Authorisation for State aid pursuant to Article 61 of the EEA Agreement and Article 1(3) in Part I of Protocol 3 to the Surveillance and Court Agreement — EFTA Surveillance Authority decision to propose appropriate measures in relation to State Guarantee in favour of Liechtensteinische Landesbank. The proposal has been accepted by the Principality of Liechtenstein
Date: 2005-12-08
Institutions: EFTA Surveillance Authority
Subjects: European Economic Area, Liechtenstein, State aid, bank deposit, central bank, control of State aid, credit guarantee, savings

8.12.2005

EN

Official Journal of the European Union

C 310/17

EUROPEAN ECONOMIC AREA

EFTA SURVEILLANCE AUTHORITY

Authorisation for State aid pursuant to Article 61 of the EEA Agreement and Article 1(3) in Part I
of Protocol 3 to the Surveillance and Court Agreement

EFTA Surveillance Authority decision to propose appropriate measures in relation to State Guar-
antee in favour of Liechtensteinische Landesbank. The proposal has been accepted by the Princi-
pality of Liechtenstein

(2005/C 310/11)

Title

State guarantee in favour of Liechtensteinische Landesbank — Decision to
propose appropriate measures to the Principality of Liechtenstein

EFTA State

Liechtenstein

Date of adoption of the decision

15 July 2005

Acceptance
measures by the EFTA State

the

of

appropriate

29 July 2005

Number of aid

Case 48084

Objective

Legal basis

Duration

Decision

State Guarantee on savings deposits and medium term notes of Liechtenstei-
nische Landesbank

Article 5 of the Act on Liechtensteinische Landesbank (Gesetz über die Liechten-
steinische Landesbank, LLBG)

15 years as of 1 August 2005

The State Guarantee constituted existing aid within the meaning of Article 1(b)
in Part II of Protocol 3 to the Surveillance and Court Agreement
The amended proposal for appropriate measures consists of the following:
The Liechtenstein authorities shall take, without delay, any legislative, adminis-
trative and other measures necessary to eliminate any incompatible aid resulting
from Article 5 LLBG. Any such aid should be abolished with effect from 1
August 2005.
The State guarantee will only be granted in favour of LLB's savings deposits and
medium term notes, whose average yearly amount (based on quarterly figures)
is to be established by 1 June of each year for the previous year. An adequate
premium as established in an expert study submitted to the Authority and
referred to in the Decision, will be paid for the so established guaranteed
amount of savings deposits and medium term notes.
The State guarantee will be limited to a period of 15 years calculated from 1
August 2005.
For the year 2005, the premium will be paid pro rata.

On 1 June of each year the Liechtenstein authorities will report to the Authority
the annual report of LLB of the previous year, the average amount of savings
deposits and medium term notes of the previous year (including the documen-
tation of the average, based on quarterly figures) as well as the premium calcu-
lated on the basis of this amount. The Liechtenstein authorities will further
document to the Authority that the premium payment has been effectuated.

C 310/18

EN

Official Journal of the European Union

8.12.2005

The authentic text of the decision, from which all confidential information has been removed, can be
found at:

http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/