CELEX: E1999C0429(01)
Language: en
Date: 1998-12-16 00:00:00
Title: Authorisation of State aid pursuant to Article 61 of the EEA Agreement and Article 1(3) of Protocol 3 to the Surveillance and Court Agreement - EFTA Surveillance Authority decision not to raise objections

Important legal notice

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E1999C0429(01)

Authorisation of State aid pursuant to Article 61 of the EEA Agreement and Article 1(3) of Protocol 3 to the Surveillance and Court Agreement - EFTA Surveillance Authority decision not to raise objections  

Official Journal C 117 , 29/04/1999 P. 0005 - 0005

Authorisation of State aid pursuant to Article 61 of the EEA Agreement and Article 1(3) of Protocol 3 to the Surveillance and Court AgreementEFTA Surveillance Authority decision not to raise objections(1999/C 117/05)Date of adoption: 16.12.1998EFTA State: IcelandAid No: 98-001Title: New business venture fundObjective: To promote development and growth in the Icelandic economy through participation in innovation-oriented investment projects and support for development and marketing projectsLegal basis: Act No 61/1997 on the new business venture fund ("Lög um Nýsköpunarsjóð atvinnulífsins") and implementing regulationsBudget: - Foundation fund (revolving fund) ISK 4 000 million (approximately ECU 48,8 million)- Initiative fund (revolving equity fund) ISK 1 000 million (approximately ECU 12,2 million)- Product development and marketing department ISK 700 million (projected) (approximately ECU 8,5 million)Form and intensity of aid: - Equity investments and exceptionally loans and guarantees by foundation fund (not aid)- Equity investments through initiative fund (not aid)- Grants by foundation fund and product development and marketing department, as a main rule within the limits of de minimis aid. When aid is above de minimis limits it is to comply with the rules on aid for SMEs or R& D, as appropriateDuration: Indefinite, except for product development and marketing department, which shall be operated only until the end of the year 2000, whereupon its net assets shall be transferred to the foundation fund. Initiative fund shall be dissolved within 10 years and its net assets transferred to the State TreasuryCondition: Grants to sectors not covered by the de minimis rule (shipbuilding, ECSC steel industry and transport sector) are subject to prior notification on a case-by-case basis, as well as any aid falling within the scope of the guidelines on rescuing and restructuring firms in difficulty; annual report on the activities of the new business venture fund