COMMISSION DECISION
of 27 March 2012
on the measures SA. 26909 (2011/C) implemented by Portugal for the restructuring of Banco Português de Negócios (BPN)
(notified under document C(2012) 2043)
(Only the Portuguese version is authentic)
(Text with EEA relevance)
(2012/660/EU)
1.
Procedure
2.
Description of the beneficiaries and the measures
2.1
The beneficiary and its difficulties
2.2
The financial support measures prior to nationalisation
2.3
The financial support measures after the nationalisation
|
With explicit state guarantee |
CGD Loans (without explicit state guarantee) |
Total |
BPN |
1 400 000 000,00 |
433 732 654,56 |
1 833 732 654,56 |
Special Purpose Vehicles(18) |
3 100 000 000,00 |
795 111 660,00 |
3 895 111 660,00 |
Total |
4 500 000 000,00 |
1 228 844 314,56 |
5 728 844 314,56 |
Source: Portuguese authorities |
2.4
The Restructuring of BPN
3.
Grounds for initiating the formal investigation procedure
4.
Comments from interested parties
5.
Position of the Portuguese State
5.1
Position of the Portuguese State on the Decision of 24 October 2011 (Opening Decision)
5.2
Commitments given by the Portuguese State
6.
Assessment
6.1
Existence of aid
6.1.1.
Measures in favour of BPN and of the economic activity after the sale
6.1.1.1 Measures granted before the nationalisation
6.1.1.2. Measures granted after the nationalisation, not specifically linked to the sale to BIC
6.1.1.3. Measures granted after the nationalisation, linked to the sale to BIC
6.1.1.4. Possible aid to the buyer
6.1.2
Quantification of the aid
Description |
Amount EUR million |
||
|
315 |
||
|
Between 1 800 and 4 000 |
||
|
600 |
||
|
[150-500] |
||
of which covered by an explicit state guarantee |
[200-400] |
||
e. Liquidity lines requested by BIC for the combined entity |
|||
of which maintenance of the existing commercial paper programme |
400 |
||
of which new liquidity line |
300 |
6.2
Compatibility of the various aid measures: application of Article 107(3)(b) TFEU
6.3
Compatibility under the Restructuring Communication
6.3.1
Viability
|
EUR Million |
Cash, central banks and credit institutions |
[…] |
Net credits to customers |
[…] |
Other assets |
[…] |
TOTAL ASSETS |
[…] |
Deposits |
[…] |
Other liabilities |
[…] |
Subordinated debt |
[…] |
TOTAL LIABILITIES |
[…] |
Own Capital |
[…] |
TOTAL LIABILITIES AND CAPITAL |
[…] |
Graph 1
Projections for the combined entity BPN/BIC under the base case scenario, 2012-2016
6.3.2
Aid limited to the minimum and burden-sharing
|
|
Sale to BIC |
Liquidation |
OUTFLOWS |
|||
1 |
Payment of the funding to credit institutions |
|
[…](53) |
2 |
Payment of deposits from clients |
|
[…] |
3 |
Capital increase |
[…] |
|
4 |
Subordinated bond holders excluding perpetual issuance TBC |
|
[…] |
|
Total Outflows |
[…] |
[…] |
|
|
Sale to BIC |
Liquidation |
INFLOWS |
|||
5 |
Sale of client loans (EUR 2 114 million net of haircut 30 %) |
|
[…] |
6 |
Reimbursement cash and loans to credit institutions |
|
[…](54) |
7 |
Price BPN sale |
[…] |
|
8 |
Deposits sale premium - 2 % of the deposit balance |
|
[…] |
|
Total Inflows |
|
[…] |
|
ESTIMATED DIFFERENCE |
[…] |
[…] |