Commission Decision (EU) 2015/218 of 7 May 2014 on the State aid Nos SA.29786 (ex... (32015D0218)
Commission Decision (EU) 2015/218 of 7 May 2014 on the State aid Nos SA.29786 (ex N 633/09), SA.33296 (11/N), SA.31891 (ex N 553/10), N 241/09, N 160/10 and SA.30995 (ex C 25/10) implemented by Ireland for the restructuring of Allied Irish Banks plc and EBS Building Society (notified under document C(2014) 2638) Text with EEA relevance
- COMMISSION DECISION (EU) 2015/218
- of 7 May 2014
- on the State aid Nos SA.29786 (ex N 633/09), SA.33296 (11/N), SA.31891 (ex N 553/10), N 241/09, N 160/10 and SA.30995 (ex C 25/10) implemented by Ireland for the restructuring of Allied Irish Banks plc and EBS Building Society
- (notified under document C(2014) 2638)
- (Only the English text is authentic)
- (Text with EEA relevance)
- 1.
- PROCEDURE
- 1.1. AIB
- 1.2. EBS
- 1.3. JOINT PROCEDURE
- 2.
- FACTS
- 2.1. DESCRIPTION OF THE BENEFICIARIES
- 2.1.1.
- AIB
- 2.1.2.
- EBS
- 2.1.3.
- The Bank (AIB and EBS merged)
- 2.2. THE DIFFICULTIES OF AIB AND EBS
- 2.3. THE AID MEASURES
- 2.4. THE INDIVIDUAL RESTRUCTURING PLANS
- 2.5. RESTRUCTURING MEASURES ALREADY IMPLEMENTED BY THE BANK (AIB AND EBS MERGED)
- 2.6. THE RESTRUCTURING PLAN FOR THE BANK (AIB AND EBS MERGED)
- 2.6.1.
- The Base Case
- 2.6.1.1.
- Macroeconomic assumptions and key financial projections
- 2.6.1.2.
- Main drivers of the Bank's return to viability
- (i)
- a smaller domestically focussed bank with an improved funding profile
- (ii)
- an improved level of profitability
- (iii)
- Maintaining a strong capital buffer
- 2.6.2.
- The alternative base scenario
- 2.6.3.
- The adverse case
- 2.7. REPAYMENT SCHEDULE
- 2.8. COMMITMENTS PROPOSED BY IRELAND
- 3.
- THE OPENING DECISION REGARDING EBS
- 4.
- POSITION OF THE IRISH AUTHORITIES
- 5.
- ASSESSMENT
- 5.1. EXISTENCE OF STATE AID
- 5.2. COMPATIBILITY
- 5.2.1.
- Application of Article 107(3)(b) of the Treaty
- 5.2.2.
- Compatibility assessment
- (i) a smaller institution, focused on Ireland, with an improved funding profile
- (ii) improved levels of profitability
- (iii) a strong capital buffer
- (iv) conclusion
- 5.3. CONCLUSION ON THE EXISTENCE OF AID AND COMPATIBILITY
- Article 1
- Article 2
- Article 3
- ANNEX
- TERM SHEET — CASE SA.29786 — IRELAND — RESTRUCTURING OF AIB
- 1.
- Definitions
- 2.
- Basis of the Measures
- 3.
- Commitment to the Restructuring of Loan Portfolio
- 4.
- Commitment to the limitation of lending to […]
- 5.
- Commitment to Marketing, Advertising and Sponsorship in Ireland
- 6.
- Commitment to making no Acquisitions and accepting restrictions on the scope of AIB's business for a period of time
- 7.
- Commitments in respect of payments on capital instruments
- 8.
- Commitment to Cost Reduction
- 9.
- Commitment in respect of AIB exposure to Irish Sovereign
- 10.
- Commitment to Repayment of State aid
- 11.
- Commitments to operate certain competition measures
- Services Package
- Customer Mobility Package
- SCHEDULE: MONITORING TRUSTEE
- I —
- Appointment Procedure
- II —
- Proposal by AIB
- III —
- Approval or rejection by the Commission
- IV —
- New proposal by AIB
- V —
- Monitoring Trustee nominated by the Commission
- VI —
- Functions of the Monitoring Trustee
- VII —
- Duties and obligations of the Monitoring Trustee
- VIII —
- Duties and obligations of AIB
- IX —
- Replacement, discharge and reappointment of the Monitoring Trustee
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