pénzintézet ek vonatk ozásában a jelenlegi pénzügyi 
világválsággal összefüggés ben tett intézkedésekre történő alkalmazása (HL C 270., 2008.10.25., 8. o.) (a továbbiakban: a bank okról 
szóló 2008. évi közlemény), amely a támogatás odaítélések or hatályban volt.
(4) A Bizottság közlemén ye az állami támogatási szabály oknak a pénzügyi válságg al összefüggésben nyújtott bankmentő 
intézk edésekre 2012. január 1-jétől való alkalmazásáról (HL C 356., 2011.12.6., 7. o.) (a továbbiakban: a meghosszabbításról 
szóló 2011. évi közlemény).
(5) A Bizottság közlemén ye – A pénzügyi szektor életké pességének helyreállítása és a jelenlegi válságban hozott szerkezetátalakítási 
intézk edések értékelése az állami támogatási szabály ok alapján (HL C 195., 2009.8.19., 9. o.).
A LEVÉL SZÖ VEGE
‘The Commission wishes to inform Denmark that, having examined the information supplied by your author ities on the aid 
referred to above, it has decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the 
European Union.
I.PROCEDURE
(1) Dur ing 2012, the Danish author ities entered into a dialogue with the Commission to discuss the problems which 
were being faced by the Danish bank Vestjysk Bank A/S (“Vestjysk Bank” or the “the Bank”).
(2) On 25 Apr il 2012, the Commission found three measures in favour of Vestjysk Bank and Aarhus Lokalbank to 
constitute State aid within the meaning of Article 107(1) TFEU. However , on the basis of the assessment, the 
measures were found to be temporar ily compatible with the internal market for reasons of financial stability . The 
measures were according ly appro ved for six months or, if Denmark submitted an in-depth restr uctur ing plan within 
six months from the date of the Decision, until the Commission has adopt ed a final decision on that restr uctur ing 
plan. The temporar y appro val and the three aid measures are detailed in Commission Decision SA.34423 (“the 
Rescue Decision”) (1). The Danish author ities submitt ed a preliminar y version of the restr uctur ing plan for Vestjysk 
Bank on 18 Apr il 2012 which included a set of commitments as the starting point for discussions concer ning the 
restr uctur ing plan.
(3) Between Apr il 2012 and August 2013, the Commission and the Danish author ities discussed the restr uctur ing plan 
in a series of meetings, phone conferences and written correspondence.
(4) In August 2013, the Danish author ities informed the Commission that […] (*) and the discussions concer ning the 
restr uctur ing of the Bank were suspended. However , discussions concer ning the restr uctur ing of the Bank resumed 
in Apr il 2014 when the Danish author ities informed the Commission that […].
(5) The Danish author ities subsequently submitted revised versions of the restr uctur ing plan for the Bank to the 
Commission on 5 September 2014, 12 November 2014 and 9 Febr uary 2015.
(6) On 6 May 2015 the Commission sent a lette r to the Danish author ities which formally requested information 
concer ning the long-term viability of Vestjysk Bank. The Commission received a response on 10 June 2015 
including the latest version of the restr uctur ing plan. The Danish author ities also informed the Commission that the 
Danish Financial Services Authority (DFSA) was due to conduct an on-sit e inspection into the Bank during the 
summer of 2015. The Commission received a summar y of the repor t concer ning the DFSA ’s site inspection on 
4 November 2015.
(7) By letter of 6 November 2015, Denmark agreed to waive its rights deriving from Article 342 TFEU in conjunction 
with Article 3 of Regulation (EC) No 1/1958 (2) and to have the present decision adopt ed and notif ied in English.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/25
(1) Commission Decision SA.34423, OJ C 348, 3.10.2014, p. 2.
(*) Confidenti al information.
(2) Council Regulation No 1 deter mining the languages to be used by the European Economic Community , OJ 17, 6.10.1958, p. 385.
II.DESCRIPTION
2.1 The benef iciar y
(8) Vestjysk Bank was formed in 1874 and is a regional bank in Denmark with branc hes in Jutland and Funen; Aarhus 
Lokalbank started operating in 1908, and at the end of 2011 those banks had a balance sheet of DKK 29,2 billion 
(EUR 39 billion) and DKK 4,4 billion (EUR 600 million) respectively .
(9) The Danish State became a major shareholder in both banks (it had a stak e of 53,1 % in Vestjysk Bank and 45,2 % in 
Aarhus Lokalbank) following a recapitalisation under the recapitalisation sche me in 2009 and a conversion of the 
capital injection into share capital on 20 Febr uary 2012 (3).
(10) On 28 Febr uary 2012, the Danish author ities informed the Commission that Vestjysk Bank and Aarhus Lokalbank 
were about to merg e as each faced an increased risk of becoming a distressed bank . The resulting merg ed entity was 
subsequently kno wn as Vestjysk Bank as Aarhus Lokalbank ceased to exist after the merg er.
(11) The Danish State’s share capital in Vestjysk Bank has increased since 20 Febr uary 2012, as on 31 Octo ber 2013 
Vestjysk Bank perfo rmed two consecutive conversions of government-held hybrid debt instr uments (4) into equity in 
line with the conditions set out in the recapitalisation scheme of 2009. The Danish State currently holds 80,62 % of 
the shares of Vestjysk Bank. In addition, the Danish Financial Stability Comp any, which is wholly owned by the 
Danish State, holds 0,86 % of the share capital, which means the Danish State currently holds 81,48 % of the share 
capital and voting rights in Vestjysk Bank .
(12) According to the Bank’s half-yea r repor t, at June 2015 Vestjysk Bank was the tenth-larg est bank in Denmark and its 
consolidate d Financial Statements showed a total balance sheet of DKK 22 102 million, of which the loan portfolio 
amounted to DKK 14 035 million. In addition, total retail deposits amounte d to DKK 16 844 million.
(13) Vestjysk Bank is active in all business segments, but focusses on loans and guarante es to real estate (20 % of 
outstanding loans and guarantees) and agriculture, hunting forestr y and fisheries (another 20 % of the outstanding 
loan and guarante es).
