COMMISSION DECISION
of 29 June 2011
on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society
(notified under document C(2011) 4432)
(Only the English text is authentic)
(Text with EEA relevance)
(2012/269/EU)
1.
PROCEDURE
1.1.
Anglo Irish Bank
1.2.
Irish Nationwide Building Society
1.3.
Joint procedure
2.
DESCRIPTION OF THE AID
2.1.
The beneficiaries and their difficulties
2.1.1.
Anglo Irish Bank
2.1.2.
INBS
2.2.
The individual restructuring plans
2.2.1.
The initial Anglo restructuring plan
2.2.2.
The second Anglo restructuring plan
2.2.3.
The third Anglo restructuring plan
2.2.4.
The INBS restructuring plan
2.3.
The joint restructuring plan for Anglo and INBS
2.3.1.
Description of the joint restructuring plan
2.3.1.1.
Deposits
2.3.1.2.
Funding
2.3.1.3.
Guarantees
2.3.1.4.
Capital
2.3.1.5.
Main additional risks associated with the joint restructuring plan
2.3.2.
The Commitments
2.4.
The State measures assessed in this Decision
2.4.1.
Rescue measures approved by the Commission
2.4.2.
Further rescue measures
2.4.3.
Measures for the merged entity
Measures granted to Anglo, Recovery Bank and Funding Bank |
|||
No |
Type of measure |
Amount |
Remuneration |
Rescue measures approved |
|||
Anglo Irish Bank |
|||
a |
Guarantee under the CIFS scheme |
Peak EUR […] billion at September 2008(48) |
flat fee 18,5 bps rising to 32 bps |
b |
First recapitalisation |
EUR 4 billion |
no remuneration |
c |
Guarantee under the ELG scheme |
EUR […] billion(49) |
ECB recommendation + 40 bps(50) |
d |
Asset relief measure — transfer of eligible loans to NAMA |
EUR 35 billion transferred |
n/a |
e |
Second recapitalisation |
EUR 10,44 billion(51) (EUR 10,3 billion) |
no remuneration |
f |
Third recapitalisation |
EUR 10 054 million |
no remuneration |
g |
Guarantee on short-term liabilities |
c. EUR […] billion at December 2010 |
160 bps as at December 2010(50) |
h |
Fourth recapitalisation |
EUR 4 946 million |
no remuneration |
i |
Guarantee on certain off balance sheet liabilities |
estimated gross max. EUR […] billion(52) |
no fee |
Irish Nationwide Building Society |
|||
j |
Guarantee under the CIFS scheme |
Peak EUR […] billion at October 2008(48) |
flat fee 18,5 bps rising to 25,6 bps |
k |
First recapitalisation |
EUR 2,7 billion |
Secured the rights to the net surplus assets of the Society |
l |
Guarantee under the ELG scheme |
EUR […] billion(49) |
ECB recommendation + 40 bps(50) |
m |
Asset relief measure — transfer of eligible loans to NAMA |
EUR 8,9 billion transferred |
n/a |
n |
Guarantee on short-term liabilities |
c. EUR […] million at December 2010 |
160 bps as at December 2010(50) |
o |
Second recapitalisation |
EUR 2,7 billion |
no remuneration |
Further rescue measures |
|||
Anglo Irish Bank |
|||
p |
Guarantee on Emergency Liquidity Assistance |
Peak guaranteed EUR […] billion up to 16 March 2011(53) |
,[…] no fee for guarantee |
Irish Nationwide Building Society |
|||
q |
Guarantee on Emergency Liquidity Assistance |
Guaranteed EUR […] billion |
[…], no fee for guarantee |
Restructuring measures |
|||
Merged entity |
|||
r |
Continuation of guarantee on remaining deposits |
max. EUR […] billion |
Guaranteed for the life of the workout, first under ELG and following its expiry on an ad hoc basis at 50 bps |
s |
Continuation of guarantee on off-balance sheet transactions |
estimated at around EUR […] billion(52) |
no fee |
t |
Continuation of guarantee on Emergency Liquidity Assistance or other similar facility |
estimated at up to EUR […] billion |
3 |
u |
Recapitalisation in stress case |
EUR 3,2 billion |
no remuneration |
v |
Guarantee on outstanding ELG wholesale funding |
around EUR […] billion |
fee in line with ELG for its duration, no fee thereafter |