95/438/EC: Commission Decision of 14 March 1995 concerning investment aid granted by Spain to the company Piezas y Rodajes SA, a steel foundry located in Teruel province (Aragon), Spain (Only the Spanish text is authentic) (Text with EEA relevance)
The aid set out below, granted by Spain to the company Piezas y Rodajes SA (Pyrsa), is unlawful since it was granted in breach of Article 93 (3) of the EC Treaty. Furthermore, it is incompatible with the common market under Article 92 of the EC Treaty:
1. a non-refundable grant of Pta 182 million (granted by the Autonomous Community of Aragon),
2. a guarantee to cover a loan of Pta 490 million for eleven years. The aid represented by this guarantee is equivalent to 3 % of the above loan (granted by the Autonomous Community of Aragon),
3. an interest subsidy of seven percentage points for five years, up to a maximum of Pta 150 million, for the above loan of Pta 490 million (granted by the Provincial Government of Teruel),
4. a donation of land valued at Pta 2,3 million (granted by the municipality of Monreal del Campo).
Spain shall cease forthwith the aid that it currently grants to Piezas y Rodajes SA (Pyrsa), by applying normal market conditions to the guarantee premium on the loan of Pta 490 million and by discontinuing all payments of the interest subsidy on the above loan.
The aid granted and consisting of:
1. the non-refundable grant of Pta 182 million,
2. the amount represented by the annual premium of 3 % inherent in the government guarantee to cover the loan of Pta 490 million, applied since April 1990 until the date on which the aid referred to in Article 2 ceases,
3. the amount already paid of the Pta 150 million, corresponding to the interest subsidy of seven percentage points on the above loan,
4. the donation of land valued at Pta 2,3 million;
shall be recovered in accordance with the procedures and provisions of Spanish law, in particular the provisions concerning interest due for late payment of amounts owing to the State, which shall be calculated from the date on which the aid was paid until the date on which it is actually reimbursed.
Spain shall inform the Commission within two months of the date of notification of this Decision of the measures taken to comply herewith.
This Decision is addressed to the Kingdom of Spain.
Done at Brussels, 14 March 1995.
For the Commission Karel VAN MIERT Member of the Commission
(1) OJ No C 212, 12. 8. 1988, p. 2.
(1) Joined Cases C-278/92, C-279/92 and C-280/92, Spain v. Commission, [1994] ECR I-4103.
Source: EUR-Lex (Publications Office of the EU), Β© European Union, reuse permitted under Commission Decision 2011/833/EU.