(14) The shares of Vestjysk Bank are listed on the Copenhagen Stock Exchang e.C 220/26 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
(3) Vestjysk Bank raised State hybrid core capital with an original principal of DKK 1,44 billion (EUR 194 million), of which DKK 
287.6 million (EUR 39 million) plus accr ued interest of appro ximately DKK 8,7 million (EUR 1,2 million) was conv erted into shares 
in Vestjysk Bank . In the period 2009 - 2011 Vestjysk Bank has paid coupons amounting to a total of DKK 312,8 million (EUR 
42 million) to the Danish State. The coupon interest rates were set at 9,69 % and 10,19 % per annum, depending on whether they 
included the conversion option fee.
Aarhus Lokalbank has raised State hybrid core capital with an original principal of DKK 177.8 million (EUR 24 million), of whic h 
DKK 142.2 million (EUR 19 million) plus accr ued interest tota lling DKK 5 million (EUR 0,7 million) was subsequently conv erted 
into shares in Aarhus Lokalbank. In the period 2009 - 2011 Aarhus Lokalbank paid coupons amounting to a total of DKK 
25.9 million (EUR 3,5 million) to the Danish State. The coupon interest rates were set at 10,92 % and 11,42 % per annum, 
depending on whether they included the conversion option fee.
(4) On 31 October 2013, the conversion of DKK 323 million plus the accr ued interest (appro ximately DKK 15 million) of State hybrid 
capital was concluded, increasing the Danish State’s shareholding to 65,96 %, while the stak e of the Danish Financial Stability 
Compan y reach ed 1,5 %. Including the latter , the Danish State’s shareholding increased to 67,46 %. On 20 Januar y 2014, the 
conv ersion of DKK 575 million plus the accr ued interest (appro ximatel y DKK 12.6 million) was concluded, increasing the Danish 
State’s shareholding to 80,62 %. In addition, the Danish Financial Stability Compan y held 0,86 %.
2.2 The aid measures examined in the Rescue Decision
(15) On 13 Apr il 2012 the Danish author ities notified to the Commission the following measures for Vestjysk Bank:
—Measure 1 — Completion of a capital raise of the Bank with net proceeds of between DKK 250 and DKK 
300 million;
—Measure 2 — Raising of new subordinate d loan capital with a principal of DKK 200 million (5);
—Measure 3 — Sale of a minor ity shareholding in the amount of DKK 175 million (EUR 23 million) that the Bank 
owned in a Danish mor tgag e credit institution to the Danish Central Bank;
—Measure 4 — Individual State guarantees for new bonds for up to DKK 8,6 billion (EUR 1,154 million).
(16) In Apr il 2012 the Commission temporar ily appro ved for six months measures 1, 3 and 4 (6). The subordinate d loan 
in Measure 2 was funded entirely by private invest ors and was thus not considered to be State aid.
(17) On 28 June 2012, Vestjysk Bank received a final binding under taking from the Danish Financial Stability Compan y 
in respect of Measure 4, which limited the individual State guarante es for liabilities to DKK 6.8 billion (EUR 
914 million).
(18) The gross proceeds from Measure 1 amounte d to DKK 318.7 million, (net proceeds of DKK 300 million) and the 
State participated with DKK 166 million (EUR 22 million). Measure 3 gave rise to a capital relief effect of 0,60 % by 
reducing the risk weighted assets (“RWAs”) of the Bank.
(19) The final amount of suppor t resulting from the imp lementation of the three measures descr ibed in the Rescue 
Decision was DKK 7 293,7 million (EUR 979 million).
2.3 Capital shor tfall in Q2 2014
(20) The DFS A fixed Vestjysk Bank’s individual capital adequacy requirement at 10,9 % as at 31 December 2013 as part 
of the individual capital adequacy requirements of Directive 2013/36/EU on access to the activity of credit 
institutions and the prudential super vision of credit institutions and investment firms (CRD IV) (7).
(21) On 1 Apr il 2014, Vestjysk Bank informed the DFS A and the Commission that as at 31 March 2014 Vestjysk Bank’s 
individual capital adequacy stood at 10 %, thus breaching the requirement. The DFS A theref ore ordered Vestjysk 
Bank to file a plan for the re-establishment of capital (“the Capital Plan”) before 7 Apr il 2014.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/27
(5) The Commission raised no objections to Measure 2 as descr ibed in the Rescue Decision on the basis it did not constitute State aid.
(6) A detailed descr iption is given in the Rescue Decision.
(7) Directive of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the 
prudential super vision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/ 
48/EC and 2006/49/EC, OJ L 176, 27.6.2013 p, 338.
(22) On 20 May 2014, Vestjysk Bank and Denmark informed the Commission of the Bank’s Capital Plan. The Capital 
Plan included a Liability Management Exer cise (LME) (8) and a further sale of Vestjysk Bank’s shareholding in the 
Danish mor tgage credit institution (DLR Kredit A/S) for a value of appro ximately DKK 250 million (9).
(23) On 23 Octob er 2014, all transactions related to the Capital Plan were concluded, which resulte d in an individual 
capital adequacy of 12,7 %.
2.4 The draf t rest ructur ing plan
(24) Denmark committed to submit an in-dept h restr uctur ing plan for Vestjysk Bank within six months from the date of 
the Rescue Decision. To ensure compliance with the Restr uctur ing Communication (10), the submission of a 
restr uctur ing plan would need to demonstrate how the viability of the Bank would be restor ed, contain adequate 
burden-shar ing measures and contain provisions to limit competition distor tion (11).
2.4.1 The principles of restructur ing
(25) Vestjysk Bank’s draf t restr uctur ing plan has been update d several times because Vestjysk Bank failed to achi eve its 
projecte d profitabilit y. The latest version was received in June 2015. Overall, the Danish author ities consider that 
Vestjysk Bank’s past efforts and the restr uctur ing plan have led to a viable yet still vulnerable bank .
