16.11.2022
EN
Official Journal of the European Union
C 435/9
(16)
Aid comprised in loans, including de minimis risk finance aid taking the form of loans, should be considered transparent de minimis aid if the gross grant equivalent has been calculated on the basis of market interest rates prevailing at the time the aid is granted.
In order to simplify the treatment of small loans of short duration, this Regulation should provide for a clear rule that is easy to apply and takes into account both the amount of the loan and its duration.
Loans that are secured by collateral covering at least 50 % of the loan and that do not exceed either EUR 1 375 000 and a duration of 5 years or EUR 687 500 and a duration of 10 years can be considered as having a gross grant equivalent not exceeding the de minimis ceiling.
This is based on the Commission’s experience and given the inflation which took place since the entry into force of Commission Regulation (EU) No 1407/2013 and the likely developments during the period of validity of this Regulation.
Given the difficulties in determining the gross grant equivalent of aid granted to undertakings that may not be able to repay the loan, this rule should not apply to such undertakings.
(17)
Aid comprised in capital injections should not be considered as transparent de minimis aid unless the total amount of the public injection does not exceed the de minimis ceiling.
Aid comprised in risk finance measures taking the form of equity or quasi-equity investments, as referred to in the risk finance guidelines (15), should not be considered as transparent de minimis aid unless the measure concerned provides capital that does not exceed the de minimis ceiling.
(18)
Aid comprised in guarantees, including de minimis risk finance aid taking the form of guarantees, should be considered as transparent if the gross grant equivalent has been calculated on the basis of safe-harbour premiums laid down in a Commission notice for the type of undertaking concerned (16).
In order to simplify the treatment of guarantees of short duration securing up to 80 % of a relatively small loan, this Regulation should provide for a clear rule that is easy to apply and takes into account both the amount of the underlying loan and the duration of the guarantee.
This rule should not apply to guarantees on underlying transactions that do not constitute a loan, such as guarantees on equity transactions.
Where: (i) the guarantee does not exceed 80 % of the underlying loan; (ii) the amount guaranteed does not exceed EUR 2 062 500; and (iii) the duration of the guarantee does not exceed 5 years, the guarantee should be considered as having a gross grant equivalent not exceeding the de minimis ceiling.
The same applies where: (i) the guarantee does not exceed 80 % of the underlying loan (ii) the amount guaranteed does not exceed EUR 1 031 250; and (iii) the duration of the guarantee does not exceed 10 years.
In addition, Member States can use a methodology to calculate the gross grant equivalent of guarantees that has been notified to the Commission under another Commission Regulation in the State aid area applicable at that time and that has been accepted by the Commission as being in accordance with the Guarantee Notice (17) or any succeeding notice, provided that the accepted methodology explicitly addresses the type of guarantee and the type of underlying transaction at stake as part of the application of this Regulation.
Given the difficulties in determining the gross grant equivalent of aid granted to undertakings that may not be able to repay the loan, this rule should not apply to such undertakings.
(19)
Where a de minimis aid scheme is implemented through financial intermediaries, it should be ensured that the financial intermediaries do not receive any State aid.
This can be done, for example, by requiring financial intermediaries that benefit from a State guarantee to pay a market-conform premium or to fully pass on any advantage to the final beneficiaries or by respecting the de minimis ceiling and other conditions of this Regulation at the level of the intermediaries.
(20)
Upon notification by a Member State, the Commission should examine whether a measure, which does not consist of a grant, loan, guarantee, capital injection or risk finance measure taking the form of an equity or quasi-equity investment, leads to a gross grant equivalent that does not exceed the de minimis ceiling and could therefore fall within the scope of this Regulation.
(15) Communication from the Commission – Guidelines on State aid to promote risk finance investments (OJ C 508, 16.12.2021, p. 1).
(16) For instance, Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees (OJ C 155, 20.6.2008, p. 10).
(17) Ibid.