The restructuring aid provided to Sparkasse KölnBonn by its public shareholders constitutes State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
2011/526/EU: Commission Decision of 29 September 2010 on State aid C 32/09 (ex NN 50/09) implemented by Germany for the restructuring of Sparkasse KölnBonn (notified under document C(2010) 6470) Text with EEA relevance
2011/526/EU: Commission Decision of 29 September 2010 on State aid C 32/09 (ex NN 50/09) implemented by Germany for the restructuring of Sparkasse KölnBonn (notified under document C(2010) 6470) Text with EEA relevance
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first subparagraph of Article 108(2) thereof,
Having regard to the Agreement on the European Economic Area, and in particular Article 62(1)(a) thereof,
Having called on Member States and other interested parties to submit their comments pursuant to those provisions(1),
Whereas:
HAS ADOPTED THIS DECISION:
Article 1
The aid is compatible with the internal market, subject to implementation of the restructuring plan and fulfilment of the commitments set out in Annexes I, II and III.
Article 2
This Decision is addressed to the Federal Republic of Germany.
Done at Brussels, 29 September 2010.
For the Commission
Joaquín Almunia
Vice-President
ANNEX
European Commission — Financial Crisis Taskforce
DG Competition
Rue Joseph II/Jozef II-straat 70
1000 Brussels
Belgium
Case C 32/09 — Sparkasse KölnBonn
COMMITMENTS TOWARDS THE EUROPEAN COMMISSION
Pursuant to Article 7(3) of Council Regulation (EC) No 659/99(1), as amended, Germany hereby provides the following commitments concerning Sparkasse KölnBonn in order to enable the European Commission (‘the Commission’) to find the recapitalisation of Sparkasse KölnBonn compatible with the internal market by decision under Article 107(3)(b) of the Treaty on the Functioning of the European Union.
The commitments are to take effect on the date of the decision’s adoption.
This text is to be interpreted within the general framework of EU law and with reference to Regulation (EC) No 659/99, and also taking into consideration the Decision to which the commitments are attached.