Source: https://www.global-regulation.com/translation/italy/619687/state-guarantee-on-cassa-depositi-e-prestitis.-p.a.-for-bank-loans-to-beneficiaries-incentive-dellatariffa-referred-to-in-article-26%252c-paragraph-5%252c.html
Timestamp: 2017-08-20 17:16:45
Document Index: 782071892

Matched Legal Cases: ['art. 26', 'art. 7', 'art. 25', 'art. 26', 'art. 5', 'art. 1', 'art. 1', 'art. 5', 'art. 5', 'art. 10', 'Art. 1', 'art. 26', 'art. 26']

Machine Translation of "State Guarantee On Cassa Depositi E Prestitis. P.a. For Bank Loans To Beneficiaries Incentive Dellatariffa Referred To I..." (Italy)
State Guarantee On Cassa Depositi E Prestitis. P.a. For Bank Loans To Beneficiaries Incentive Dellatariffa Referred To In Article 26, Paragraph 5, Of The Ordinance-Law June 24, 2014, # 91, Converted With Landscaping ...
Original Language Title: Garanzia dello Stato sull'esposizione di Cassa depositi e prestitiS.p.a. per i finanziamenti bancari a favore dei beneficiari dellatariffa incentivante di cui all'articolo 26, comma 5, deldecreto-legge 24 giugno 2014, n. 91, convertito, con modific...
Read the untranslated law here: http://www.gazzettaufficiale.it/atto/serie_generale/caricaArticoloDefault/originario?atto.dataPubblicazioneGazzetta=2015-01-22&atto.codiceRedazionale=15A00320&elenco30giorni=false&atto.tipoProvvedimento=DECRETO
The MINISTER of economy and finance Saw the decree-law June 24, 2014, # 91, bearing urgent provisions for agriculture, environmental protection and energy efficiency of school and University buildings, the revival and development of enterprises, the containment of costs imposed on electricity tariffs, as well as for the definition of requirements arising from European legislation», converted, with amendments, by law August 11, 2014 , # 116, and in particular art. 26, "interventions on feed-in tariffs of electricity produced by photovoltaic systems», with whom, in order to optimize the management of harvesting time and provision of incentives and encourage better sustainability in support of renewable energy policy, are certain methods of delivery of feed-in tariffs on electricity from solar photovoltaic plants, recognized in accordance with art. 7 of legislative decree December 29, 2003, # 387, and in art. 25, paragraph 10, of the Legislative Decree March 3, 2011, # 28; See in particular paragraph 5 of art. 26, which provides that "the recipient of the incentive fee referred to in paragraphs 3 and 4 can access bank finance for a maximum amount equal to the difference between the incentive already owed to December 31, 2014 and incentive reformulated in accordance with paragraphs 3 and 4. These funds can benefit, cumulatively or alternatively, on the basis of appropriate agreements with the banking system, dedicated funding or guarantees granted by the Cassa depositi e prestiti Spa (Cdp) to funds referred to in paragraph 7, point a), art. 5 of Decree-Law No 269 September 30, 2003, converted, with amendments, by law November 24, 2003, n. 326. The exposure of Cdp is guaranteed by the State in accordance with art. 1, paragraph 47, December 27, 2013, law n. 147 according to criteria and conditions established with non-regulatory decree of the Minister of economy and finance; Visto l'art. 1, section 47 of the Act December 27, 2013, n. 147, amending art. 5, paragraph 11, of Decree-Law No 269 September 30, 2003, converted, with amendments, by law November 24, 2003, # 326, adding after the letter e) the following e-bis) in respect of each financial year, the exposures taken or envisaged by CDP S.p.A., pursuant to paragraph 7 (a)), which can be guaranteed by the State, including several years. The State guarantee can be issued to the first question, with recourse action waiver on CDP S.p.A., must be costly and compatible with European Union rules onerous guarantees granted by the State to market conditions '; Visto l'art. 5, paragraph 11, point e-bis) of Decree Law No 269 September 30, 2003, converted, with amendments, by law November 24, 2003, # 326, as last amended by art. 10, paragraph 1, point d) of Decree-Law No September 12, 2014. 133, converted with amendments by law No 164 November 11, 2014, pursuant to which "e-bis) the exposures taken or envisaged by CDP S.p.A., other than those referred to in paragraph 7 (b)), which can be guaranteed by the State, including several years. The State guarantee can be issued to the first question, it must be expensive and compatible with European Union rules onerous guarantees granted by the State. With one or more agreements between the Ministry of economy and finance and the Cassa depositi e prestiti S.p.A. is subject to criteria and operational modalities, duration and remuneration of the aforesaid guarantee '; Having regard to the Commission communication on the application of articles 87 and 88 of the EC Treaty to state aid in the form of guarantees (2008/C 155/02) that, among other things, identifies some conditions designed to rule out the presence of State aid, including: i) the borrower is not in financial difficulties; II) that the extent of the guarantee can be properly measured at the time of grant; III) that the guarantee did not attend more than 80 percent of the loan or other financial obligation; IV) and for the guarantee is paid a market-oriented price; Having regard to the guidelines of the European Commission on the subject of State aid for rescuing and restructuring firms in difficulty and in particular the banking communication (2013/C 216/01) and communication laying down the guidelines on State aid for rescuing and restructuring firms in difficulty ' non-financial (2014/C 249/01) '; Having regard to the Commission communication on the revision of the method for setting the reference and discount rates (2008/C 14/02); Having regard to the Commission communication establishing a "framework for State aid for environmental and energy 2014-2020» (2014/C 200/01);
Art. 1 1. It is guaranteed by the State the exposure of Cassa Depositi e Prestiti S.p.A. (hereinafter referred to as ' CDP ') represented by credits linked to funding operations or guarantee, for bank financing for the benefit of the beneficiaries of the tariff, pursuant to art. 26, paragraph 5, of the decree-law June 24, 2014 # 91, converted, with amendments, by law No 116 August 11, 2014. 2. The State guarantee is granted for consideration and it is direct, unconditional, irrevocable and upon first demand. 3. The State guarantee covers up to 80% of the amount of each stock transaction made by CDP to banks, economically and financially healthy for the provision of funding pursuant to subsection 1. Within that maximum limit of coverage, the State guarantee covers up to 80% of the amount of the outstanding amount, including principal and interest, CDP towards the Bank. 4. The State guarantee covers up to 80% of the amount of each guarantee provided by CDP to banks about financing of parties, economically and financially sound, benefiting from the incentive rate, referred to in art. 26, paragraph 5, of the decree-law June 24, 2014, n. 91. Where, within the above limit, the State guarantee covers up to 80% of the sum liquidated by CDP at the Bank guaranteed. 5. for the purposes of identification of banks and economically and financially sound, CDP applies the guidelines provided to us by the European Commission.