2012/477/EU: Commission Decision of 20 September 2011 on State aid granted by Ger... (32012D0477)
INHALT
2012/477/EU: Commission Decision of 20 September 2011 on State aid granted by Germany to HSH Nordbank AG SA.29338 (C 29/09 (ex N 264/09)) (notified under document C(2011) 6483) Text with EEA relevance
- COMMISSION DECISION
- of 20 September 2011
- on State aid granted by Germany to HSH Nordbank AG SA.29338 (C 29/09 (ex N 264/09))
- (notified under document C(2011) 6483)
- (Only the German text is authentic)
- (Text with EEA relevance)
- (2012/477/EU)
- 1.
- PROCEDURE
- 2.
- DESCRIPTION OF THE BENEFICIARY
- 3.
- THE AID MEASURES
- 3.1.
- THE RECAPITALISATION
- 3.2.
- THE RISK SHIELD
- 3.3.
- LIQUIDITY GUARANTEES
- 4.
- THE RESTRUCTURING PLAN
- 4.1.
- INITIAL RESTRUCTURING PLAN AND SUBSEQUENT REVISION OF THE FINANCIAL PROJECTIONS
- 4.2.
- GENERAL DESCRIPTION OF THE MODIFIED RESTRUCTURING PLAN
- 4.3.
- DESCRIPTION OF THE RESTRUCTURING OF THE INDIVIDUAL BUSINESS UNITS OF HSH
- 4.4.
- DESCRIPTION OF THE FINANCIAL PLANNING IN THE MODIFIED RESTRUCTURING PLAN
- 4.5.
- COMMITMENTS MADE BY GERMANY
- 4.6.
- MONITORING
- 5.
- GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE IN RESPECT OF THE AID MEASURES FOR HSH
- 6.
- COMMENTS FROM GERMANY
- 6.1.
- COMMENTS ON THE RISK SHIELD
- 6.2.
- COMMENTS ON THE RECAPITALISATION
- 6.3.
- COMMENTS ON THE RISK SHIELD AND THE RECAPITALISATION IN THE LIGHT OF THE UNLIMITED STATE GUARANTEE PROVIDED BY THE PUBLIC-SECTOR OWNERS (GEWÄHRTRÄGERHAFTUNG)
- 6.4.
- COMMENTS ON HSH’S VIABILITY
- 6.5.
- COMMENTS ON OWN CONTRIBUTION AND COMPENSATORY MEASURES
- 7.
- COMMENTS FROM THIRD PARTIES
- 7.1.
- COMMENTS FROM SGVSH AND SVB
- 7.2.
- COMMENTS FROM FLOWERS
- 8.
- COMMENTS FROM GERMANY ON THIRD PARTIES’ COMMENTS
- 9.
- ASSESSMENT
- 9.1.
- EXISTENCE OF STATE AID
- 9.2.
- COMPATIBILITY OF THE AID MEASURES
- 9.2.1. APPLICATION OF ARTICLE 107(3)(B) TFEU
- 9.2.2. COMPATIBILITY OF THE RISK SHIELD WITH THE IMPAIRED ASSETS COMMUNICATION
- 9.2.2.1.
- Eligible assets
- 9.2.2.2.
- Management of assets
- 9.2.2.3.
- Valuation of the shielded portfolio
- 9.2.2.4.
- Full ex ante transparency and disclosure
- 9.2.2.5.
- Alignment with public policy objectives
- 9.2.2.6.
- Remuneration and burden sharing
- 9.2.2.7.
- Conclusion
- 9.2.3. COMPATIBILITY OF THE MODIFIED RESTRUCTURING PLAN WITH THE INTERNAL MARKET
- 9.2.3.1.
- The degree of restructuring required
- 9.2.3.2.
- Restoration of long-term viability
- 9.2.3.3.
- Own contribution and burden sharing by minority shareholders
- 9.2.3.3.1.
- Own contribution, burden sharing and aid limited to the minimum
- 9.2.3.3.2.
- Burden sharing by minority shareholders
- 9.2.3.3.3.
- Conclusion on own contribution and burden sharing by minority shareholders
- 9.2.3.4.
- Measures limiting distortion of competition
- 9.2.3.5.
- Conclusion regarding the restructuring
- 10.
- POTENTIAL BENEFIT TO OTHER SHAREHOLDERS
- 11.
- CONCLUSIONS
- Article 1
- Article 2
- Article 3
- Article 4
- ANNEX I
- LIST OF COMMITMENTS REFERRED TO IN ARTICLE 1(2) AND ARTICLE 2
- ANNEX II
- LIST OF CONDITIONS REFERRED TO IN ARTICLE 2
- ANNEX III
- TIME OF SALES OF HOLDINGS (DATE OF SIGNING OF SALES CONTRACT) IN ACCORDANCE WITH POINT 7.1 OF ANNEX I
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