Profit & Loss and Balance sheet projections
(26) The restr uctur ing plan covers the period up until 2017 and assumes that the balance sheet of the Bank will continue 
to reduce until 2017. The restr uctur ing plan also projects a steady positive evolution in the Bank’s prof itability , 
aiming at a retur n to prof itability in 2015, albeit at a low level. The key figure s of the financial projections from the 
June 2015 restr uctur ing plan are shown in Table 1.
Table 1
Financ ial projections (P&L and Balance sheet) for Vestjysk Bank (in DKK million)
P&L 2012 2013 2014 2015 2016 2017
Intere st Income 1 494 1 262 1 022 [900-950] [850-900] [850-900]
Intere st Expense 727 520 365 [300-350] [250-300] [250-300]
Net Interest Income 892 814 697 [600-650] [600-650] [600-650]C 220/28 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
(8) Transaction 1: Issuance of a new subordinated loan of DKK 87,5 million provided by Nykredit Bank A/S and a separate loan of DKK 
12,5 million provided by Arbejder nes Landsbank A/S. The new loans replaced an existing loan of DKK 100 million by Nykredit 
Bank A/S redeemed at par;
Transaction 2: Modification of the terms and conditions of DKK 75 million hybrid core capital in order to comply with CRD IV 
rules and eligibility .
Transaction 3: Issuance of a new subordinate d loan of DKK 50 million provided by […]. The new subordinat ed loan replaces an 
existing loan of DKK 50 million that shall be redeemed at par.
(9) The sale agreement of sector shares in DLR Kredit A/S was complet ed on 23 October 2014. The shares were sold to […] private 
banks ([…]). The completion result ed in an increase in Vestjysk Bank’s surplus solvency in relation to its individual capital adequacy 
requirement at the level of DKK 200 million, equivalent to 1.0 percentag e point.
(10) Commission communication on the retur n to viability and the assessment of restr uctur ing measures in the financial sector in the 
current crisis under the State aid rules OJ C 195, 19.8.2009, p 9 (Restr uctur ing Communication).
(11) See footnot e 10 of the Restr uctur ing Communication.
P&L 2012 2013 2014 2015 2016 2017
Total Income 1 282 1 235 1 053 [900-1 000] [900-1 000] [900-1 000]
Total Provisions 1 478 1 028 535 [250-300] [250-300] [200-250]
Operational costs 588 542 509 [450-500] [450-500] [450-500]
Prof it after tax - 1 399 -442 -191 [25-75] [100-150] [150-200]
Cost-to -Income Ratio 55,30 % 48,90 % 53,20 % [50-60 %] [50-60] [50-60 %]
Retur n on Equity after 
tax- 106,30 % - 46,90 % - 17,50 % [0-5 %] [5-10 %] [5-10 %]
FTE 621,3 562,9 524 [480-510] [470-500] [460-490]
Branc hes 24 20 20 [18-22] [18-22] [18-22]
Balance sheet 2012 2013 2014 2015 2016 2017
Net Loan Book 20 697 17 360 14 714 [13 000- 
14 000][13 000- 
14 000][13 000- 
14 000]
Total assets 32 765 26 112 21 804 [20 000- 
22 000][19 000- 
21 000][19 000- 
21 000]
Deposits 18 057 17 877 18 768 [17 000- 
19 000][16 000- 
18 000][16 000- 
18 000]
Central Bank Funding 3 002 4 700 0 [0-10] [0-10] [0-10]
Own funds (Capital + re-
serves)992 887 1 287 [1 350- 
1 450][1 450- 
1 550][1 550-1 650 
]
RWAs 25 595 20 335 17 927 [16 000- 
17 000][16 000- 
17 000][15 000- 
16 000]
Loan-to-De posit ratio 114,6 % 97,1 % 78,4 % [70-80 %] [70-80 %] [70-80 %]
TIER 1 ratio 10,90 % 11,30 % 9,90 % [10-11 %] [11-12 %] [12-13 %]
(27) Taking into account the restr uctur ing efforts under taken by Vestjysk Bank since the Rescue Decision, the projected 
total balance sheet reduction is [30-40 %] in 2017 compared to its 2012 level. The Bank expects to achieve that 
reduction through (i) a decrease of the net loan portfolio by [30-40 %]; (ii) a [90-100 %] reduction of Central Bank 
funding; and (iii) a [5-10 %]decline in deposits.
(28) The net income of Vestjysk Bank is expecte d to be imp roved by the projected steady decrease of loan loss provisions 
([40-50 %] decrease year-on-ye ar 2014-2015) and a projecte d decrease in interest expenses (decrease of [20-30 %] 
between 2014 and 2017). At the same time, net interest income is expected to continue falling (in particular in 2015 
while more or less stable thereaf ter), while net fee income is expect ed to rise over the projection period.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/29
(29) The restr uctur ing plan projects a weak retur n to prof itability in 2015 ([25-75]). Taking into account the projected 
decrease in impair ments, costs and increasing profits, the Bank projects DKK [150-200] prof its after tax in 2017 
(compar ed to a DKK 1 399 million loss in 2012), a cost-to-income ratio of [50-60 %] (compared to 55,3 % in 2012) 
and capital ratio under Basel III (CET1) rules of [12-13 %].
Loan impair ments
(30) Vestjysk Bank has faced significant imp airment losses since the Rescue Decision. Loan impairm ents amounte d to 
DKK 1 515 million in 2012, to DKK 1 073 million in 2013 and DKK 683 million in 2014.
(31) The majorit y of the loan impairm ents derive from the real estate segment and the agriculture, hunting, forestr y and 
fishing segment. Those segments mak e up respectively 20,5 % and 54,6 % of Vestjysk Bank’s total imp airments from 
2012 until 2015.
(32) The Bank recognises that the significant amount of loan impair ments adversely affects its viability . The restr uctur ing 
plan projects that Vestjysk Bank will be able to rebalance its loan portfolio towards the retail segment, allowing for a 
better risk diversifi cation.
