INHALT

2014/189/EU: Commission Decision of 28 December 2012 on State aid SA.33760 (12/N-2, 11/C, 11/N); SA.33763 (12/N-2, 11/C, 11/N); SA.33764 (12/N-2, 11/C, 11/N); SA.30521 (MC 2/10); SA.26653 (C9/09); SA.34925 (12/N-2, 12/C, 12/N); SA.34927 (12/N-2, 12/C, 12/N); SA.34928 (12/N-2, 12/C, 12/N) implemented by the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg in favour of Dexia, DBB/Belfius and DMA (notified under document C(2012) 9962) Text with EEA relevance

COMMISSION DECISION
of 28 December 2012
on State aid SA.33760 (12/N-2, 11/C, 11/N); SA.33763 (12/N-2, 11/C, 11/N); SA.33764 (12/N-2, 11/C, 11/N); SA.30521 (MC 2/10); SA.26653 (C9/09); SA.34925 (12/N-2, 12/C, 12/N); SA.34927 (12/N-2, 12/C, 12/N); SA.34928 (12/N-2, 12/C, 12/N) implemented by the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg in favour of Dexia, DBB/Belfius and DMA
(notified under document C(2012) 9962)
(Only the French text is authentic)
(Text with EEA relevance)
(2014/189/EU)
1.
PROCEDURE
1.1. PROCEDURE PRIOR TO THE CONDITIONAL AUTHORISATION DECISION
1.2. THE CONDITIONAL AUTHORISATION DECISION AND THE MONITORING OF ITS IMPLEMENTATION
1.3. PROCEDURES SUBSEQUENT TO THE CONDITIONAL AUTHORISATION DECISION
1.3.1.
Procedure relating to the sale and restructuring of DBB/Belfius
1.3.2.
Procedure relating to the restructuring/resolution of Dexia and the refinancing guarantee
1.3.3.
Procedure relating to the revocation of the conditional authorisation decision
1.3.4.
Implementation of the conditional decision
1.3.5.
Final comments on the procedure
2.
DESCRIPTION
2.1. DESCRIPTION OF THE DEXIA GROUP AND ITS DIFFICULTIES
2.1.1.
General description
Figure 1
Simplified organisation chart of the Group on 30 September 2011 (i.e. prior to the sales announced at the meeting of Dexia’s Board of Directors on 9 October 2011)
Figure 2
Structure of the Dexia Group on 24 October 2012
2.1.2.
Description of Dexia Municipal Agency (‘DMA’)
2.1.3.
Description of Crediop
2.1.4.
Description of DBB/Belfius
2.2. DESCRIPTION OF THE ORDERLY RESOLUTION PLAN FOR DEXIA
Figure 3
Breakdown of Dexia’s assets
2.2.1.
Liquidity and financing
Figure 4
Breakdown of the drawdown of guarantees
Figure 5
Financing mix
2.2.2.
Solvency
2.2.3.
Disposal of the Group’s viable entities
2.2.4.
Run-off management of all other entities and assets
2.2.5.
Final refinancing guarantee
2.2.6.
Recapitalisation
2.2.7.
Elimination of all links between Dexia and DMA
2.2.8.
No new production
2.2.9.
Monitoring of the revised orderly resolution plan
2.2.10.
Commitments
(a) Behavioural commitments
(b) Disposals and run-off management
(c) Divestiture trustee
(d) Implementation of commitments
2.3. DESCRIPTION OF THE DMA DISPOSAL OPERATION AND ITS POST-DISPOSAL ACTIVITIES
2.3.1.
Description of the disposal operation
Figure 6
Structure of the future development bank incorporating DMA
2.3.2.
Commitments
(a) Capital holding
(b) Activities of the new development bank
(c) Management of the existing outstanding debts on DMA’s balance sheet
(d) Provision of liquidity for the NEC and DMA
(e) Capital level of the NEC and DMA
(f) Monitoring and implementation trustee
2.4. DESCRIPTION OF THE OPERATION TO SELL DBB/BELFIUS TO THE BELGIAN STATE AND OF THE DBB/BELFIUS RESTRUCTURING PLAN
2.4.1.
