INHALT

2012/269/EU: 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) Text with EEA relevance

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
3.
GROUNDS FOR INITIATING THE PROCEDURE
3.1.
The opening decision
4.
COMMENTS FROM INTERESTED PARTIES
5.
COMMENTS FROM IRELAND
6.
ASSESSMENT
6.1.
Existence of aid
6.1.1.
Measures already temporarily approved
6.1.2.
State resources
6.1.3.
Selectivity
6.1.4.
Advantage
6.1.5.
Distortion of competition and effect on trade between Member State
6.1.6.
Application of the market investor principle
6.1.7.
Identification of the beneficiary of the aid
6.1.8.
Conclusion
6.2.
Amount of aid
6.2.1.
Recapitalisations of Anglo and INBS
6.2.2.
Impaired asset measure for Anglo and INBS
6.2.3.
Guarantees for Anglo and INBS
6.2.4.
Aid measures for the merged entity
6.2.5.
Conclusion as regards the amount of aid
6.3.
Compatibility of the aid
6.3.1.
Legal basis for the compatibility assessment
6.3.2.
Compatibility assessment
6.3.3.
The application of the Banking and the Recapitalisation Communication to measures (p) to (v) referred to in recitals 68 and 69
(i)
Appropriateness of the Measures
(ii)
Necessity — limitation of the aid to the minimum
(iii)
Proportionality — measures limiting negative spill-over effects
6.3.4.
The application of the Restructuring Communication
6.3.4.1.
Orderly resolution of the merged entity
6.3.4.2.
Own contribution/burden-sharing
(a)
Limitation of restructuring costs and of the amount of aid
(b)
Significant own contribution
(i)
Own contribution of the institutions concerned
(ii)
Burden-sharing by shareholders and subordinated creditors
6.3.4.3.
Measures limiting the distortion of competition
6.3.4.4.
Monitoring
6.3.4.5.
Conclusion
7.
CONCLUSION
Article 1
Article 2
Article 3
ANNEX I
COMMITMENTS UNDERTAKEN BY IRELAND
State aid case C 11/10 — restructuring of Anglo Irish Bank and INBS (together ‘the merged entity’)
ANNEX II
APPOINTMENT AND DUTIES OF THE MONITORING TRUSTEE
I.
The Monitoring Trustee
II.
Appointment of the Monitoring Trustee
Proposal by the Irish authorities
Approval or rejection by the Commission
New proposal by the Irish authorities
Monitoring Trustee nominated by the Commission
III.
The duties of the Monitoring Trustee
Duties and obligations of the Monitoring Trustee