(33) Vestjysk Bank intends to achieve that outcome by minimising its exposure through a reduction in lending in its most 
troubled portfolios: (1) agriculture, hunting, forestr y and fishing; (2) building and constr uction; and (3) real estate . 
According to the latest restr uctur ing plan, Vestjysk Bank will cap its gross lending in those three cate gories so as to 
decrease its gross lending in agriculture, hunting, forestr y and fishing by [30-40 %]; in building and constr uction by 
[20-30 %]; and in real estate by [30-40 %].
(34) It should however be noted that the restr uctur ing plan projects that agriculture, hunting forestr y and fishing segment 
and the real estate segment will remain strate gic segments for the Bank .
Oper ational costs
(35) Vestjysk Bankprojects to reduce its operational costs by a reduction in Full Time Equivalents (FTE) and a reduction of 
its number of branche s.
(36) The restr uctur ing plan projects a decrease of FTE from 501 in 2015 to [460-490] in 2017, which is a reduction of 
[3-4 %]. Taking into account the restr uctur ing efforts already perform ed since 2012 (621.3 FTE), the total FTE 
reduction is [20-30]%.
(37) Vestjysk Bank also intends to reduce its operational costs by a reduction of its commercial footpr int. Vestjysk Bank 
projects to further reduce its branch network to [18-22] branches by the end of 2017, compared to 24 in 2012. That 
fall represents a reduction of [10-20 %].
(38) On 14 Sept ember 2015, Vestjysk Bank announced that it intended to carry out further staff redundancies in its 
branch netwo rk and central services. Vestjysk Bank will reduce the number of FTE from 510 to around [450-480]. 
Taking the efforts from 2012 until 2015 into account, the total reduction will be [20-30]%. Vestjysk Bank expects 
the staff reduction to save at least DKK 25 million annually . The imp act of that announcement was not included in 
the June 2015 restr uctur ing plan.
Cred it policy
(39) As explained in recital ((27), Vestjysk Bank projects a reduction of its balance sheet until 2017 and a rebalancing of 
the loan book (see recital ((33)). To achieve those ambitious goals, Vestjysk Bank has update d its credit policy:
a.the Bank will not enter in agreements with new custo mers within the […] business. However , a change of debtors 
can be accept ed if the Bank obtains a lower credit risk and better settlement prospects. Existing cust omers may (to 
a limited exte nt) obtain financial suppor t for the completion of projects, provided that the targe t for reducing 
exposure within real proper ty is obser ved;C 220/30 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
b.no financ ing of assets outside the scope of the Bank’s ordinar y mark et area; i.e. areas where the Bank has no 
representation by way of branc hes or has not established sufficient marke t kno wledg e, unless the customer 
provides own financing of at least [40-50 %], and the Bank obtains a char ge against realisable secur ities that are 
rega rded as unconditionally good;
c.no expansion of the overall loans/guarantee s within the agricultural secto r. The only excep tion would be transfer s 
of distressed agricultural proper ties to new/existing cust omers resulting in the Bank’s credit position being 
strengthened. The Bank will continue to help good customers with smaller projects/expansions provided that the 
Bank’s targe t for reducing exposure within agriculture is obser ved; and
d.the Bank will create a complet e repor ting of all the credit engag ements towards its credit committ ee, which will 
have the final decision power on all loans starting from DKK [5-10] million. Loans starting from DKK [0-5] 
million will also be subject to the final decision power of a modif ied form of the credit committ ee which does not 
include the executive managers of the Bank. Loans which fall belo w that latter threshold will be appro ved based 
on strict and prudent guidelines. The board of directors alwa ys has the final responsibility to grant loans.
(40) Taking Vestjysk Bank’s updated credit policy and the reduced loan book into account, the restr uctur ing plan projects 
that the volume of RWAs in Vestjysk Bank will decrease by [30-40 %] by the end of 2017 as comp ared to 2012 
(from DKK 25,595 billion in 2012 to DKK [15 000-16 000] in 2017).
2.4.2 Liability Management Exercises
(41) Dur ing the past years, Vestjysk Bank perfo rmed several LMEs to strengthen Vestjysk Bank’s capital.
(42) On 13 December 2012 the DFS A gave its appro val for Vestjysk Bank to repurc hase two Tier 2 instr uments (12), up to 
a nominal value of NOK 135 million (appro ximat ely EUR 18,36 million) and NOK 180 million (appro ximately EUR 
24,48 million) on a continuous basis until 31 March 2013. The appro val was conditional upon a purc hase rate of 
55 % of the principal or lower.
(43) On 18 Febr uary 2013, the DFSA gave its appro val for Vestjysk Bank to repurcha se two diffe rent subordinated loans 
of DKK 25 million and DKK 50 million granted by […], which is affiliated with […]. The Bank repurcha sed DKK 
50 million of the subordinate d debt, plus non-accr ued interest at a rate of 66,67 % of the principal. At the same time, 
released DKK 75 million deposits plus non-accr ued interest from Vestjysk Bank.
(44) The DFS A simultaneously gave its appro val for Vestjysk Bank to repurchase an additional amount of the Tier 2 
instr uments descr ibed in recital ((42) up to a nominal value of DKK 100 million at a maximum rate of 55 % of the 
principal That repurc hase could take place until 31 Marc h 2013.
(45) On 13 June 2013, the DFS A appro ved another repurchase of subordinate d loan capital granted by […] (ISIN 
NO0010313349) on a continuous basis until 30 June 2013 up to a nominal value of NOK 40 million 
(appro ximat ely EUR 5,2 million). The DFSA appro val was conditional upon a rate significantly belo w par, with a 
maximum of 62 % of the principal plus accr ued interest.
2.4.3 The DFSA inspection
(46) The DFS A conducted an on-sit e inspection into the Bank during the summer of 2015. The inspection consiste d of a 
functional examination in which the Bank’s loan book and a number of other areas were reviewed against a risk- 
based assessment.