The DBB/Belfius sale operation
2.4.2.
The DBB/Belfius restructuring plan
(a) General background
(b) The PWB segment
(c) The RCB segment
(d) The insurance segment
(e) Investment portfolio
(f) Derivative portfolio
(g) Financing and liquidity
(h) Governance
(i) Stress scenario
2.4.3.
Commitments
(a) Reducing operating costs
(b) Reducing trading activities
(c) Governance and risk-management measures
(d) Dividend payment ban
(e) Coupon payment ban
(f) Acquisition ban
(g) Advertising ban
(h) Remuneration of essential bodies, employees and agents
(i) Cap on public banking loans
(j) Cap on life insurance production
(k) Independent trustee
2.5. THE ELAS GRANTED BY THE FRENCH AND BELGIAN CENTRAL BANKS TO DBB/BELFIUS AND DCL
Figure 7
Level of ELA in favour of DBB/Belfius from 5 October to 1 February 2012
3.
GROUNDS FOR INITIATING FORMAL INVESTIGATION PROCEDURES
3.1. GROUNDS FOR INITIATING A FORMAL INVESTIGATION PROCEDURE INTO THE SALE AND RESTRUCTURING OF DBB/BELFIUS
3.2. GROUNDS FOR INITIATING AND EXTENDING A FORMAL INVESTIGATION PROCEDURE CONCERNING DEXIA AFTER THE CONDITIONAL DECISION
4.
COMMENTS BY INTERESTED THIRD PARTIES
4.1. COMMENTS BY DEXIA ON THE TEMPORARY APPROVAL DECISION, THE DECISION TO EXTEND THE PROCEDURE, THE DECISION ON THE FIRST PROLONGATION OF THE GUARANTEE, THE DECISION TO INCREASE THE GUARANTEE CEILING AND THE DECISION ON THE SECOND PROLONGATION OF THE GUARANTEE
4.2. COMMENTS BY THIRD PARTIES ON THE PURCHASE OF DBB/BELFIUS
5.
COMMENTS BY THE MEMBER STATES CONCERNED
5.1. COMMENTS ON THE PURCHASE OF DBB/BELFIUS
5.1.1.
Comments in response to the decision to initiate the procedure in respect of the sale of DBB/Belfius
5.1.2.
Comments by the Belgian authorities on the comments of interested third parties in respect of the purchase of DBB/Belfius
5.2. COMMENTS BY THE MEMBER STATES CONCERNED ON THE DECISION TO EXTEND THE PROCEDURE AND THE DECISION TO INCREASE THE GUARANTEE CEILING
5.2.1.
Comments on the characterisation of the measures contained in the orderly resolution plan as aid
5.2.2.
On the revocation of the conditional authorisation decision
5.2.3.
Comments on the compatibility of the measures contained in the orderly resolution plan
5.2.4.
Comment on monitoring
6.
ASSESSMENT OF AID
6.1. EXISTENCE OF AID AND BENEFICIARIES
6.1.1.
Measures covered by the conditional authorisation decision
(a) Implementation of the commitments and conditions to which approval of the aid covered by the conditional authorisation decision was subject
(b) Presence of additional aid to Dexia in the form of Arcofin’s participation in Dexia’s recapitalisation
6.1.2.
Additional aid paid (after the conditional authorisation decision)
(a) Temporary refinancing guarantees for Dexia SA, DCL and their subsidiaries (initially for EUR 45 billion, increased to EUR 55 billion)
(b) ELA granted by the Belgian and French central banks to DBB/Belfius and DCL respectively
(c) Aid from the sale of DBB/Belfius to the Belgian State
—
Aid for the vendor
—
Aid for DBB/Belfius
6.1.3.
