2006/738/EC: Commission Decision of 20 October 2004 on State Aid implemented by Germany for Norddeutsche Landesbank — Girozentrale (notified under document number C(2004) 3926) (Text with EEA relevance)
2006/738/EC: Commission Decision of 20 October 2004 on State Aid implemented by Germany for Norddeutsche Landesbank — Girozentrale (notified under document number C(2004) 3926) (Text with EEA relevance)
Decision · 6 articles
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
1. The difference between the appropriate remuneration of 6,76 % per annum (after corporation tax and before investor tax) and the remuneration of 0,5 % per annum (after corporation tax and before investor tax) agreed by Norddeutsche Landesbank — Girozentrale and the Land of Lower Saxony for the part of the transferred capital which Norddeutsche Landesbank — Girozentrale was able to use to underpin its competitive business as of 1 January 1992 constitutes aid which is incompatible with the common market.
2. The waiver of an appropriate remuneration amounting to 0,15 % per annum (after corporation tax and before investor tax) for the part of the capital transferred to Norddeutsche Landesbank — Girozentrale which could be used as a guarantee as from 1 January 1992 constitutes aid which is incompatible with the common market.
3. The amounts of aid referred to in paragraphs 1 and 2 total EUR 472,34 million for the period from 1 January 1992 to 31 December 2003 taken for the calculation.
1. Germany shall discontinue the aid referred to in Article 1(1) and (2) by not later than 31 December 2004.
2. Germany shall take all necessary measures to recover from the beneficiary the aid referred to in Article 1(1) and (2) and unlawfully made available.
The aid to be recovered and specified in Article 1(1) and (2) comprises:
(a)
the amount specified in Article 1(3) for the period from 1 January 1992 to 31 December 2003;
(b)
an amount determined in accordance with the methods of calculation referred to in Article 1(1) and (2) for the period from 1 January 2004 to the time at which the aid is discontinued.
Recovery shall be effected without delay and in accordance with the procedures of national law, provided that they allow the immediate and effective execution of the Decision.
The aid to be recovered shall include interest from the date on which it was at the disposal of the beneficiary until the date of its recovery.
Interest shall be calculated in accordance with the provisions of Chapter V of Commission Regulation (EC) No 794/2004 ( 18 ) .
Germany shall, by means of the questionnaire annexed hereto, inform the Commission, within two months of notification of this Decision, of the measures taken to implement the Decision.
ANNEX
INFORMATION REGARDING THE IMPLEMENTATION OF THE COMMISSION DECISION ON STATE AID MEASURE
1. Calculation of the amount to be recovered
1.1.
Please provide the following details regarding the amount of unlawful state aid that has been put at the disposal of the recipient:
Date(s) of payment ( 1 )
Amount of aid ( *1 )
Currency
Identity of recipient
Comments:
1.2.
Please explain in detail how the interest payable on the amount to be recovered will be calculated.
2. Recovery measures planned or already taken
2.1.
Please describe in detail what measures have been taken and what measures are planned to bring about the immediate and effective recovery of the aid. Please also explain what alternative measures are available in national legislation to bring about the recovery of the aid. Where relevant, please indicate the legal basis for the measures taken or planned.
2.2.
By what date will the recovery of the aid be completed?
3. Recovery already effected
3.1.
Please provide the following details of aid that has been recovered from the recipient:
Date(s) ( 2 )
Amount of aid repaid
Currency
Identity of recipient
3.2.
Please attach supporting documents for the repayments shown in the table at point 3.1.
( 1 )
(°)
Date or dates on which the aid or individual instalments of aid were put at the disposal of the recipient; if the measure consists of several instalments and reimbursements, use separate rows.
( *1 ) Amount of aid put at the disposal of the recipient, in gross grant equivalent.
( 2 )
(°)
Date or dates on which the aid was repaid.