(47) As part of the inspection, the DFS A reviewed 63 of the largest loans in the Bank (all were in excess of DKK 43,6 
million); only 6 % of the loans reviewed were subject to normal credit risk without signs of weakness, and the 
inspection identifie d Objective Evidence of Imp airment (OEI) for appro ximat ely 76 % of the loans reviewed. The 
DFS A found that for 30 of the largest agricultural loans 69 % of loans displa yed OEI, and only 3 % were subject to 
normal credit risk without signs of weakness – the DFSA did not identify any evidence of additional imp airments for 
those loans.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/31
(12) With ISIN NO 0010331499 and ISIN NO 0010313349.
(48) The DFS A inspection repor t concludes that the risk prof ile of the Bank is influenced by its lending to the agricultural 
and real estate sectors and defines both segments as high risk areas. According to the DFS A repor t, Vestjysk Bank’s 
lending to the agricultural segment and the real estate segment is clearly above its peers in the Danish banking 
marke t (22,6 % and 19,4 % of the Bank’s lending operations compared to 10,7 % and 13,3 % of the lending 
operations of its peers, respectively .)
(49) The DFSA concludes that as of 31 March 2015, a further DKK 116,5 million impair ments had been disco vered and 
needed to be provisioned for. Vestjysk Bank has informed the DFS A that DKK 61,7 million of the amount was 
already recognised in the half year repor t 2015.
III. ASSESSMENT OF THE MEASURES
Existenc e of State aid
(50) In recitals (47) to (67) of the Rescue Decision, the Commission assessed whether measures 1, 3 and 4 could be 
considered as State aid (13). It concluded there that measures 1, 3 and 4 constituted State aid within the meaning of 
Article 107(1) TFEU.
Compatibility of the aid
(51) In recitals (74) to (107) of the Rescue Decision, the Commission found measures 1, 3 and 4 to be temporar ily 
compatible with the inter nal marke t for reasons of financial stability . The measures were according ly appro ved for 
six months or, if Denmark submitted an in-depth restr uctur ing plan within six months from the date of that 
Decision, until the Commission had adopt ed a final decision on that restr uctur ing plan.
(52) The Restr uctur ing Communication explains that in order to be comp atible with the internal marke t on the basis of 
Article 107(3)(b) TFEU, the restr uctur ing of a financial institution in the cont ext of the financial crisis must lead to a 
restor ation of the viability of the bank , or a demonstration of how it can be wound up in an orderly fashion.
Restoration of long-ter m viability
(53) The latest draf t restr uctur ing plan anticipat es that Vestjysk Bank’s viability will be restored within a reasonable time 
frame, based on the operational measures referred to in recitals (35) to (38).
(54) However , the Commission doubts whether the latest draf t restr uctur ing plan provides suffici ent grounds to ensure 
the viability of Vestjysk Bank within the restr uctur ing period.
(55) The Bank’s balance sheet is projecte d to decrease from DKK 32 765 million in 2012 to DKK [19.000-21.000] at the 
end of 2017. The strong decrease ([35-45 %]) is a consequence of the Bank’s efforts to reduce its loan book, but also 
of the macroeconomic envir onment (which includes increasing losses in the agricultural secto r) which has resulted in 
custome rs either leaving the Bank or defau lting on their loans.
(56) In 2014, Vestjysk Bank recorded a loss of DKK 191 million. For the first half of 2015 the Bank was able to repor t a 
profit of DKK 45 million. The core income of the Bank reached DKK 495 million, compared to DKK 564 million in 
the first half of 2014. However , taking into account the Bank’s recent histor y, it is the Commission’s view that the 
mid-ye ar prof it for 2015 is not suffi cient to assume a durable retur n to profitability . Since 2012, Vestjysk Bank’s end- 
year results have been heavily influenced by the impair ments on the bank’s credit portfolio; Table 2 comp ares the 
Bank’s mid-ye ar and end-year prof its:C 220/32 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
(13) Measure 2 as descr ibed in the Rescue Decision was deemed to not constitute State aid.
Table 2
Mid- Year and End- Year prof its
Year Prof it
2012 Mid- Year
End- YearDKK 1 million (prof it)
DKK 1 448 million (loss)
2013 Mid- Year
End- YearDKK 98 million (loss)
DKK 442 million (loss)
2014 Mid- Year
End -YearDKK 41 million (profit)
DKK 191 million (loss)
Net income
(57) Net income has decreased between 2012 (DKK 782 million) and 2015 (DKK [500-550] million). The Bank however 
projects net income to remain more or less stable (DKK [500-550] in 2015, DKK [500-550] in 2016 and DKK [500- 
550] in 2017). Net income is projected to be influenced by a stabilisation of the net interest income, an increase in 
net fees and commissions and a decrease in the operational costs.
(58) Net interest income is expected to remain stable as well (DKK [600-650] in 2015 to DKK [600-650] in 2017). The 
stabilisation of the net interest income is caused by a stabilisation of the loan book of Vestjysk Bank and a projected 
decrease in interest expenses.
(59) The majorit y of Vestjysk Bank’s loan book matures within one year ([60-65 %] of the loans to clients). In 
consequence, the stabilisation of the loan book is largely dependent on Vestjysk Bank’s ability to generate sufficiently 
new business at sufficiently high margins. The Danish author ities have not been able to provide clear and sufficiently 
granular information on how that replenishment of the loan book will be realised and at which margins. As such, the 
Commission cannot verify the projections.
(60) The Financial Stability Repor t for the first half of 2015 by the Danish Central Bank confi rms that lending margins in 
Denmark will remain under pressure and will continue to limit banks ’ capacity to increase their net interest income 
by raising lending rates.
(61) The restr uctur ing plan projects interest expenses to decrease by [20-30 %] between 2014 and 2017. That fall results 
from the full repa yment of the Individual State Guarantees (Measure 4 of the Rescue Decision) and a projected 
decrease of the Bank’s deposit rates.
