2013/245/EU: Commission Decision of 20 December 2011 on the State aid C 40/2009 a... (32013D0245)
2013/245/EU: Commission Decision of 20 December 2011 on the State aid C 40/2009 and C 43/2008 for the restructuring of WestLB AG (notified under document C(2011) 9395) Text with EEA relevance
- COMMISSION DECISION
- of 20 December 2011
- on the State aid C 40/2009 and C 43/2008 for the restructuring of WestLB AG
- (notified under document C(2011) 9395)
- (Only the German text is authentic)
- (Text with EEA relevance)
- (2013/245/EU)
- I.
- PROCEDURE
- II.
- FACTS
- 1.
- THE BENEFICIARY
- 2.
- THE AID MEASURES
- a. THE FIRST SET OF MEASURES – THE RISK SHIELD FOR THE PHOENIX PORTFOLIO
- b. THE SECOND SET OF MEASURES – THE FIRST ASSET TRANSFER TO THE EAA
- i)
- The capital injection of SoFFin into WestLB
- ii)
- The guarantees by the shareholders
- iii)
- The first asset transfers
- iv)
- Asset valuation
- c. THE THIRD SET OF MEASURES – THE LIQUIDATION MEASURES
- i)
- The second asset transfer to the EAA
- ii)
- The additional capital instrument for SPM bank
- iii)
- Assumption of further operating costs and liquidation costs of SPM bank
- iv)
- Commitment to provide liquidity support during the restructuring period
- 3.
- RESTRUCTURING PLANS
- a. INTRODUCTION
- b. THE JUNE 2011 RESTRUCTURING PLAN
- i)
- Verbundbank
- ii)
- Sale or transfer of assets
- iii)
- SPM bank
- 4.
- COMMITMENTS BY GERMANY
- III.
- OPENING OF THE FORMAL INVESTIGATION UNDER ARTICLE 108(2) TFEU
- 1.
- THE DECEMBER 2009 DECISION
- 2.
- THE NOVEMBER 2010 DECISION
- IV.
- POSITION OF GERMANY
- 1.
- REGARDING THE FIRST ASSET TRANSFER TO THE EAA
- a. APPLICABILITY OF THE IMPAIRED ASSETS COMMUNICATION
- b. ESTABLISHING THE REAL ECONOMIC VALUE OF THE FIRST ASSET TRANSFER
- c. MITIGATING FACTORS
- 2.
- REGARDING THE ADVANTAGE FOR THE SAVINGS BANKS
- V.
- ASSESSMENT OF AID TO WESTLB
- 1.
- STATE AID WITHIN THE MEANING OF ARTICLE 107(1) TFEU
- a. THE RISK SHIELD FOR THE PHOENIX PORTFOLIO
- b. THE CAPITAL INJECTION
- c. THE ADDITIONAL CAPITAL INSTRUMENT FOR SPM BANK
- d. THE ADDITIONAL LOSS COVERAGE BY NRW FOR SPM BANK
- e. THE FIRST ASSET TRANSFER
- f. THE SECOND ASSET TRANSFER - REPLENISHMENT OF THE EAA
- g. PROVISION OF LIQUIDITY SUPPORT BY THE WESTLB SHAREHOLDERS IN THE FIRST HALF OF 2012
- h. CONCLUSION
- 2.
- COMPATIBILITY OF THE AID WITH THE INTERNAL MARKET
- a. APPLICATION OF ARTICLE 107(3)(b) TFEU
- b. COMPATIBILITY OF THE IMPAIRED ASSET MEASURES
- i)
- Compatibility of the first asset transfer to the EAA
- —
- As regards the valuation in general
- —
- As regards the valuation at the level of sub-portfolios
- —
- Mitigating factors
- —
- Asset management
- ii)
- Claw back
- iii)
- Compatibility of the replenishment
- c. COMPATIBILITY OF THE RESTRUCTURING/LIQUIDATION AID
- i)
- Demonstration of an orderly winding down
- ii)
- Own contribution and burden sharing
- iii)
- Limiting distortions of competition
- d. CONCLUSION
- VI.
- ADVANTAGE TO THE SAVINGS BANKS
- Article 1
- Article 2
- Article 3
- Article 4
- ANNEX
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