12.4.2014

EN

Official Journal of the European Union

L 110/1

(1)

By decision of 19 November 2008 (3), the Commission decided not to raise any objections to the emergency measures concerning a liquidity assistance operation (‘the LA operation‘� and a guarantee for certain of Dexia‘檚 liabilities (4). The Commission considered these measures to be rescue aid for an enterprise in difficulty and therefore compatible with the internal market on the basis of Article 107(3)(b) TFEU, and authorised these measures for a period of six months from 3 October 2008, specifying that after that time the Commission would have to re-evaluate the aid as a structural measure.

(2)

An initial restructuring plan for Dexia was notified to the Commission by Belgium, France and Luxembourg (‘the Member States concerned‘� on 16, 17 and 18 February 2009 respectively.

(3)

By decision of 13 March 2009, the Commission decided to initiate the procedure laid down in Article 108(2) TFEU in respect of all the aid measures granted to Dexia (5).

(4)

By decision of 30 October 2009 (6), the Commission authorised the prolongation of the guarantee until 28 February 2010 or until the date of the Commission decision concerning the compatibility of the aid measures and the restructuring plan for Dexia.

(5)

On 9 February 2010, the Member States concerned forwarded information to the Commission on the additional measures planned to supplement the initial restructuring plan for Dexia.

(6)

By decision of 26 February 2010 (7) (‘the conditional authorisation decision‘�, the Commission approved the restructuring plan for Dexia and the conversion of the emergency aid into restructuring aid subject to compliance with all the commitments and conditions set out in that decision.

(7)

The aid granted to Dexia from September 2008, approved by the Commission in its conditional authorisation decision, comprised:

(8)

In order to monitor the proper implementation of the commitments and conditions, an independent trustee acting on behalf of the Commission (‘the independent trustee‘� and able to carry out all the necessary checks, was to submit a detailed report to the Commission every six months.

(9)

In his report of 30 November 2010, the independent trustee considered that three commitments had not been complied with:

(10)

In his report of 29 April 2011, the independent trustee considered that, in addition to the failures of compliance noted in his report of 30 November 2010, four commitments had not been complied with:

(11)

In his report of 26 September 2011, the independent trustee considered that, in addition to the failures of compliance noted in his reports of 30 November 2010 and 29 April 2011, two commitments had not been complied with:

(12)

In his report of 22 May 2012, the independent trustee considered that, in addition to the failures of compliance noted in his reports of 30 November 2010, 29 April 2011 and 26 September 2011, three commitments had not been complied with:

(13)

In his report of 5 October 2012 on the implementation of the commitments by Dexia (excluding Dexia Banque Belgique (wholly-owned subsidiary of Dexia SA, ‘楧BB/Belfius‘� for the whole of the period covered by this report, namely from 1 January 2012 to 30 June 2012), the independent trustee considered that, in addition to the failures of compliance noted in his reports of 30 November 2010, 29 April 2011, 26 September 2011 and 22 May 2012, the commitment relating to the RAROC had not been complied with, breaching point 3 of the commitments. Of a sample of 218 loans, [15-20] loans concluded between 1 January 2012 and 30 June 2012, of a total value of over EUR [100-125] million, had a RAROC of less than 10 %.

(14)

In accordance with the conditional authorisation decision, Dexia had undertaken to sell or float on the stock exchange its 70 % holding in its Italian subsidiary, Dexia Crediop, by 31 October 2012. The independent trustee noted in his report of 5 October 2012 that Dexia had not provided any information on the implementation of this commitment during the first half of 2012. On the basis of the information provided for preceding reports, however, the independent trustee continued to believe that Crediop had not [‘ and was not therefore [‘ (14).

(15)

Since the summer of 2011 Dexia has encountered further difficulties. The Member States concerned have therefore implemented additional aid measures and are envisaging the adoption of new aid.

(16)

On 7 October 2011, the Belgian authorities notified to the Commission the planned acquisition of DBB/Belfius by the Belgian State. On 12 October 2011, Belgium notified to the Commission measures additional to the restructuring plan approved by the conditional authorisation decision, consisting in the acquisition of DBB/Belfius by the Belgian State by purchasing 100 % of the shares of DBB/Belfius from Dexia SA for a price of EUR 4 billion.

(17)

By decision of 17 October 2011 (‘opening decision on the sale of DBB/Belfius‘� (15), the Commission opened a formal investigation procedure into the measure involving the sale of DBB/Belfius by Dexia and its acquisition by the Belgian State. This measure concerned the acquisition by the Belgian State of DBB/Belfius and its subsidiaries (16), with the exception of Dexia Asset Management (‘楧AM‘�. In the interests of preserving financial stability, the Commission also decided temporarily to approve this measure. It was therefore approved for six months from the opening decision on the sale of DBB/Belfius (namely until and including 16 April 2012) or ‘�if Belgium submitted a restructuring plan for DBB/Belfius within six months of the date of the opening decision on the sale of DBB/Belfius ‘�until such time as the Commission adopted a final decision on the measure. The sale of DBB/Belfius took place on 20 October 2011. On 1 March 2012, the company, known until then as Dexia Banque Belgique, officially announced its new name: Belfius (17). From that date, DBB no longer had any capital links with Dexia.

(18)

The Commission received comments from third parties interested in this matter. It forwarded them to Belgium inviting it to comment on them, and received Belgium‘檚 comments by letter dated 19 April 2012.