(62) Vestjysk Bank currently has a deposit surplus of DKK 4.8 billion (loan-to-de posit ratio of 75 %). Its deposit base has 
remained fairly stable during the past year due to Vestjysk Bank’s pricing policy and its loyal custo mer base. That 
stable deposit base has allowed the Bank to change its funding profil e from a large dependence on wholesale and 
central bank funding to being fully funded by deposits. The Bank is theref ore more resilient towards stresses on the 
interbank marke ts, but it is also an indication of the Bank’s limit ed prof itable investment oppor tunities.
(63) The Commission considers that the high amount of high priced deposits will have a nega tive impact on the Bank’s 
net interest income. While deposit rates are falling in the Union, high comp etitive pressure on deposit rates in 
Denmark pushes the Bank to offer an average deposit rate that is higher than that of its comp etitors. Vestjysk Bank 
projects that its deposit surplus will allow it to gradually decrease the cost of deposits (while remaining above average 
marke t prices) but the size of the interest rate decrease and the imp act thereof is not clear from the information 
submitted to the Commission.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/33
(64) The projected decrease of deposit rates and strong competitive pressures do not seem to align with each other and 
the Commission questions how Vestjysk Bank will reduce the deposit rates in a com petitive deposit marke t. The 
Commission also questions the pote ntial competition distor tions that arise if Vestjysk Bank offers higher deposit 
rates than its unaided competit ors.
(65) The Bank projects its net fee and commission income to increase over the projection period (from DKK [250-300] in 
2015 to DKK [300-350] in 2017). The increase reflects a higher level of activity in the areas of custome rs’ secur ities 
trading and an extraordinar ily high level of re-mor tgaging seen in the first half of 2015.
(66) The Commission questions the sustainability of the increased net fee and commission income. Re-mor tgaging is an 
activity typically only under taken when intere st rates are decreasing. Vestjysk Bank projects the interest rate level to 
remain low (and stable) in Denmark. The consequence would be that re-mor tgaging activity will slow down as soon 
as interest rates have stabilised or start to increase. The Commission also questions the long-term impact of the re- 
mor tgaging activity on the net interest income of Vestjysk Bank . The new (and probably lower) mor tgag e rates will 
lower the Bank’s future prof it-ge nerating capacities.
(67) Vestjysk Bank projecte d a minor decrease in operating expenses from DKK [500-550] in 2015 to DKK [500-550] in 
2017. That decrease is explained by a reduction in the number of emplo yees (see recitals ((35) to ((37)) and a tight 
cost managem ent.
(68) That slight decrease in operational costs is reflecte d in the cost-to-inc ome ratio of the Bank ([50-60 %] in 2015 and 
[50-60 %] in 2017). However , those figures do not take into account the additional restr uctur ing measures Vestjysk 
Bank announced in a press release of 14 Sept ember 2015. The Commission ackno wledg es that the decrease in 
operational costs will be larger when the additional measures descr ibed in that press release materi alise.
(69) Due to the projecte d stabilisation of net income and the decrease of loan imp airments and provisions (see recitals 
((70) to ((76)), the Bank expects to achi eve a retur n on equity (ROE) after tax of [5-10 %] in 2017 (compared to 
- 106,3 % in 2012) according to the restr uctur ing plan. The Commission questions whether that shar p increase in 
ROE after tax is realistic, taking into account the large uncer tainties relate d to the profitabilit y of the new business 
and the reduction in impair ments.
Loan impair ments and provisions
(70) As stated in recital ((30) Vestjysk Bank has had to book significant provisions since the Rescue Decision (DKK 1 515 
million in 2012, DKK 1 073 million in 2013 and DKK 683 million in 2014). As a result, the accumulated 
imp airment ratio stood at 16,4 % in the first half of 2015 and 16,7 % at the end of 2014.
(71) According to the latest restr uctur ing plan, Vestjysk Bank’s 2017 loan book will be largely comp osed of loans to retail 
custome rs (households, excl. mor tgages: ([30-40 %]); agriculture, hunting, forestr y and fishing ([10-20 %]); real estate 
([20-30 %]); and building and constr uction ([0-5 %]). Taking into account that the majority of the provisions the 
Bank had to book since 2012 derive from the real estate segment and the agriculture, hunting, forestr y and fishing 
segment (respectively 20,5 % and 41,6 % of Vestjysk Bank’s total impair ments from 2012 until 2015) the 
Commission questions whether Vestjysk Bank’s projecte d loan book comp osition will lead to a retur n to viability .
(72) Vestjysk Bank projects a strong decrease in the annual flows of provisions (new provisions) that have to be recorded 
and ultimately a decrease of the stock of provisions. In 2012, Vestjysk Bank had to record new provisions for DKK 
1 478 million, while the projections for 2017 are limited to DKK [200-250]. Vestjysk Bank states such a decrease is 
possible due to imp roving macroeconomic circumstances and an impro ved risk management.
(73) Comparing the flow of new provisions since 2012, an overall decline is evident. The latest restr uctur ing plan 
provides however no further information on the reasons behind the projected decrease of imp airments. Based on the 
current macroeconomic circumstances the Commission questions whether the projecte d decrease in imp airments is 
not overly opti mistic. The Commission’s doubts are based on the macroeconomic evolutions, the conclusion of the 
DFS A Inspection Repor t and the Financial Stability Repor t by the Danish Central Bank.C 220/34 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
(74) The most critical sector of the Bank’s loan book, namely agriculture, hunting, forestr y and fishing has suffered an 
increased need for imp airments. That increase is especially clear in the sub-sect ors of pork (+ 319 % between 2013 
and 2014) and milk (+ 25 % between 2013 and 2014), which are the two most impor tant sub-segments of the 
agriculture, hunting, forestr y and fishing segment. The overall development of the agricultural segment and the low 
level of settlement prices remains a challeng e for the Bank .
(75) The Commission’s doubts on the project ed decrease in provisions are also confi rmed by Vestjysk Bank’s repor t for 
the first half of 2015. That repor t shows a provisioning level that is still unsatisfa ctori ly high, but slightly decreasing. 