Supplementary aid to be paid in connection with the revised orderly resolution plan and the sale of DMA (with the introduction of a development bank)
(a) Definitive refinancing guarantee for Dexia SA, DCL and their subsidiaries
(b) EUR 5,5 billion recapitalisation of Dexia SA
(c) Aid for the development bank
—
Commitment to provide capital for the NEC and DMA
—
Commitment to provide liquidity
(d) Aid to Dexia resulting from the DMA sale price
(e) Aid for DMA
(f) Abandoned guarantees (no aid)
6.1.4.
Conclusion
6.2. QUANTIFICATION OF AID
6.3. COMPATIBILITY OF THE AID
6.3.1.
Compatibility of the restructuring plan for DBB/Belfius
(a) The institution’s return to long-term viability
Figure 8
Sources of financing for DBB/Belfius
6.3.2.
The institution’s own contribution
6.3.3.
Measures to correct distortions of competition
6.3.4.
Monitoring of measures
6.4. COMPATIBILITY OF DEXIA’S RESOLUTION PLAN
6.4.1.
Evidence of an orderly winding-up
6.4.2.
The institution’s own contribution
6.4.3.
Measures to correct distortions of competition
6.4.4.
Monitoring of measures
6.4.5.
Risks arising from the implementation of the revised orderly resolution plan
6.5. COMPATIBILITY OF THE DMA SALE OPERATION
6.5.1.
Scope of the compatibility assessment
6.5.2.
Assessment of DMA as a development bank
6.5.2.1.
Implementation of a clearly defined objective of common interest
6.5.2.2.
Appropriateness of the measure
6.5.2.3.
Knock-on effect
6.5.2.4.
Proportionality
6.5.3.
Assessment of DMA as a development bank receiving restructuring aid
(a) Returning the institution to long-term viability
(b) Institution’s own contribution
(c) Measures to limit distortions of competition
7.
CONCLUSION
Article 1
Article 2
Article 3
Article 4
Article 5
ANNEX I
ORDERLY RESOLUTION PLAN FOR DEXIA. COMMITMENTS OF THE MEMBER STATES CONCERNED
Introduction
Behavioural commitments
Disposals and run-off management
Divestiture trustee
Implementation and independent trustee
ANNEX II
DBB/BELFIUS — COMMITMENTS BY BELGIUM
Definitions
Commitments
Duration
Reducing operating costs
Reducing trading activities
Governance and risk-management measures
Dividend payment ban
Coupon payment ban
Acquisition ban
Advertising ban
Remuneration of essential bodies, employees and agents
Cap on Public Banking loans
Cap on life insurance production
Independent trustee
Reporting
Appointment procedure for the independent trustee
Functions of the independent trustee
Replacement, discharge and reappointment
ANNEX III
DMA COMMITMENTS BY THE FRENCH REPUBLIC
Capital holding in the Nouvel Etablissement de Crédit (‘NEC’) and Dexia Municipal Agency (‘DMA’)
Activities of DMA, the NEC and the joint venture constituted by the CDC and LBP (‘the JV’)
Management of the existing outstanding debts on DMA’s balance sheet
Provision of liquidity for the NEC and DMA
Capital level of the NEC and DMA
Appointment of a monitoring and implementation trustee
ANNEX IV(A)
MECHANISM FOR DETERMINING THE FINANCING COST OF THE NEC/DMA
ANNEX IV(B)
THE PRODUCT OFFER BY THE LBP/CDC JV
1.
Nature of the loans marketed by the JV
2.
Term of the loans granted by the JV
ANNEX IV(C)
TERMINATION OF RESIDUAL LINKS BETWEEN DEXIA AND THE NEC (APART FROM IT PRODUCTION)
1.
Services from Dexia to the NEC
2.
Services from the NEC to Dexia
ANNEX 1
IN-HOUSE SCORING SYSTEMS
—
Principles on which the planned organisation is based
—
Main consequences for Dexia and the NEC
— HR impact
— Risk dyssynergies
ANNEX IV(D)
SEPARATION OF THE IT SYSTEMS OF DEXIA AND THE NEC
1.
Preparatory phase
2.
Duplication of the application system
3.
Production migration phase