Commission Decision (EU) 2015/162 of 9 July 2014 on the State aid SA.36612 (2014/... (32015D0162)
Commission Decision (EU) 2015/162 of 9 July 2014 on the State aid SA.36612 (2014/C) (ex 2013/NN) implemented by Latvia for Parex (notified under document C(2014) 4550) Text with EEA relevance
- COMMISSION DECISION (EU) 2015/162
- of 9 July 2014
- on the State aid SA.36612 (2014/C) (ex 2013/NN) implemented by Latvia for Parex
- (notified under document C(2014) 4550)
- (Only the English text is authentic)
- (Text with EEA relevance)
- 1.
- PROCEDURE
- 1.1.
- Previous measures in favour of Parex
- 1.2.
- The formal investigation procedure
- 2.
- DESCRIPTION
- 2.1.
- The undertaking concerned
- 2.2.
- The aid measures approved for Citadele and Reverta
- 3.
- GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
- 3.1.
- The additional measures implemented by Latvia for Parex banka, Citadele and Reverta.
- 3.2.
- The breach of the commitment to divest the Wealth Management Business of Citadele
- 4.
- COMMENTS FROM INTERESTED PARTIES
- 5.
- COMMENTS FROM LATVIA ON THE FORMAL INVESTIGATION PROCEDURE
- 5.1.
- On the initial maturity of the subordinated loans exceeding the terms of the Rescue Decisions and the Parex Final Decision (the First Measure)
- 5.2.
- On the un-notified maturity extension of the subordinated loans (the Second Measure)
- 5.3.
- Regarding the un-notified liquidity support granted to Reverta (the Third Measure)
- 5.4.
- On the commitment to divest the Wealth Management Business (the Fourth measure)
- 5.5.
- Compensatory measures proposed by Latvia
- 5.5.1.
- Deadline for the sale of Citadele and for the divestment of the Wealth Management Business
- 5.5.2.
- Further reduction of the amount of the authorized capital contributions
- 5.5.3.
- Commitment to enhance burden-sharing measures by preventing any cash outflows to Reverta's Legacy Subordinated Creditors
- 5.6.
- Reaction of Latvia to the third party comments
- 6.
- ASSESSMENT
- 6.1.
- Existence of State aid following the new measures
- 6.1.1.
- The First Measure
- 6.1.2.
- The Second Measure
- 6.1.3.
- The Third Measure
- 6.2.
- Legal basis for the compatibility of the new additional aid
- 6.3.
- Compatibility of the aid with the internal market
- 6.3.1.
- Regarding the First Measure
- 6.3.2.
- Regarding the un-notified maturity extension of the subordinated loans (the Second Measure)
- 6.3.3.
- Regarding the un-notified liquidity support granted to Reverta (the Third Measure)
- 6.3.4.
- Regarding the breach of the commitment to divest the Wealth Management Business of Citadele (the Fourth Measure)
- 6.3.5.
- Compensatory measures mitigating distortions of competition and strengthening the burden-sharing
- 7.
- CONCLUSION
- Article 1
- Article 2
- Article 3
- Article 4
- ANNEX I
- ANNEX II
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