The imp airment ratio (14) reached 0,8 % for the first half of 2015, compared to 0,9 % in H1 2014. The agriculture, 
hunting, forestr y and fishing segment remained the largest contr ibut or to the impairm ent charges.
(76) The conclusion of the DFS A’s inspection repor t and the additional imp airments repor ted therein conf irm the 
Commission’s point of view that Vestjysk Bank’s risk profile and viability are under pressure due to its lending to the 
agricultural and real estate sectors. The DFS A inspection repor t also notes that impair ments could signif icantly 
increase in the event of further adverse economic trends, or in the event of inadequate control. The DFS A 
recommends Vestjysk Bank to strengthen its capital to cover for those potential future impair ments.
(77) The Danish Central Bank’s Financial Stability Repor t for the first half of 2015 conf irms that the agricultural sector 
has exper ienced increasing losses. It also mentions that margins will remain under pressure and will continue to limit 
banks ’ capacity to decrease impairm ents.
Capital requirements
(78) According to the 2015 half-year results, the Bank’s CET1 capital totalled DKK 1 319 million at the end of June 2015, 
giving a CET1 ratio of 7,5 %, compared to 7,8 % in June 2014. At the same time, the Bank’s total Tier 1 capital ratio 
increased to 10,3 % compared to 9,6 % at the end of June 2014.
(79) The overall CET1 capital requirement for the Bank (minimum requirement + additional solvency requirement) is 7 %. 
Thus, according to the half year repor t the Bank had a very small surplus (0,5 % or DKK 84 million) at the end of 
June 2015. Comp ared to end 2014, the surplus decreased from DKK 125 million to DKK 84 million. That drop can 
be explained by the combination of realised losses and an increase of the minimum CET1 capital requirement from 
4 % to 4,5 %.
(80) As stated in recital (76), the DFS A informed Vestjysk Bank through its DFS A inspection repor t that if any additional 
imp airments have to be account ed for due to further adverse economic trends (or in the event of inadequate control), 
the Bank should strengthen its capital.
(81) As a result of the identified loan imp airments in the DFS A inspection repor t, the Bank has calculated the individual 
solvency need as being 10,5 % as of 30 June 2015. The DFS A concludes by stating that the solvency need of 10,5 % 
covers the current risks of the Bank.
(82) The Danish Central Bank’s Financial Stability repor t for the first half of 2015, states that the combination of 
increasing capital requirements, very low interest rates and limited demand for new loans will create extremely 
competitive conditions for customers. The Financial Stability Repor t further explains that the implementation of the 
requirements in CRD IV/CRR has entailed an enhanced framew ork for the Danish requirements. At end-2014, all 
syste mic and non-systemic credit institutions except Vestjysk Bank and one other Danish financ ial institution 
complie d with the fully phased-in 2019 capital requirements. Vestjysk Bank would theref ore have to continue to 
strengthen its capital to comp ly with capital requirements.
(83) Based on the DFS A inspection repor t and the Danish Central Bank’s Financial Stability repor t for the first half of 
2015, the Commission questions whether Vestjysk Bank’s capital position is sufficiently strong to endure additional 
imp airments.
Burden-shar ing
(84) To be in line with the Restr uctur ing Communication, a restr uctur ing plan must demonstrate how the viability of the 
Bank would be restor ed, contain adequat e burden-shar ing measures and contain provisions to limit competition 
distor tion.2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/35
(14) Impairme nts booked in the period over the total loan book .
(85) The Danish author ities and Vestjysk Bank have tried to ensure sufficient burden-shar ing through conducting several 
LMEs, providing a sufficient remuneration for the recapitalisation and the individual government guarante es.
(86) The diffe rent LME transactions descr ibed in recitals ((41) to (45) have been the main contr ibut ors to burden-shar ing. 
According to Commission guidance (15) LMEs should significantly reinf orce the viability of the Bank while the bank 
and the invest ors contr ibut e to the great est possible extent to the restr uctur ing costs. That outcome is translated into 
the following two operational consequences:
a.The premium to the marke t price reflecte d in the buyback price should not exceed 10 percentage points of the 
principal; and
b.The buyback prices should not exceed 90 % of principal.
(87) The LMEs descr ibed in recital (42) were concluded at an average price of 48,72 % of the principal and 45,05 % of the 
principal respectively . Both prices were well belo w the DFS A’s limit of 55 of the principal and respect the boundar y 
of 90 % of the principal. Market research has shown that the average price offered for each instr ument was less than 
10 percentage points of premium to the marke t price.
(88) The repurc hase of the subordinate d capital grante d by […] and descr ibed in recital (43) was perfo rmed at an average 
price of 66,67 % of the principal (67 % if the non-accr ued intere st is included), well belo w 90 % of the principal. The 
Commission’s assessment of the repurchase price has shown that the premium that was offered to the invest ors was 
belo w 10 %.
(89) The repurchases of subordinated capital descr ibed in recital (44) were com pleted on 3 Apr il 2013 for a price of 
52,39 % of the principal, well belo w 90 % of the principal and within the boundar ies of 10 % premium to the marke t 
price.
(90) The repurc hase descr ibed in recital (45) was comp leted on 13 June 2013 and was perf ormed at an average price of 
62 % of the principal, 2 percentage points above the mark et price of 50 % plus the premium of 10 %. Vestjysk Bank 
thereby overpaid the holders of the subordinat ed debt instr uments by an amount corresponding to 2 % of the 
principal (or NOK 800,000, appro ximately EUR 104,000). The Commission thus concludes that that transaction 
was not in line with the Restr uctur ing Communication’s goal of adequat e burden-shar ing.
(91) The transactions descr ibed in recital (22), which were part of Vestjysk Bank’s plan to address its capital shor tfall in 
2014, cannot be classified as a pure buy-bac k as they involve the subscr iption of new subordinate d debt in parallel. 
In addition they were part of a capital plan that if not appro ved would have left Vestjysk Bank with a capital shor tfall, 
potent ially requir ing additional State aid. The Commission theref ore concludes that those transactions are in line 
with the Restr uctur ing Communication.