(19)

On 17 April 2012, Belgium submitted a restructuring plan for DBB/Belfius. Between 17 April 2012 and 23 November 2012 there were many meetings, telephone conferences and submissions of additional information.

(20)

On 26 November 2012, Belgium notified to the Commission the final version of the restructuring plan for DBB/Belfius.

(21)

On 21 December 2012, Belgium notified to the Commission a letter of its commitments in relation to DBB/Belfius.

(22)

On 18 October 2011, the Member States concerned informed the Commission of a set of potential new measures connected with a new plan for the resolution or dismantling of Dexia. As part of this set of new measures, on 21 October 2011 Belgium notified to the Commission an emergency liquidity assistance (‘楨LA‘� measure granted to DBB/Belfius by the BNB.

(23)

On 14 December 2011, France, Belgium and Luxembourg also notified to the Commission, as part of this set of new measures, a draft temporary guarantee by the Member States concerned in respect of the refinancing of Dexia SA and Dexia Crédit Local (‘楧CL‘�.

(24)

By decision of 21 December 2011 (‘the temporary approval decision‘� (18), in the interests of preserving financial stability, the Commission decided temporarily to approve the temporary refinancing guarantee until 31 May 2012. However, in that decision, the Commission opened a formal investigation procedure in relation to all the additional measures for the restructuring of Dexia since the adoption of the conditional authorisation decision (including the temporary refinancing guarantee) in view of the fact that the temporary refinancing guarantee, the acquisition of DBB/Belfius by Belgium and the failures to comply with the commitments and conditions of the conditional authorisation decision represented a substantial modification of Dexia‘檚 restructuring conditions.

(25)

On 23 March 2012, Luxembourg notified the Commission of the sale of Dexia Banque Internationale 脿 Luxembourg (‘楧exia BIL‘�. Some assets were excluded from the scope of the sale. Precision Capital SA ‘�a Qatari investment group ‘�was to acquire 90 % of Dexia BIL, and the remaining 10 % was to be acquired by the State of Luxembourg. By decision of 3 April 2012 (19), the Commission opened a formal investigation procedure into the sale of Dexia BIL. By decision of 25 July 2012 (20), the Commission authorised the sale of Dexia BIL.

(26)

On 21 and 22 March 2012, the Member States concerned notified to the Commission an initial orderly resolution plan for Dexia (‘the initial orderly resolution plan for Dexia‘�.

(27)

On 25 May 2012, the Member States concerned notified to the Commission a request to extend the issue window for the temporary refinancing guarantee until 30 September 2012.

(28)

On 31 May 2012, the Commission adopted two decisions.

(29)

In the first decision (‘the decision to extend the procedure‘�, it decided to extend the formal investigation procedure to all the additional measures for the restructuring of Dexia, in order to examine the initial orderly resolution plan for Dexia submitted by the Member States concerned on 21 and 22 March 2012 (21). It also invited the Member States concerned to submit their comments and to provide any information on the recapitalisation of Dexia by Arcofin relevant to establishing whether or not the conditional authorisation decision should be revoked (see recitals 41 and 42 below).

(30)

In the second decision (‘the decision on the first prolongation of the guarantee‘� (22), the Commission temporarily approved, until such time as it adopted a final decision on the orderly resolution plan for Dexia, an initial prolongation to 30 September 2012 of the issue window for the temporary guarantee by the Member States concerned in respect of the refinancing of Dexia SA and DCL, and at the same time extended the formal investigation procedure in respect of all the additional measures for the restructuring of Dexia opened by the temporary approval decision to this measure.

(31)

On 5 June 2012, the Member States concerned notified to the Commission an increase in the guarantee ceiling to the maximum amount of EUR 55 billion in principal. In its decision of 6 June 2012 (23) (‘the decision to increase the guarantee ceiling‘�, the Commission temporarily approved the increase in the guarantee ceiling, until such time as it adopted a final decision on the orderly resolution plan for Dexia, and extended the formal investigation procedure in respect of all the additional measures for the restructuring of Dexia opened by the temporary approval decision to include this measure.

(32)

On 7 September 2012 the Member States concerned notified to the Commission a request for a second prolongation to 31 January 2013 of the issue window for the temporary refinancing guarantee (with a guarantee ceiling of a maximum amount of EUR 55 billion in principal). In its decision of 26 September 2012 (24) (‘the decision on the second prolongation of the guarantee‘�, the Commission temporarily approved, until such time as it adopted a final decision on the orderly resolution plan for Dexia, the second prolongation of the issue window for the temporary guarantee by the Member States concerned in respect of the refinancing of Dexia SA and DCL until 31 January 2013, and extended the formal investigation procedure to include this measure.

(33)

On 26 November 2012, Belgium notified to the Commission the final version of the restructuring plan for DBB/Belfius. On 17 December 2012, Belgium notified a letter of commitments in relation to the restructuring of DBB/Belfius.

(34)

On 14 December 2012, the Member States concerned notified to the Commission a new orderly resolution plan for Dexia (‘the revised orderly resolution plan for Dexia‘�, to replace the initial orderly resolution plan for Dexia.

(35)

On 14 December 2012 the Member States concerned notified to the Commission a memorandum entitled ‘�span class="italic">Memorandum from the French authorities to the European Commission