95/466/EC: Commission Decision of 26 July 1995 concerning aid granted by the Flemish Region to the Belgian airline Vlaamse Luchttransportmaatschappij NV (Only the Dutch and French texts are authentic) (Text with EEA relevance)

• Articles: 5

Article 1

The interest-free loan of Bfrs 20 million granted by the Flemish Region to the airline Vlaamse Luchttransportmaatschappij NV ('VLM`) in 1994 includes an aid component which is unlawful because it was granted in breach of the requirements of Article 93 (3) of the EC Treaty. The aid component is incompatible with the common market for the purposes of Article 92 of the Treaty and Article 61 of the EEA Agreement.

Article 2

Belgium is hereby required to order that interest at 9,3 % is henceforth payable on the loan of Bfrs 20 million granted to VLM by Flemish Region.

Article 3

Belgium is hereby required to order that the aid component, equal to interest charged at 9,3 % on the loan of Bfrs 20 million granted to VLM by the Flemish Region since the date on which the loan was granted, be repaid within two months of notification of this Decision. The money is to repaid in accordance with Belgian law, including the provisions concerning interest due for late payment of amounts owing to the State or public authorities. The rate of such interest is to be the reference rate used in the evaluation of regional aid measures, the interest running from the date on which the aid was awarded.

Article 4

Belgium shall inform the Commission within months of the date of notification of this Decision of the steps it has taken to comply with it.

Article 5

This Decision is addressed to the Kingdom of Belgium.

Done at Brussels, 26 July 1995.

For the Commission Neil KINNOCK Member of the Commission

(1) [1991] ECR I, p. 1433, point 27.

(2) OJ No C 350, 10.12.1994, p. 5, point 32.

(1) See footnote 7, section V of that communication.

(1) OJ No C 368, 23.12.1994, p. 12, points 2.3 and 4.1.

(2) [1973] ECR, p. 813.

(3) [1987] ECR, p. 901.