2000/480/EC: Commission Decision of 8 July 1999 on aid granted by France to the Crédit Agricole group in connection with the collecting and keeping of notaries' deposits in rural municipalities (notified under document number C(1999) 2147) (Text with EEA relevance) (Only the French text is authentic)

• Articles: 3

Article 1

1. The measures by which France granted Crédit Agricole the right to collect and keep notaries' deposits in rural municipalities constitute State aid within the meaning of Article 87(1) of the Treaty.

2. The measures referred to in paragraph 1 constitute aid which existed prior to the entry into force of the Treaty. As France has undertaken to abolish the aid measures by 1 April 2000 at the latest, this procedure is hereby terminated.

Article 2

France shall inform the Commission within two months of the date of notification of this Decision of the measures it has taken to abolish, by 1 April 2000, the rights granted to Crédit Agricole to collect and keep notaries' deposits.

Article 3

This Decision is addressed to the French Republic.

Done at Brussels, 8 July 1999.

For the Commission

Karel Van Miert

Member of the Commission

(1) OJ C 144, 9.5.1998, p. 6.

(2) Moody's 1997 ratings.

(3) With the exception of municipalities with between 5001 and 30000 inhabitants forming part of areas with over 50000 inhabitants, and municipalities in areas of rural renewal and hill-farming areas forming part of areas with over 50000 inhabitants.

(4) The commission consists of an annual interest rate of 1 %, applied pro rata temporis to the amounts deposited. Thus an average amount of FRF 20 billion over one year would give rise to commission payments to notaries of some FRF 200 million.

(5) See footnote 1.

(6) Business secret.

(7) Business secret.

(8) [1984] ECR 3809, paragraph 11.

(9) Case C-387/92 Banco exterior de Espana [1994] ECR I-902, paragraph 13.

(10) Three-month nominal rates. Source: EC economic data pocket book, No 12/1998, European Commission, Office for Official Publications of the European Communities.

(11) European Central Bank, "Possible effects of EMU on the EU banking systems in the medium to long term", February 1999, based on OECD data.

(12) Ibid., page 4.

(13) European Central Bank, Monthly Bulletin, April 1999; "Banking in the euro area: structural features and trends".

(14) OJ L 336, 3.12.1989, p. 14.

(15) Assuming, for the sake of simplicity, a level of tax of 40 %.

(16) Interview published in "Les Echos", 10 February 1999.

(17) According to a list drawn up by the rating agency Moody's (quoted by the "Le Monde" newspaper, 17 and 18 January 1999), Crédit Agricole was the fifth largest European banking group in terms of assets at the end of 1997.

(18) See footnotes 9 to 11.

(19) Apart from the 1 % commission paid to notaries on the amounts collected.