(92) The Danish State participated in the capital raise on the basis of its stake in both Vestjysk Bank A/S and Aarhus 
Lokalbank A/S. As a result, the State provided 52,1 % of capital inject ed in Vestjysk Bank. The gross proceeds from 
the issue amounted to DKK 318.7 million, while the Danish State participate d with DKK 166 million.
(93) As regard s remuneration to the State for its participation in the capital raise, it is noted that the 2011 Prolonga tion 
Communication (16) provides guidance on the conditions for State recapitalisations in the form of ordinar y shares. 
According to that Communication, the remuneration for such recapitalisations should be assessed on the basis of the 
discount to the share price adjuste d for the dilution effect or the TERP (17) (theoretical ex-r ights price) immediately 
prior to the announcement of the capital injection.
(94) The subscr iption rate of the rights issue in which the State participate d was set at DKK 10.4 per share. That 
subscr iption rate entails a discount of 43,1 % from a stoc k price of DKK 17,1 in the beginning of 2012, representing 
a discount on the TERP of 24,5 %. On the day of the comp letion of the rights issue stock price per share was 
DKK 16, meaning the discount on the TERP was 21 %. The Commission concludes that the discount ensures that the 
State will receive an adequat e remuneration for its participation in the capital raise.C 220/36 HU Az Európai Unió Hivatalos Lapja 2016.6.17.
(15) See Commission memo 09/441 and the accom panying press release by the Commission on 8 October 2009.
(16) Communication from the Commission on the application, from 1 Januar y 2012, of State aid rules to suppor t measures in favour of 
banks in the context of the financial crisis (2011 Prolongation Communication) OJ C 356, 6.12.2011, p 7.
(17) See footnot e 16 of the 2011 Prolongati on Communication.
(95) Vestjysk Bank had to pay a risk-based guarante e commission for the individual guarantee descr ibed in recital (34) of 
the Rescue Decision. The base rate for determining the guarantee commission was set at 1,35 %, to which an 
incremental additional guarantee charge of 0,65 % in the first year, 0,75 % in the second and 0,90 % in the third year 
and onwards for the duration of the guarante e must be added. That remuneration of the guarantee is well above 
what the 2011 Prolong ation Communication requires.
(96) The sale of the minor ity stak e in a Danish mor tgage credit institution to the Danish Central Bank had a capital 
release effect which is similar to a recapitalisation. The measure has not been remunerate d separate ly. According to 
recital (94) of the Rescue Decision, the Commission will take the lack of remuneration for Measure 3 into account 
when determi ning the depth of the restr uctur ing of Vestjysk Bank. Never theless, the Commission will also take into 
account the following mitigati ng factors: the nature of Measure 3, the fact that the remuneration received for 
Measure 4 exceeds Commission requirements for compatibility of guarante es with the inter nal market and the 
limited disto rtion of comp etition caused by the aid amount in Measure 3.
Limiting distor tions of competition
(97) According to the Restr uctur ing Communication, a restr uctur ing plan should propose effective and propor tionate 
measures which limit distor tions of comp etition. Such measures should be specif ically designed to address 
distor tions identifie d on the marke t where a benef iciar y bank operat es. The nature and form of such measures 
depends on two criteria: (1) the amount of aid and the conditions and circumstances under which the aid was 
grante d; and (2) the character istics of the marke t, or markets on which the benef iciar y bank will operate. Finally , the 
Commission is careful to pay attention to the risk that restr uctur ing measures may under mine the internal mark et.
(98) As mentioned in recitals (25) to (40), Vestjysk Bank intends to reduce its commercial footpr int by reducing its branch 
network. The combination of a reduction of the branch network and the character istics of the Danish banking 
marke t will affect Vestjysk Bank’s capacity to generate new business and gather new deposits, thereby contr ibuting to 
a limitation of the disto rtions of comp etition. However , taking into account the large amount of aid received by 
Vestjysk Bank, the Commission questions the imp act of the proposed staff reduction of 25,96 % between 2012 and 
2017 in its branc h netwo rk and central services on the risk of comp etition disto rtion
IV.CONCL USION
The Commission concludes that the draf t restr uctur ing plan does not provide sufficient information to ensure the 
Bank’s retur n to viability and does not allow the Commission to conclude that the competition distor tions are 
limited to a minimum. The Commission also concludes that one of the repurc hasing transactions led to an 
insuffic ient amount of burden-shar ing. The Commission has theref ore decided to open the formal investigation 
procedure pursuant to Article 4(4) of Regulation (EC) No 2015/1589 (18).
In the light of the foregoing considerations, the Commission requires Denmark, within one month of receipt of this 
lette r, to provide all documents, information and data needed for assessment of the compatibility of the aid/measure. 
Other wise the Commission will adop t a decision on the basis of the information in its possession. It requests your 
author ities to forward a copy of this letter to the pote ntial recipient of the aid immediately .
The Commission notes that Denmark agreed to have the present decision adop ted and notified in English
The Commission wishes to inform Denmark that it will inform interested parties by publishing this letter and a 
meaningful summar y of it in the Official Journal of the European Union. It will also inform interested parties in the 
EFTA countr ies which are signat ories 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 lette r. 
All such interest ed parties will be invited to submit their comments within one month of the date of such 
publication.’ 2016.6.17. HU Az Európai Unió Hivatalos Lapja C 220/37
(18) With effect from 14 October 2015, Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the 
application of Article 93 of the EC Treaty , OJ L 83, 27.3.1999, p. 1, was repealed and replaced by Regulation (EU) 2015/1589 
laying down detailed rules for the application of Article 108 of the Treaty on the Functioning of the European Union (codif ication), 
OJ L 248, 24.9.2015, p. 9. All the procedural steps taken during the course of the proceedings were adopt ed under Regulation (EC) 
No 659/1999. Any reference to Regulation (EC) No 659/1999 may be constr ued as a reference to Regulation (EU) 2015/1589 and 
should be read in accordance with the correlation table in Annex II to the latter regulation.